a. Capital. Put aside ten percent a month and within a year you will have enough for a seed fund. How do you put aside ten percent a month on a tight budget. Get rid of your discretionary expenses – stop watching movies, eating popcorn, drinking soda, smoking cigarettes, buying gifts for yourself or your loved ones or in desperate situation even food.
I have lived for six weeks on raisin bread and butter so that I could pay off a part of my startup credit card debts. When you put your mind to it, you can put aside a fair bit within the short span of a year. In a given month you do spend fifteen to twenty percent of your paycheck on these items and if you want your venture bad enough you shouldn’t have too much of a problem making these small sacrifices.
b. Time. For most technology ventures the first and most crucial milestone is the proof of concept. If you are a programmer start sleeping less and working more. If you can put aside an hour every day and a full day on weekends, you get two full days a week, 104 days in a year. That is 4 months of programming time that you don’t have to pay or raise capital for.
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