How can people say they started a business with no money when they know that is not true?
How can people say that it's possible to start a company with no money, when they know that's not true?
Gene Khalyapin on Quora originally answered this question saying
Your question depends on what you consider "start a company". If it's the time it gets incorporated - then yes, some insignificant amount of money is needed.I started companies with no money and I know it's possible. My current company - Detego was started with $0 (not even the money you mentioned in your question!). Let me tell you how I did it.
But my current company, Detego was incorporated 1 year after it was started: after we built the prototype, assembled the team, and even had our first few customers. So, Detego was started with $0. Just the idea and the founder's time.
Here's how to do it:
You have an idea - start making it happen. With zero money and zero other resources.
1. Research your idea on how to help some group of people with a problem they have/ will have/ may have
2. Develop a business plan
3. Convince other people that your idea is viable (they can become investors or first employees or first customers - this is the best one!)
And only later you can actually incorporate. But by then your company would already by up and running.
Quick explanation of entrepreneurship:
The English word "Entrepreneur" does not have clear explicit meaning so people get confused about what it means: some even regard this as just another profession ("I want to be an entrepreneur - what should I do?")
So, let me teach you some Russian.
The Russian word for "entrepreneur" is "predprinimatel' ". This literally means: somebody who takes initiative and starts doing something. Your starting point as an entrepreneur is TO TAKE INITIATIVE AND START DOING. No money, knowledge or experience is required for that. Of course each component improves your chances of success, but by no means they are necessary - if you are good - you can pick up all of that as you go.
That's why the most important quality of an entrepreneur (in my view) is NOT what you currently know or have, but HOW quickly you can learn what's needed and how quickly you can get the needed resources.
Here is how I learned the importance of taking initiative and just starting doing it:
Gene Kaplin Tree