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Home > Tools and Resources > Ask the Expert > Bad Credit, No Money, and No Experience

Bad Credit, No Money, and No Experience

By Richard Parker | Diomo Corporation
Contact Richard Parker | Visit Website | About The Author

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Question:
Hi I have really bad credit and no money at all to invest. Do you think I will be qualified to open a small business? Also I don't have any experience.

Answer:
I am a firm believer that anyone who has a burning desire to be in their won business can do so successfully. However; I don't want to give you any blind or unrealistic advice. The chances of you buying a well performing existing business are slim because it does take money. Perhaps, it may make sense for you to start up a small venture to, at the very least get a flavor for what is involved day to day in operating a business. The entire key to your success at this point is education. You have the ambition, but simply lack the "know how".

If I were in your position, I would consider dedicating a year or two to acquiring the business skills needed. You may want to look to get a job temporarily where you can work alongside an entrepreneur and absorb as much as humanly possible. Having said this, you should also know that operating a business successfully is not the most difficult thing in the world. Personally, I think keeping a boss happy is a lot harder.

Above all, do not give up. When I began on my own 14 years ago, I had no money (actually I owed $60,000), and I did not go to any fancy college. In fact, I didn't even go to college. But, I was ready to do whatever had to be done to be successful. This included taking night courses, devouring every business book I could find, associating myself with winners, and getting up everyday with one goal: do better than I did the day before! I hate to sound like a wild eyed motivational speaker but the results are there. Since then, I've bought ten businesses and sold nine and have been successful beyond my wildest expectations. I guarantee that it can be done.

Get more expert advice in Richard Parker's How To Buy A Good Business At A Great Price - the most widely used reference resource and strategy guide for buying a business.

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About The Author
Richard Parker is the author of: How To Buy A Good Business At A Great Price, the most widely used reference resource and strategy guide for buying a business. He has purchased ten businesses in his career and has helped thousands of prospective buyers worldwide learn how to buy the right business for sale. He is also founder and President of Diomo Corporation - The Business Buyer Resource Center.

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