Frugality: The Breathing Emotion for Start-Ups
Start-Ups are the drivers of the new economy. They are innovating everything, from needs, to wants. After all, the market for a product is directly related to the creation of need, and seldom to the existence of wants. With the Start-Up Sector blooming with new competitors, it is often necessary for each and every entrepreneur to be one step ahead of their competitor and hence there has to be an impeccable balance between savings and investment. And when you are the owner of a start-up, every dime counts.
Frugality is the quality and understanding of being economical in money spent on various things. It’s a certain thriftiness, which forces one to think twice before spending, even on essentials. And when you are an entrepreneur, in your domain, every penny counts, frugality may just be the compliment you are looking for my friend.
Resist all of your temptations, and be the miser entrepreneur. Your business’ very existence depends on what is in your pocket. Cash burning happens in start-ups in early stages, but being frugal can go a very long way. Putting a heavy triple check on your overhead expenses as well as to achieve a steady cash flow should be at the top of your Priority List.
Keep your spending hand steady, and see how it is much easier to manage cash flow. Lavish offices, physical technological capital, are all available even at later points of time. Be frugal in the way you run your business, till you have more money than you can spend!