Chapter 3. Myth No. 3: It Takes a Lot of Money to Start a Business: Truth No. 3: It Might Not Cost as Much as You Think

How much do you think it costs to start a business? If you’re thinking about a biotechnology, semiconductor, or medical product firm, you’d probably say a lot, and you’d be right. But how much do you think it costs to start an average business, like the privately owned businesses you deal with every day? And where do you think the majority of the start-up capital for these businesses comes from? According to the Wells Fargo/Gallup Small Business Index, the average small business is started for about $10,000, with the majority of the money coming from the owners’ personal savings.[1]

If this figure strikes you as low, you’re in ...

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