It has been said that an entrepreneur is a risk taker. It has also been often noted that those who are known as entrepreneurs are in fact not risk takers. They know what they are doing.
Marc Ringel of Floor Works in New York was an unhappy math teacher.
He had learned something about the flooring business by working in the industry for a brief period of time. Then with $145 he started his own business by partnering with existing contractors. That money went for the basic technology that he needed.
By working with his network of contractors he had no need to make initial investments in fixed costs and he had no need to fund variable costs.
Then with net revenue gained from leveraging his low-cost technology he was able to do the basics of incorporation, licensing and insuring. He added more contractors to his network. He then got his first big job on his own.
During the slow season he leveraged more low-cost technology and added painting as a product.
Ringel has been in business for a little over four years. If he continues with his start-up approach his business will continue to grow while continuing to almost eliminate risk.
David Sneed
Marc Ringel of Floor Works in New York was an unhappy math teacher.
He had learned something about the flooring business by working in the industry for a brief period of time. Then with $145 he started his own business by partnering with existing contractors. That money went for the basic technology that he needed.
By working with his network of contractors he had no need to make initial investments in fixed costs and he had no need to fund variable costs.
Then with net revenue gained from leveraging his low-cost technology he was able to do the basics of incorporation, licensing and insuring. He added more contractors to his network. He then got his first big job on his own.
During the slow season he leveraged more low-cost technology and added painting as a product.
Ringel has been in business for a little over four years. If he continues with his start-up approach his business will continue to grow while continuing to almost eliminate risk.
David Sneed
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