Although his net worth is in the millions, you may find KJ VanDerwerken roaming around Charlotte in his 1995 Jeep Wrangler. On particularly hot days, he must rush to activate the air conditioning” I’ve never lost money on a trade-in. I’ve never been locked into a lease before. My car’s value has never dropped. “I have dirt cheap insurance,” he says. I’ve avoided trying to impress people with things I don’t need throughout my whole life, which has allowed me to save tens of thousands of dollars. And I personally believe the similar mindset has helped me greatly in entrepreneurship”.
KJ has taken this lean attitude and applied it to his three previous start-up companies. And with this, he has had a lot of success. Staying thin does not always mean being frugal, though in many circumstances it does. The goal is growth. However, cash flow is king, and profitability is important. “When you’re spending your own capital to build your business, you must carefully assess your potential opportunities, and where you chose to allocate that money” KJ emphasizes”Invest your efforts on what will boost earnings and help your business develop. Invest in what the market supports and has shown to be effective “.
Unnecessary overhead can ruin startups. As a self-funded entrepreneur in the digital age, you must seek ways to save costs and offer yourself sweat equity whenever possible.
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Instead of renting expensive office space, set up an office in your garage. Learn a new talent and finish costly jobs that you would otherwise have to outsource, such as website development.” KJ continues. Entrepreneurship is not a pretty picture. It can be really distressing. Many long days and sleepless nights have passed. Much of those issues will be alleviated if your company starts leaner.
Technology has benefited entrepreneurs in a variety of ways. “Work can be done considerably more quickly. Process and task automation have become simpler.” KJ states. “I’m a major data person. I can now analyze and monitor a wide range of data”.
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Technology allows you to study and make decisions that will best serve your organization at least cost”. Information has also become somewhat of a commodity as a result of technological advancements. A simple Google or YouTube search can bring you to free Harvard lectures or a high-level self-teach course. It has also enabled you to delegate tasks that you are unable to learn to a global pool of talent.
Keeping your start-up lean, can keep it from failing and losing your time and effort.
“I’m not suggesting you shouldn’t spend money on things that bring you joy in life.
I just suggest becoming more careful of spending money on things you know don’t bring either” KJ brilliantly states.
You can follow KJ at https://www.instagram.com/kjvanderwerken/