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No-capital entrepreneurship? Look at business through the eyes of a steel alchemist.

James Huang | 2021.08.27

BossMind x James Huangコラム

There were once a thin and handsome KOL named Mr. U who talked about business with me three years ago. "Is there anything that can generate a net profit of 500,000 per month without working?" Mr. U asked me. I laughed and gave him three options.

「1. Every month I'll give you 50 million, and I'll burn it for you on time every month.」(Note: The original text is written in Cantonese with some informal expressions.)

「2. あなたは2億キャッシュを持っています。定期預金を行い、1か月あたり50万円の利息が確実に発生します。」

"3. Seriously do a business with sustainable income." 「3. 持続的な収入を持つ真剣にビジネスを行う。」

Sorry, there is no text provided for me to translate. Please provide the text for translation.

"Without sacrificing anything, one cannot receive any rewards. If you want to obtain something, you must pay an equivalent price. That is the principle of equivalent exchange, as stated in alchemy." 「何かを得るためには犠牲を払わなければならない。何も犠牲を払わなければ、何も得られない。同等の価格を支払わなければならない。それが錬金術で言われる等価交換の原則です。」

Equivalent exchange, this is the principle that is consistently upheld in the manga "Fullmetal Alchemist"; more accurately, the entire storyline is a struggle between this principle and those who challenge it.

Sorry, there is no text provided for me to translate. Please provide the text for translation.


What is needed for starting a business? 創業には何が必要ですか?

    • 資金 (しきん)

    • 技術

    • 人才

    • 營運能力 - Operating ability

    • 工房/設備

    • 名声

Many online articles provide numerous suggestions for "low-capital" start-ups; however, upon closer inspection, they refer to "capital" solely in terms of funds. When factoring in opportunity costs, becoming a Blogger/YouTuber requires at least earning back one's salary. If engaging in multi-level marketing, one must pay with their own reputation.

Sorry, there is no text provided for me to translate. Please provide the text for translation.

"Seriously, I have a budget of 1M; what can I do?" Mr. U asked repeatedly. 「正直な話、私は100万の予算があります。何ができますか?」とユーさんは何度も尋ねました。

"So why don't we make a Pro Forma Financial Statement to calculate whether the business can be done or not? Is it worth spending my lifetime doing it?" 「だから、プロ・フォーマ財務諸表を作成して、ビジネスができるかどうかを計算することにしましょうか?私の一生を費やす価値はあるでしょうか?」

「毎回創業、JV/ M&Aを行う際に、36ヶ月の損益計算書を作成します。」


売上高(revenue):売上高とは、Price x Quantity(料金方式、価格、顧客数、リテンション率など)のことです。それらを考慮して、毎月の成長率を詳しく考え、これらを使用して売上高の予測数値を生成します。しかし、「私は今年500万円を予測し、50%成長するので、来年は750万円になる」と直感に基づいて行わないでください。

売上原価(COGS(cost of good sold):COGSは基本的に、この製品/サービスを推進するための直接的なコストです。あなたの総利益(毛利)がどのくらいになるかを計算するのに役立ちます。商取引/販売の場合は、購入価格です。ソフトウェアを例に挙げると、実際には多くのCOGSはありません。ほとんどがGoogle Cloudの費用であり、そのため、よく95%以上の総利益を持つことができます。


For me, it basically means the expenses needed to continue operating the company. This includes the cost of renting an office, utilities, internet, labor, accountant or lawyer fees, marketing, and miscellaneous office expenses.

簡単に言うと:純キャッシュフロー = 毎月(売上高 - COGS - 運営コスト)

Cash flow is your "foundation"; if you include your own labor, you will find that revenue is very important. 現金流はあなたの「基盤」です。自分自身の労働力を含めると、収益は非常に重要であることがわかります。

When making this report, every assumption is clearly stated and the formulas are also listed, not just giving a table and numbers. Because you will want to adjust it yourself, such as lowering your customer numbers and manually adjusting it, etc., so that you have a clear idea of how the company's situation will be even if the revenue development is not as expected. You can even do your own sensitivity analysis and list various situations when the development is good, as expected, or not good. The clearer and more detailed, the better for yourself.

Furthermore, unless you have genius-like foresight, the meaning of forecast is that it is 100% wrong. Financial forecasting is important, but like a Business Plan, the nature of any future estimate is that it is always wrong. Like everything related to entrepreneurship, there is no correct answer for you to find. Entrepreneurs must treat uncertainty as food to eat and pillows to sleep on. Then compare Actual every month and make adjustments. My own operating policy is:

1. Don't borrow money.

2. Minimize operating costs (so self-constraint in number three is necessary). (Note: The provided text is in Traditional Chinese, not Simplified Chinese, which is the standard script used in mainland China. The translation is provided in ja_JP or Japanese, which is a different language altogether from Chinese.)

3. Revenueの戦略を調整する(たとえば価格の引き上げなど)。

4. COGSの改善を毎月行います(例えばGoogleとの交渉など)。




No-capital entrepreneurship? Look at business through the eyes of a steel alchemist.
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