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For the umpteenth time, large sums of money are no longer the main capital in setting up a company. Greg Steltenpohl, founder of the juice company Odwalla and Califia Farms revealed, he only needs USD 200 to start his business.
The small capital has now grown into a company worth tens of millions of dollars.
“That’s just a myth, about you have to have money to start something,” said Steltenpohl as quoted by CNBC.
In 1980, Steltenpohl and his band purchased a manual fruit squeezer, several bottles and a box of oranges. At that time they began selling juice on top of the Volkswagen van to meet daily needs.
Who would have thought, it was the beginning of the establishment of a company worth hundreds of billions of dollars. Steltenpohl explained that he was inspired to launch Odwalla after reading the book “100 Businesses You Can Start For US $ 100”.
“I did not learn much from the book, it just gave me the confidence that I can do it,” Steltenpohl said.
The Key to Success
According to him, starting a business with limited resources is also one of the key to success of Odwalla. Business can be successful when it is highly related to consumer needs.
“Getting started with very little capital forces you to listen and observe the consumer – it can give you a better product idea,” he explained.
He advises, to all new businessmen, to never fear the lack of capital at the beginning. Proximity to consumers and keen observation can improve the quality of products and services.
Steltenpohl also said, rather than exploiting a great idea that can even save the world, better start from a small thing. Learn about how every small idea can flourish.
In 2001, he sold Odwalla to Coca-Cola. He now manages the beverage industry with Califia Farms, a company founded in 2010.
“And if you keep maintaining closeness with consumers even as the business gets bigger, I think the level of product success and accuracy will be much higher,” he said.
