Attracting people — not capital — will be a 'big benefit' in business, says one CEO

Attracting the right talent and capital are both key when starting a business, but which is most important?

For Jarand Rystad, CEO and founder of Rystad Energy, the answer is easy.

"If you can, attract people and not capital from the start. That will be a big benefit," Rystad told CNBC's My Biggest Lessons.

"If you try to start a company, the first thing you think is: I have to have a salary from month one, and I need some external investors to give me a million or two. But that is extremely expensive money, and you have to spend a lot of time trying to receive it and then after that, convincing the investors," he explained.

It is more important for employees to have ownership of the company, Rystad added.

"In Rystad Energy, we have had no external investors. 99.9% of the company is owned by the employees. And I think that is a big value for us," he said.

"So many people have the ownership feeling, and we don't need to spend time to convince skeptical investors."

This is just one of Jarand Rystad's biggest lessons. Watch the video above for more.