Turning entrepreneur can be an exciting adventure—one that demands an incredible amount of perseverance and hard work. But one of the biggest startup challenges is fundraising. VCs are getting pickier and pickier, so tapping the right fundraising strategy can make or break your business. Here are four ways to tackle that.
1. Bank On Microloans:
Many entrepreneurs take to Kickstarter too soon, before even gauging other options. Microfunding—an SBA-backed program that’s been around over 25 years—is a much easier and quicker to get funding vs. a traditional loan. (And it’s a great way to build your credit score, as well.) Here’s a brief and somewhat-informative video that explores how small business loans work:
What’s more, Microlenders also offer flexible payment options, and may mentor entrepreneurs to help them succeed.
2. Get A Partner:
When you’re looking for a little extra capital or technical know-how, seeking a co-founder and establishing a partnership can drive capital and planning. If a co-founder isn’t in the works, building strategic partnership with complementary businesses is a great avenue to fuel growth.
You don’t have to vie for a business’ CSR initiative or do charity work to get sponsored. As long as your idea sells and you’re building a great product, you’re on the grind. Sponsorships are largely done through advertising or media appearances. And sometimes by adding their brand to yours for a while.
4. Using Charge Cards:
Charge cards can be a powerful tool to obtain capital for your business. Unlike credit cards, charge cards do not come with a preset spending limit. The perks? It allows you to meet large expenses swiftly. What’s the catch? The lender requires you to pay the balance in full every month. If you’re financially responsible, charge cards are a great way to meet your costs.
How Did Amazon Go From $3B to $10B In A Year
Amazon is well known for its trillion dollar valuation. If you don’t have Amazon Prime, I am sure you still take advantage of the 2-day shipping through a close friend or family member’s account.
This video breaks down how this GIANT makes its money, sustaining significant growth year over year.
Over One-Third Of Americans Ignore Their Brilliant Business Ideas. Here’s Why You Shouldn’t
An overwhelming number of Americans who’ve considered launching their own business shied away from doing so. With a crazy lot of opportunities out there, most of them stopped chasing their business idea due to a large number of reasons – lack of capital, blamed inertia, fear of bankruptcy, or even their age.
Let’s be honest – entrepreneurship isn’t easy. It takes an incredible amount of time, effort and drive. With that said, there’s never a better time to start your business than now. Not next week, not next month – but now. Here’s why you should.
You can take the risk.
If you never try, you’ll never know. There’s going to be a time when you’ll eventually get to “If only..” and that might throw a lot of regrets your way. With every risk you take, you’re constantly learning and you can always, always recover from them over time.
Of course, you have the money!
Let’s face it – there’s never going to be ample or enough capital. Entrepreneurs are always going to need more. The trick is to do more with less – think: less time, less overhead costs, less staff. Despite the crazy cost-cutting ideas you have, if the money still doesn’t meet the mark – change your business plan.
You can create anything – even beam heat to space. The ability to create anything you want shouldn’t be lost while running it across a string of approvers or bureaucratic hurdles. Got a big idea jotted down? Figure out a way to make it work. Network, research, chalk out a solid business plan, splurge your creative skills, let people know what you’re doing, but make it happen.
Acquiring customers has not been easier.
With super useful marketing tools, social media and analytics, the farthest you need to get to are a few clicks.
It’s possible (and cost-efficient) if you plan it right.
With some of the best software at hand, nearly everything can be set up quickly and sometimes free. Crawl the internet for credible sources to help you out when you’re stuck. You can seek advice from specialized company formation agents who can help you out with legal and other bureaucratic hassles, so you focus on driving your business.
It’s super easy!
Many who look to take the plunge just stall simply because everything seems overwhelming or difficult. Here’s what’s surprising: it’s not. What’s more, this Inc piece tells you how you can set up your business in two or three hours.
What’s holding you from realizing your business goals?
Investing In Stock Using Warren Buffett’s Mindset: Coca Cola Story
Warren Buffett‘s Stock Market Investing Mindset is one we can learn so much from. I use Buffett’s Coca Cola story to give a few examples on investing patience and knowledge.
Good day fellow investors. A few days ago we discussed compounding as one of the most powerful forces when it comes to investing as with Buffett say just let the earnings the interest dividends compound and you will do extremely well today. I want to continue on this Buffett mindset investing mentality. Buffett’s investing mindset by discussing patience and discipline and discussing the whole example of Buffett and his ventures with Coca-Cola in a future video I’ll discuss. I have already prepared 15 to 20 Buffett’s mistakes so be sure to subscribe to get the whole complete. Buffett’s investing mindset series. And what’s that. Because it’s all about mindset. It’s all about character right.
And what do you consider the most important quality for an investment manager. It’s a temperamental quality not an intellectual quality. You don’t need tons of IQ in this business.
I mean you have to have enough IQ to get from here to downtown Omaha. But what you do not have to be able to play three dimensional chess or be in the top leagues in terms of Bridgepoint or something of a sort. You need a stable personality you need a temperament that neither derives great pleasure from being with the crowd or against the crowd because this is not a business where you take polls it’s a business where you think. And Ben Graham would say that you’re not right or wrong because a thousand people agree with you and you’re not right or wrong because a thousand people disagree with you you’re right because your facts and your reasoning are right.
Now let’s talk about this character by discussing the story of Buffett and Coca-Cola. This story is very intriguing and interesting because the story of Buffett and Coca-Cola started when he was 7 years old. But why is unclear. Buffett told the story again. Picture Omaha in 1937 I was 7 years old and.
No air conditioning so the summers were hot and humid. People went out on their lawns at night just to try and cool off and I got the idea that maybe I could sell them what you would call soft drinks and we called Pop. So I went round to a bunch of gas stations and in those days every gas station had a cooler. With very soft drinks. And it had a little open around the side and something to catch all the bottle caps. So I went around and collected all the bottle caps for weeks these various gas stations I like to eight thousand of them. And then I sort of them all out. And I saw that there were Coca-Cola overwhelmed everybody else. So I decided to hook myself up to them. And. There were these little silver like ones that in those days and my grandfather at a grocery store so I went to my grandfather and I said. How about giving me a deal on coke so I can sell around the neighborhood. And he saw me at the rate of six bottles for a quarter and I went around and sold it for a nickel each and I sold out every time. And I had no inventory I had no receivables. I had the best business I ever had.
But I made one mistake and I didn’t put the money I saved in the Coca-Cola stock.
But I rectified that mistake some years later.
So that some years later is exactly 50 years later. Buffett waited for 50 years to buy a company. He always liked and why Buffett didn’t buy earlier is a very important question. But this the answer shows the discipline and the patience. Buffett had to watch something for 50 years and not watch it but then buy big. More about the story about Coca-Cola and everything else. Buffett has been doing. You can read in The Snowball, Warren Buffett’s biography out autobiography biography almost.