Getting Funding for a Not-Yet-a-Business Idea
The truth of the matter is, ideas don’t get funded; businesses get funded. That became the mantra of the professional investor community after the dotcom bust of the late 90s. However, for most entrepreneurs, getting from the idea stage to the business stage requires capital, and it has to come from somewhere. The following tips will help you use your funds wisely as you from bright idea to booming business.
- Create a budget.
- Focus on the critical elements, not the fun stuff.
- Brainstorm a list of supporters.
- Refine your kitchen table pitch.
- If you can, get resources from a former employer.
- Don’t issue founder’s stock until you’re ready.
Photo by pancakeman15….
Jason Clegg on July 26th, 2006 8:36 pm
Creating a solid “kitchen table pitch” is great advice!
So many people will ask about your venture. Entrepreneurs always seem to have those easy answers prepared, but then the question comes: “What’s that?” or “What exactly do you do?”
How well you persuade your barber will say a lot about how well you can persuade an investor (or yourself!).
annalaura on July 27th, 2006 3:49 am
This is great advice. However, I would add that if you are seeking to be an entrepreneur but you don’t yet have a solid idea, what about giving a try at network marketing or selling an already successful product.
cassy on December 9th, 2008 6:29 pm
thanks! for this advice,you open up my mind to think wisely in using the capital into a profitable business, and the most important is you are ready, to get into business world.
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