photo credit: alfonso benayas
While in the past entrepreneurs have had to do a lot of exaggerating to get their business off the ground as far as lying through their teeth in order to get the financing they need, or they had to sell their soul’s to get the financing, today there are better and easier ways as talked about on Entrepreneur.com.
â—Write paycheck’s that don’t bounce, but they also increase as the business grows. Meaning, right off the bat offer your employee’s a salary of $70,000 and a promise of a salary of up to $160,000 when the company revenue hit’s a certain point. This will make the employees want to help you make it work as fast as they can for obvious reason’s.
â—Get your investors to compete to be in line as number one. There is a certain level of pride and prestige that investors get knowing they were among the first that enabled a company to kick off and make it big. This is where a little bit of that lying may come into play in order to give them a nudge.
â—Develop financial projections that are rooted in verifiable assumptions.
There’s no point in just fabricating a set of projections that aren’t based on reality. One way to build a set of realistic projections is to start with business drivers that can be discussed and debated with investors.
What hoops did you have to go through to start-up your business?