The other day, I was talking to an individual, a seasoned entrepreneur looking to raise some capital for his next business, and he noticed that he just needed a little start-up money to get the prototypes up and running, test the concept, and start making money. .
Yes, maybe it is, and maybe not, but how can you get the money if you do not have relatives to finance it or money of your own to invest? Okay, let’s talk a bit about this case study, maybe you are in the same boat as a small entrepreneur?
The entrepreneur says, “I have a manufacturer and sources lined up to make these devices, and it doesn’t cost that much to make them, and I also have beau coups contacts to bring them to market, so that I can launch and operate for very little money.”
Still, contacts are not commitments. Fonts are not firm guaranteed delivery. How much, do you have a rough plan? Go ahead and copy it to an email so you can read it. If it’s really cheap, you can try online “microfinance” sources where people can contribute small amounts – crowd-sourced type funding, but you would still need a solid business plan and get real money to really make this vision. happen. What are your thoughts on the concept of crowdfunding, they asked me?
Well here are some of my thoughts, first you will see; Hope and change are BS, right? I mean you have to make it happen, that means “step 1” is still just “step 1” and it is not a guarantee that you can achieve the real goal of creating a viable business that brings these products to market.
Now, should I go the crowdsourcing route? Makes sense? Is it a good way to raise funds? Well it can be, and it has worked for some people, of course a good business plan helps, but at the same time, you are giving away your idea to everyone and describing your invention, innovation or business model to entrepreneurs, foreign copycats and others who will simply steal your concept.
But, if you can get your financing and move on to step one, complete it quickly, and get a second round of financing to move forward at a rapid pace, it could work, and yes, people have, and it is one. funding source. So, consider all of this and think about it.
