Like many of you, I’ve been reading a ton of entrepreneur blogs these past few months. I’ve also been reading a lot of financial blogs and brushing up on my financial management textbooks from college. But, there’s always something missing in both of these topics. Funding.
I’m not talking about where to get funding, how to manage it, or if you should. I’m talking about the how-to’s.
People talk about networking. Great – but of all the networking I’ve done, I’ve never run across someone who’s offered funding of any sort just because I tell them about my project(s). Maybe I just need to get some better ideas/projects. Or, perhaps I’m funding-source stupid.
Many of us are techies of some level. Some are business strategists. I know of a few of you marketers out there. But, I am finding a lack of real-world, practical know-how regarding processes of getting funding.
I’m really digging for your stories. Have you gotten funding? How? What’s your story? What’s your suggestions? Was it VC, angel, a friend, neighbor, business partner, or someone you didn’t know?
Hit me!
Posted by Anonymous
Go ask your dad
Posted by Anonymous
or your friend’s dad
Posted by nate
There’s two options. Unfortunately, neither apply to me, but that’s a definite possibility for some people.
Posted by another anon
work
Posted by nate
Yea, I think that’s why we all have the 40 hour typical work week – so that we can use that money to fund our side projects. But I’m talking about bigger funding which could make your project your 40-80 work week entirely.
More focus, less spazzy.
Posted by Lizzy
This is a great article and I’m so happy someone addressed this. I tried to start a high end boutique, I needed roughl $250k. I knew banks would shut me down so I turned to the SBA. They shut me down fast, quick and in a hurry. I had excellent credit and had at least 3 years of stable work history at the time, but I didn’t qualify for secured loans (no collateral) and the most I could request under unsecured loans was $50k and even then they were quick to remind me that I probably wouldn’t get the full $50k and while I wait to scrounge up the other $200k, I’d start having to pay back the $50+ interest. FINE. So I sought investors, but they’re not just sitting on a corner. Angel investors are hard to come by and have their own set of rules and VCs generally want to deal with business models that need millions and are innovative. So where to go?? How does ANYONE start a business? Seriously, whenever I read an article about self made millionaires it’s always some bs like “I had this idea, $100, and the rest is history” and I’m thinking huh??
Anyway, glad someone shares my pain
Posted by The VC Money Connection
[...] weeks ago I asked you how to get funding as a young entrepreneur. We also recently discussed why being a “social broker” is important. This week, I [...]