Your dream fulfillment may be closer than you think!
One of the biggest issues for entrepreneurs and small business owners is raising the funds needed to grow in whatever business they are involved in, be it product development or taking a service business to the next level.
No one thinks they can raise funds. They think it’s up to other people to do that. They don’t feel they have the right connections. I think they do.
Practically every day someone with an idea for a product will approach me, asking if I will back the manufacture of their product for a share of the eventual profits. It would not be prudent of me to do that in every case and it certainly would not have been profitable either.
I want you to learn that you have your own resources even if you don’t feel that way yet. I think it’s amazing how many people right in your own neighborhood or in your family can and will help!
You need to do the asking – that’s the tough part – and have a plan ready for what kind of money you want…a loan or an investment…and a plan for how you will either pay it back if it’s a loan or secure it if you’re looking for investment.
Another way your family might be able to help you is by connecting you to people who can help in other ways. Maybe your parents don’t have much money to lend but suppose they know someone whose son or daughter has a company synergistic with yours that would be a great fit either as a strategic partner or as an investor in your company.
You may not have to go to family if someone who works at your company, or at a friend’s company, knows of someone willing to help you either now or in the future. Sometimes their parents know people who can hook you up with other people willing to help you or connect you to the right people. Don’t overlook these valuable sources. They could be right under your nose.
While they are much more careful about where they invest their money these days, there are venture capital firms looking for companies that are developing new business strategies and products, and people you know might have an “in” with someone at a company that could help you.
Friends and their contacts might be able to get you invitations to luncheons and relevant meetings to create networking opportunities – and networking is important. You should network with everyone around the field in which you are working.
Keep in mind that what is most important to your immediate success might be far down on the list of a potential investor. Keep calling to follow up but try not to be annoying. Just stay focused on your goal.
Even if you don’t feel you have what it takes, you can surprise yourself. You can be a fundraiser, a salesperson or a successful entrepreneur if you believe you can do it!
Article © Copyright 2001 Stanley I. Mason. Syndicated by Paradigm News, Inc.
