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Small Business Funding: The Haves And The Have-Nots |
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Submitted by Maria Simone
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I’ve heard it literally thousands of times from inventors and start-up entrepreneurs “I have the best idea on the planet --- why can’t I get anyone to invest in me?” Every entrepreneur has the opportunity in this country to seek funding to help launch their idea yet very few do it successfully. It has everything to do with the opportunities you can actually create for yourself. Those who seem more successful at the process have the following steps in place.
Don’t skip out on any of these steps if you expect to acquire funding for your own BIG IDEA:
An idea is only an idea unless you do something with it. Do as much as you can with your idea to give it more value --- develop a prototype, patent it, find out if there is a market for your idea, get endorsements from those who would buy it, test any aspect of it that you can. You can accomplish more than you think without money at this stage.
Write a business plan showing what you intend to do with the idea and what’s involved to develop it. These thoughts may be floating around in your head still but unless they’re committed to paper, no one can help you. Plus, writing out the plan will show you the work that needs to be done in order for it to be successful.
Think of it as a roadmap.
Exhibit passion for the project, not desperation, so that people will know you’re committed to seeing it through. An upbeat and confident attitude speaks volumes. Not there yet? Then work on YOU.
Have people around you who know what they’re doing. If you haven’t developed an idea or raised capital before, it’s best to surround yourself with people who’ve been down that path.
Experience on your team speaks volumes.
You need to have contacts to potential investors so you can have investing conversations with them. If you don’t travel in the circles of high net worth individuals, then figure out a way to start meeting them. Attend different networking events or social gatherings. Talk to your neighbors or colleagues at work. Attend events designed for investor connections. Meet people who can start making introductions for you to potential investors. Get mentoring from those who can open these doors for you.
The money is all around you.
Learn the language of capital so you can relate to investors. There are certain legalities involved with raising capital that you’ll want to learn. Also understand that investors don’t want to know all the details of your invention. They’re more concerned about how you intend to launch your idea, if there really is a market for your idea and how they are going to get their money back.
Be humble, grateful and genuine. No one appreciates arrogance or an entrepreneur with overzealous expectations. Be real with potential investors so they can get to know and trust you before investing.
Take in and process all comments, critiques or criticism from potential investors. Always. Don’t take anything personally and don’t react negatively to what anyone is saying. You’re getting free advice and those that take it, grow from each experience and can re-visit any “no” later on in the hopes of getting a “yes”. That has happened to me several times. You couldn’t do that if you’ve closed the door and nailed it shut.
Bio:
Maria Simone (simone@manifestsuccessguru.com) is a speaker, mentor, author as well as a very dynamic business development and marketing expert who has launched several companies and has raised millions of dollars in funding. She helps inventors, start-ups and service providers attract experts, customers, resources and capital. Receive a free business start-up kit at http://www.manifestsuccessguru.com
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