Friday, August 15, 2014

No Investor Yet? No Problem.

Almost every startup dreams of finding an investor that believes in their business as much as they do, and is willing to invest the money they desire to get them off the ground leading them to huge success. But if a startup does not get that investment -- are they stuck? Should they give up on their dream? The answer to both of those questions is “no.” Money is not the foundation of a startup. Knowledge and effort is. 

The phrase “knowledge is power” is especially true in business. If you’re starting a company, you must know everything you can about your business. If you don’t, not only will your foundation likely crumble, but you probably won’t be able to get the funding you want. Learn your business and know what your company is all about before approaching an investor.

Effort is extremely important, because without it, no matter how great your idea is, it will never become more than an idea. Once it truly gets started, you’ll need to keep up that effort to make meaningful progress. That effort is integral to getting an investor. An investor needs to believe that the person they are investing in is willing to put in the effort so they can get their money back and make more money.

Now let’s say you do know all you need to about your business and you’re putting in all your effort, but still can’t get funding -- you can still move forward with your own money. Will the budget be tighter? Yes, but a tight budget is not necessarily a bad thing. Having very little money can teach you to use your money wisely. You can learn to spend your money only where it needs to be spent. Or you’ll fail at money management. That’s very important to note -- if you can’t manage your money when you have so little of it, no investor will trust you to manage their money.

If you find a way to get investors in the early stages of your startup, good for you! But if you don’t, that does not mean you have failed. In fact, in the long-run this may play out better for you. It can teach you greater responsibility in money management -- no matter if you have a little or a lot.

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