depressed man in chair

GETTING STARTED

You have a great idea. And you believe it can succeed. But others do not see it the way that you do. They see a road full of potholes and dangerous curves with unexpected obstacles around every bend. And they are right. And you will probably fail. Most entrepreneurs fail. But you will forge ahead anyways, correct? That is what entrepreneurs do. They forge ahead anyways, and fail. 

  • So, how do you start a start-up?
  • Where can I find Angel Investors?
  • How can I finance a start-up?

Let’s start off by selling your idea to your friends first. You are still in a conceptual stage in your business development. You have nothing to interest the Angel Investment groups yet. You are going to need money at some point, and if you cannot sell your friends on your mission, how will you ever convince investors, banks or even suppliers to take risks with your venture? 

It is a good practice run to first build a simple pitch deck and use it to practice with. This pitch deck will become the base on which you build your company. It is the first vision of where you might be going, and you will rewrite it many, many times as the weeks and months pass. As you improve on the pitch deck content, the flow of the company will begin to form. How it might develop, where its market might be, and ideas on how to move this venture forward will start to formulate.  You have now started to build the most important document that you will likely ever write for this new company. The “high level” pitch deck is the first glimpse of what will become your Business Plan.

BUSINESS-no place for a coward

It is important to understand “the why’s” in taking certain actions. Such actions as soliciting your friends for funds to get your company rolling are not comfortable at all! “I don’t want to put my friends on the spot. I feel like I am imposing on the friendship. I will lose my friends.” These fears might be true, but only if you approach it with the wrong intent.  

As your company grows you will face numerous occasions where you will be talking about your company. Why not start now? Why not start hearing the objections and criticism now? You are going to hear it all at one time or another, and you better have the right responses or you will not likely go very far in your endeavor. 

Your prospects will critique your venture. They will tell you all the reasons that you should probably fail. Thank them! You need to be aware of every possible obstacle in order to mitigate risk. You do want to succeed, don’t you? 

As I wrote previously, embrace the critique. Develop your responses. When people begin to accept your offer for this investment opportunity, you will know that you are on the right track. Until then, listen closely and strategize. 

ENTREPRENEURSHIP – Getting Started
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