There are two approaches to getting a business off the ground. Well, there are many but two stand out. And these are the two they would teach you in an online MBA. One is to generate an idea then after crafting a clever pitch, go out in search of funding. Go to conferences and conventions that are relevant to your idea and find investors who might like your idea enough to give you the funding for it. And if the funding doesn’t come, you go out and brainstorm another idea then repeat the process. The other school of thought says: you have an idea for a product that solves a problem. You’re very passionate about it. You know it will work. The world needs your product. You get your funding by maxing out your credit cards, selling your house and living in your van. You build it on a shoe string budget and market it with free publicity. Which approach is better?
Well, if you pay attention to Wences Casares, the second method is better. And who is this Wences of whom we speak? While his name may not be as well known in these parts, his billion dollar fortune, a castle inChileand his reputation for starting and then selling companies is legendary inLatin America. In his opinion, when you go in search of funding, it’s not your pitch that impresses. Investors want to know what you have done lately. Otherwise you’re just a sweet talker. A true entrepreneur is a doer who solves problems. And by the way, in this day and age it’s possible to do so much more without so much money. Crowdsource, outsource or be resourceful in other ways and possibilities can be endless. “I realize in the first five minutes what kind of entrepreneur they are. The first is a real entrepreneur who is driven by a market need and by some passion and vision. The second is what I call “entrepreneurship groupies.”
- Show Me the Seed Money! (themogulmom.com)
- Harvard announces fund for next generation Gates and Zuckerbergs (zdnet.com)
- Small Business Snapshot: One Entrepreneur’s $750 Million Mistake (openforum.com)
- Focus on Success (mypathbuilder.wordpress.com)