Wednesday, December 12, 2012

Startup Funding - An Inconvenient Truth

startup funding
photo credit: Julián Pavón via photopin cc
Many aspiring entrepreneurs believe they can simply walk into a bank with a great idea and get all the capital they need to start their ventures. I addressed this myth in no uncertain terms during a recent  training series for a group of entrepreneurship students. I started by asking a simple question: "What would you do if I gave you all of the money you need to start your business?"

The answers were predictable with students filling in details of hiring employees, finding a space and ordering equipment.

I then asked a followup question: "What will you do if I don't give you the money?" This answers were also predictable as well as disturbing. The consensus was to do nothing. This is the point where aspiring entrepreneurs get stuck because it is just too big of a hill to climb. However, there is another way, and it does not involve banks.

For parts 2 and 3 of this video, click here.

Godspeed and I look forward to seeing you in The Players Lounge.

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Why New Entrepreneurs Should Not Pursue Banks

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