Let’s say you have this groundbreaking idea. Not a good but a great idea. You are assiduous, passionate, and zealous and have all the necessary elements and skills to implement that precious one-of-a-kind idea but lack that one thing that is needed most after the conception of course. Yeah, it is the green stuff.
Entrepreneurship is dernier cri nowadays.
Everyone is bent on being his own boss. But the thought and passion isn’t enough. Starting your own business isn’t a cakewalk, and if you perceive it otherwise, I’m sorry to inform you, but you’re delusional. You need to have insight, understand market needs, get into some tough competition, and most importantly have moolahs. Facing and overcoming competition is a hard barrier for start-ups. Here we won’t be discussing that. The only thing worth mentioning in this context is that it’s the best to have a killer proposal that has a fat chance of being accepted. And that my friend is a lot of hard work!
So, funding frequently means finding investors who are willing to be stakeholders in making something out of your idea. Top options for considering are normally borrowing from family, close associates, etc. or use contacts provided by them. This plan seldom turns out well. It is better to avoid such awkwardness unless there is a dire need. Public funding is also possible but highly improbable to come by. After all, not everybody has a crowd-pleasing idea of making potato salad! Hang in there brave heart! Well then here it is. If Mark Cuban, the celebrated serial entrepreneur, investor, and owner of the notorious deal maker, Dallas Mavericks, isn’t on your top friends list, you can go ahead with these ideas in order to fund your project.
The book Rich Bitch penned by Nicole Lapin gives us a few brilliant ideas for the same. Some excerpts from the book has been listed below.
Idea no. #1: GRANTS & CROWD FUNDING
Grants are a very good idea to secure the monetary side of the project. Depending on the type of idea and the target market, you have to choose grants that might be of help. Albeit it’s difficult to get funding this way, but there isn’t much harm in taking up a challenge. Challenges are, after all, opportunities in disguise. There are many grants available for various sections of people like women, minority, etc. The world crowd funding industry shared had grown above $5.1 million in 2013 and is pegged to grow exponentially. Good websites on Grants and Crowd funding , where your search-for-grant can begin is: www.FederalGrants.com, Kickstarter.com, Indiegogo.com , crowdfunder.com and many more.
Idea no #2: PARTICIPATE AND WIN
There are various contests organized by big corporations that believe that ideas are worth listening, and if they’re good, worth funding too. Amazon Web Services Start-up Challenge, MIT $100k, PITCH: Women 2.0 Start-Up Contest, etc. are all ideal places to drop in your idea. Nothing great comes easy. These contests are hard to win, but there are winners. You can be that with the right combination of qualities, work and passion. There are many new contests like Hult Prize, Hatch Pitch, Launch Festival, etc. that offer assistance from global communities and greens for your start up.
Idea no #3: GET YOUR OWN CUBAN
There is a possibility for you to find a great investor yourself. A great investor as the adjective suggest would share contacts and wisdom with you. But nothing comes free! They might, in most cases, ask for a part of the company to be in their name. If that is not your cup of tea, then research is advised. There are other networks like Gust, Investors Circle and SBA that are indispensable for creating good contacts. Apart from that, resources like Astia and Golden Seeds help women build start-ups.
So buckle up! You got to build a business! Remember?