Speaking to two entrepreneurs who own big event companies, we realised that if you have the vision, the passion and a proper plan to reach your business goals, you do not need lots of capital for it.
Get it right, we are not saying you do not need money to start your desired business, we are simply saying you do not need much of it and you can still start your business with that low budget, just stay focused and motivated.
To survive the early stages and stay in the game while fishing for investors or saving, keep this in mind:
Do not burn bridges
That company you are working for or where you are interning, may be one of the support systems you will need. So, if you plan on leaving to start your own thing, let it be on a high note, with a good and proper spirit because you might go back to ask for advice, little help or borrow equipment. Yes, that depends on who you work for, but always keep good relationships.
We cannot over-emphasis how building connections is crucial, as it is beneficial for you and your future goals. It is time consuming and may also be draining. While attending that cocktail party, event or watching a game somewhere, do not just do small talks but build long-term relationships that will be beneficial. Truth be told, you will not everything so networking will help develop your knowledge and your skills. If you are an introvert, you may want to attend intimate events or one on one meetings.
Talk to friends and family
You do have people in your circle that you can rely to, use them. Having the people you like and you can trust can be helpful. While banks and investors are too sceptical to take a risk and fund you, surely the ones who believe in you, do want to see your business succeed. Be faithful to them and keep the promises you make as you do not want to risk the relationships you have with them. Others may give you the money as a gift but keep in mind that gifts can quickly turn into loans in the minds of friends and relatives should you succeed. A signed document, even a letter saying the money was given, will protect you down the road.
Published in Finance and Sponsorship
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