Manifold heights vet clinic Repost
Many years ago, once I was a young, ambitious, aspiring entrepreneur i used to be imbued with the self-esteem that venture capitalists, investment banks or angel investors would go over themselves to take a position in my first project. Manifold heights vet cliniced to be hooked in to my product. I quickly discovered that investors were decidedly not.
Though disappointed at my lack of success in securing the wanted funding, i used to be ready to learn a lesson that has been a truism in my entrepreneurial career, and one I share frequently with prospective clients in my Consumer Product Branding, development , Marketing and Funding Consulting group. Simply stated the lesson is this: Start-up funding for nearly all enterprises is 3-F funding. It comes from Friends, Family or Fools.
I am approached almost daily by aspiring Inventors and Entrepreneurs seeking a funding round for his or her proposed new project. They ask and that i respond that this sort of funding, and within the relatively small amounts requested, comes from Friends, Family or Fools. This adage is to risk capital as "Going, Going, Gone" is to baseball or "Hooah" is that the 82nd Airborne Division.
Most start-up business opportunities don't qualify for an initial investment round because they can't stand the vetting process applied by sophisticated investors. There are many reasons for this barrier to entry. the quantity which will be justified by the Business Plan is just too small for consideration. The plan itself isn't compelling. The inventor or entrepreneur isn't compelling due to their background or history. there's a scarcity of due diligence that's easily recognized within the strategy proposed. Read more
I regularly find myself counseling prospective small business owners that if failure to secure a funding round will kill their project, then the project probably should die. it's the successful entrepreneur's responsibility to seek out how to beat every obstacle placed in their path, including raising capital from unorthodox sources. If this roadblock proves fatal, then the owner isn't driven, passionate, creative or clever enough to achieve the endeavor.
Are their funding alternatives? Yes. Many projects are often bootstrapped utilizing very limited funds and an excellent deal of leverage. Strategic alliances are often developed for several projects. Many projects are proposed on large scale launch and distribution strategies which will be downsized, localized then regionalized as sales traction occurs. Money is usually available for funding projects that demonstrate sales traction, and, most crucially, re-orders! Receivable funding and factoring are methods we utilize often to finance client growth.
Recently I consulted with a young man who was developing a juvenile Toy line . He presented me with an idea that was built on a $750,000 funding requirement. As I vetted his Business Plan assumptions, I deduced, and he agreed, that he really needed about $100,000 to develop, Brand and Pre-Sell the road . I laid out a Gantt Chart for the project and detailed how this might happen and options for funding, after he had received orders from retailers. He had never considered Pre-Selling. We always consider a Pre-Sell strategy for brand spanking new product launches.
The $100,000 stumped my Toy entrepreneur. He didn't want to ask Friends or Family for support. this is often understandable. He didn't want to require equity out of his home, also understandable. He wanted me to succeed in bent my investment sources. I replied, "Why would a stranger invest within the product if you're not willing to take a position in yourself, and Family or Friends don't believe the Toys and you"? I received no response.
Starting a business or launching a replacement product or service has never been easy. it's not meant to be. The successful entrepreneur may be a valued minority. Most prospective entrepreneurs don't have the power to beat obstacles that the markets place within the way of their progress. This culling of the herd, or "Survival of the Fittest", is that the reason that numerous people want to work alittle business but so few actually accomplish the feat. Funding, or lack thereof, is that the canard that the majority failed entrepreneurs posit because the reason they're held back. Sourcing capital from Friends, Family or Fools must be considered because the "alpha" resource to travel to first.
Geoff Ficke has been a serial entrepreneur for nearly 50 years. As alittle boy, earning his pocket money doing odd jobs within the neighborhood, he learned the worth of selling himself, offering service and value for money.
After putting himself through the University of Kentucky (B.A. Broadcast Journalism, 1969) and serving within the us Marine Corp, Mr. Ficke commenced a career within the cosmetic industry. After rising to National Sales Manager for Vidal Sassoon Hair Care at age 28, he then launched variety of ventures, including Rubigo Cosmetics, Parfums Pierre Wulff Paris, Le Bain Couture and Fashion Fragrance.
Geoff Ficke and his consulting company , Duquesa Marketing, has assisted businesses large and little , domestic and international, entrepreneurs, inventors and students in new development , capital formation, licensing, marketing, sales and business plans and successful implementation of his customized strategies. he's a Senior Fellow at the Page Center for Entrepreneurial Studies, graduate school , Miami University, Oxford, Ohio.
Though disappointed at my lack of success in securing the wanted funding, i used to be ready to learn a lesson that has been a truism in my entrepreneurial career, and one I share frequently with prospective clients in my Consumer Product Branding, development , Marketing and Funding Consulting group. Simply stated the lesson is this: Start-up funding for nearly all enterprises is 3-F funding. It comes from Friends, Family or Fools.
I am approached almost daily by aspiring Inventors and Entrepreneurs seeking a funding round for his or her proposed new project. They ask and that i respond that this sort of funding, and within the relatively small amounts requested, comes from Friends, Family or Fools. This adage is to risk capital as "Going, Going, Gone" is to baseball or "Hooah" is that the 82nd Airborne Division.
Most start-up business opportunities don't qualify for an initial investment round because they can't stand the vetting process applied by sophisticated investors. There are many reasons for this barrier to entry. the quantity which will be justified by the Business Plan is just too small for consideration. The plan itself isn't compelling. The inventor or entrepreneur isn't compelling due to their background or history. there's a scarcity of due diligence that's easily recognized within the strategy proposed. Read more
I regularly find myself counseling prospective small business owners that if failure to secure a funding round will kill their project, then the project probably should die. it's the successful entrepreneur's responsibility to seek out how to beat every obstacle placed in their path, including raising capital from unorthodox sources. If this roadblock proves fatal, then the owner isn't driven, passionate, creative or clever enough to achieve the endeavor.
Are their funding alternatives? Yes. Many projects are often bootstrapped utilizing very limited funds and an excellent deal of leverage. Strategic alliances are often developed for several projects. Many projects are proposed on large scale launch and distribution strategies which will be downsized, localized then regionalized as sales traction occurs. Money is usually available for funding projects that demonstrate sales traction, and, most crucially, re-orders! Receivable funding and factoring are methods we utilize often to finance client growth.
Recently I consulted with a young man who was developing a juvenile Toy line . He presented me with an idea that was built on a $750,000 funding requirement. As I vetted his Business Plan assumptions, I deduced, and he agreed, that he really needed about $100,000 to develop, Brand and Pre-Sell the road . I laid out a Gantt Chart for the project and detailed how this might happen and options for funding, after he had received orders from retailers. He had never considered Pre-Selling. We always consider a Pre-Sell strategy for brand spanking new product launches.
Related links
The $100,000 stumped my Toy entrepreneur. He didn't want to ask Friends or Family for support. this is often understandable. He didn't want to require equity out of his home, also understandable. He wanted me to succeed in bent my investment sources. I replied, "Why would a stranger invest within the product if you're not willing to take a position in yourself, and Family or Friends don't believe the Toys and you"? I received no response.
Starting a business or launching a replacement product or service has never been easy. it's not meant to be. The successful entrepreneur may be a valued minority. Most prospective entrepreneurs don't have the power to beat obstacles that the markets place within the way of their progress. This culling of the herd, or "Survival of the Fittest", is that the reason that numerous people want to work alittle business but so few actually accomplish the feat. Funding, or lack thereof, is that the canard that the majority failed entrepreneurs posit because the reason they're held back. Sourcing capital from Friends, Family or Fools must be considered because the "alpha" resource to travel to first.
Geoff Ficke has been a serial entrepreneur for nearly 50 years. As alittle boy, earning his pocket money doing odd jobs within the neighborhood, he learned the worth of selling himself, offering service and value for money.
After putting himself through the University of Kentucky (B.A. Broadcast Journalism, 1969) and serving within the us Marine Corp, Mr. Ficke commenced a career within the cosmetic industry. After rising to National Sales Manager for Vidal Sassoon Hair Care at age 28, he then launched variety of ventures, including Rubigo Cosmetics, Parfums Pierre Wulff Paris, Le Bain Couture and Fashion Fragrance.
Geoff Ficke and his consulting company , Duquesa Marketing, has assisted businesses large and little , domestic and international, entrepreneurs, inventors and students in new development , capital formation, licensing, marketing, sales and business plans and successful implementation of his customized strategies. he's a Senior Fellow at the Page Center for Entrepreneurial Studies, graduate school , Miami University, Oxford, Ohio.
Related topics
Little River vet clinic
Corio vet hospital
Norlane vet
Highton vet clinic
Hamlyn Heights vet
Wandana heights vet hospital
Herne hill vet hospital
Anakie vet
Balliang vet hospital
Bell post hill vet clinic
Avalon vet
Rippleside vet clinic
geelong vet hospital
North shore vet hospital
North geelong vet clinic
Newtown vet
Corio vet hospital
Norlane vet
Highton vet clinic
Hamlyn Heights vet
Wandana heights vet hospital
Herne hill vet hospital
Anakie vet
Balliang vet hospital
Bell post hill vet clinic
Avalon vet
Rippleside vet clinic
geelong vet hospital
North shore vet hospital
North geelong vet clinic
Newtown vet
Comments
Post a Comment