“Success is liking yourself, liking what you do, and liking how you do it.”
~ Maya Angelou
Today we’re continuing with the 5 most common types of funding.
Today’s Source is: Friends & Family
A big source of funding for entrepreneurs is friends and family. Friends and family members can provide funding in the form of debt (you must pay it back), equity (they get shares in your company), or even a hybrid (e.g., a royalty whereby they get paid back via a percentage of your sales).
Friends and family are a great source of funding since they generally trust you and are easier to convince than strangers. However, there is the risk of losing their money. And you must consider how your relationship with them might suffer if this happens.
Funding to Start & Grow Your Company
Do you need funding to start or grow your company?
If so, don’t go at it blindly.
Rather, you should use my proven funding strategy:
Yes, you can raise the money you need to start or grow your company.
But you need to raise it in a certain way.
Today’s Question: What did Ray Kroc do for a living before growing McDonald’s?
* Sold milkshake mixers
* Served in the military
* Was a lawyer
* Was a farmer
Previous Question: What company did entrepreneur Debbi Rose start?
Answer: Debbi Rose started Mrs. Fields Cookies.
After getting married to Randy Fields and trying to fit into her new role behind her husband, Debbie started selling her cookies in 1977. She was discouraged to do it, but never gave up.
There will be times people will not believe in what you are doing. Don’t let others determine what you can or cannot do – if you believe in something, go make it happen.
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