3/22/2021 Tip: Starting Small | Growthink

3/22/2021 Tip: Starting Small

Today’s Quote

“Most people are about as happy as they make up their mind to be.”
~ Abraham Lincoln

 

Today’s Tip

When raising funding, start by raising smaller amounts. No one is going to write you a $5 million or $10 million check for your business until you’ve proven your concept. 

Bootstrapping will help progress your business; but also figure out the smallest amount of funding you could use to progress your business further and raise that amount. Once you raise the smaller amounts of money, and start growing your venture, the larger amounts of money will become much easier to raise. And you will give up less equity.

Many, many companies, like Google and Under Armour started with credit card financing, small bank loans and small angel/friends and family investments before raising much larger rounds of funding.

 

Today’s Resource

Raise Funding with This Unique Strategy

If you’re struggling to raise money, it’s probably because your funding strategy is broken.

Here’s how to do it right <– 

As I explain here, the key is to start at the bottom and work your way up the Funding Pyramid. 

 

Trivia

Today’s Question: What is the widely held reason for why 69% of motor vehicle accidents occur within ten miles of the driver’s home?

Previous Question: What entrepreneur and founder of a multi-billion dollar franchise didn’t finish high school until the age of 60?

Answer: Dave Thomas, the founder of Wendy’s

Dave Thomas, the founder of Wendy’s, never finished high school because, due to his impoverished childhood, he had to work instead. 

At 60 he went back to high school and earned his GED. He attended the prom with his wife and they were crowned Prom King and Prom Queen. His fellow students voted him “Most Likely to Succeed.”
 

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