Mentorship is very critical to entrepreneurial success. Seek guidance from experienced entrepreneurs. Mentors could take interest in your idea and decide to fund it or link you up with partners who can fund your business.
In addition, mentors could also guide you on how to package your business to make it more appealing to investors.
Be Open To Partnership
Always be willing to accept partnership offers. Most of the venture capitalists that are likely to fund your business are most likely going to provide such business funding in exchange for part ownership of the business.
Don’t be scared of accepting such offers. Being a part owner of a multimillion dollar business is far better than being a sole owner of a multibillion dollar idea.
Consider Client Financing
Client financing could be a very strategic investment option for your business. If you have a Minimum Viable Product (MVP) which could meet a need, then you can approach and discuss with a potential beneficiary on the possibility of providing the funds for the development of the product.
You might not believe it but that is the model adopted by most of the prominent multinational corporations. Give it a try and you might just land the finances you need quicker than you expected.
Use The Internet Optimally
You will agree with me that the days when business funding opportunities were published on the pages of newspapers or through posters and handbills are gone. Today, the easiest, cheapest and most efficient way is to publish these business funding opportunities on the internet.
As an entrepreneur starting out and are in need of funding for your business, ensure that you use the internet especially the social media to keep track of business funding opportunities.
Entrepreneurs’ Square is dedicated to making such opportunities available to you. So, sign up to the email list using the sign up form below this post to get prompt notification on business funding opportunities.
That way, you can keep applying for these opportunities as they emerge. The more you apply for these business funding opportunities, the brighter your chances of nailing one.
Kill The Doubting Thomas
Don’t be in the league of those who believe that business funding opportunities such as the Tony Elumelu Entrepreneurship Programme (TEEP), Diamond Bank Building Entrepreneurs Today (BET), YouWiN Connect etc. are being manipulated to favour relatives of those who are working in these organisations.
Such mind set will permanently keep you away from applying for these opportunities. And if you don’t apply, your business can’t be funded. Do your best by applying and leave the rest.
Follow Up On Business Proposals
If you have submitted a business proposal to a business funding organization or to a venture capitalist, don’t forget to follow up. This, first of all, shows how serious you are about the business you want them to fund.
Like the widow in the Biblical parable of the widow and the unrighteous judge, keep persisting. The worst that can be said is no, and nobody in history has ever lost an arm or a leg as a result of being said no to.
In following up, if you stumble on any information that you believe will improve your chances of getting funded, don’t hesitate to make it available to the funding organization as soon as possible.
Though not exhaustive, these are 10 steps you can follow to quickly and easily attract good funding for your business.
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