This is the Tips and Resources section of my Funding Secrets Series.
– Fund the business as much as you can by yourself for as long as you can. Try to give as little away to investors as possible, but don’t be too cheap on giving it to people working on the business through an equity pool.
– Remember that every round of equity funding that you get will decrease your piece of the pie. Every round that you issue new stock to the new investors, the amount of stock that you hold becomes a smaller percentage of a larger pie.
– Do your best to meet the next mile stone, before the funding runs out as bridge funding gets pricey…
– Be frugal with your spending!
How lucky are you? I’m not a big fan of starsigns and superstitions, but some people just seem more lucky than others. Isn’t strange how some people always seem to land on their feet in any situation and that everything always works out for them? With some other people, it’s the opposite. So, what is it that makes some poeple really lucky?
As I found out in The Luck Factor by Richard Wiseman, there’s actually a little more to it. Through over 10 years of experiments researching luck he reckons that it depends more on what type of person you are than what you star sign is. The old saying, “Unlucky at cards – lucky at love” seems to be slightly off the mark because generally people that are lucky are lucky in many aspects of their life. So what makes for a lucky person?
I read a great book a little while ago, called Inbound Marketing, and it got me thinking. Where else is it relevant? How can you apply this to business? But first, the background theory…
Tradition marketing follows an Outbound marketing model where the company sends out the information of their product/service to potential customers in the hopes of making the sale. With the sale, the customer is given value and through use they create a relationship with your company. Hopefully this will lead them to come back. (All TV and radio ads, Flyers, newspaper ads etc)
Sale -> Value -> Relationship
Saw a great book that recently came out, Young World Rising by Rob Salkowitz. Its on the new rise of the wave of new young entrepreneurs and how they are bringing forth new changes to the global landscape. South Africa and Silicon Cape are one of the ‘New worlds’ in which this is happenning. Here is a piece taken from the facebook page in Rob’s own words:
In Young World Rising, I identify six hallmarks or characteristics unique to the next-generation entrepreneurial ventures I explored around the world. Young World entrepreneurs:
1. Blend social and commercial objectives
2. Creatively align public, private and NGO resources
3. Leverage communities and collaboration
4. Are well-adapted and sustainable
5. Embrace the globalization of the knowledge workforce
6. Solve systemic problems while meeting market needs.
In the next few days, I will be elaborating on each of these hallmarks. In the meantime, I am interested in hearing from young entrepreneurs and other interested folks: does this sound right? Does your business plan fit these criteria?
Sounds like some solid advice and is well researched. Its definitely made its way onto my “Must Read” list.