Million dollar ideas are the talk of the town, and almost every enrepreneurs envisions to bring their idea into execution in one way or the other. While it is true that ideas are the seeds that germinate into organisations, one has to realise that getting a business started requires hefty stacks of cash, which is often not available.
Though everyone agrees to the fact that small businesses and startups are healthy for the country’s economy, time has held a different version by the evidence that there hasn’t been a substantial rise in the number of investors who are willing to put their money on others’ ideas.
Though the trend is not in favour of entrepreneurs, adroit and adept visionaries are finding a way to secure funding for their idea, who are on their way to achieving the million-dollar dream. Whilst, these organisations, and visionaries can are scarce, there are those visionaries who are having a tough time in achieving their dream.
To help them overcome the first few hurdles, we just curated three governing points for ones who wish to secure funding for their startup. Read on:
The concept of crowdfunding has been in the market for some time now. From movies to ideas, everything can be crowdfunded, provided your ideology is lucrative enough. Various platforms like Kick-starter, Wish-berry, Ketto among others are providing never-seen-before platforms for everyone to raise capital from the general public. As an entrepreneur, one can put their idea forward on the platform and receive funds from people who feel the idea can genuinely bring about a change in one way or the other. As the receiver, entrepreneurs must just inform where and how they’d be utilising the funds, thereby showcasing transparency in every front.
One has to also keep in mind, that no heed is paid to the millions of ideas that already exist on the platforms. To ensure that people see an idea, one must be able to concisely and crisply present the same on the online platform. Along the same, one must also know that crowdfunding is often the first step one takes to land a big funding.
2. Be as niche as possible:
One’s idea is special to oneself. But, more than often, the reality might reflect something else entirely. The reason millions of startups fail is because there is something better that already exists in the market. While there shouldn’t be an absolute monopoly in the market, one does not even consider another brand if they have nothing different or new to offer. In the age of the internet, one must muster up the courage to accept these hard truths before diving into the deep ocean of startups. After conquering the most difficult phase, entrepreneurs must be able to put their niche idea in front of the people, wherein they are open to modifications and ramifications.
With the requisite feedback and inputs, individuals can then present this idea to possible investors who are willing to understand the eccentricity of the product to go ahead with the funding. While the chances for the same are slim, one must keep in mind that nothing big can be achieved as long as one is stuck to the familiar ground. Being niche also has the advantage of narrowing down your wide pool of investors; especially by looking at individuals who are solely interested in your region of expertise.
3. YOU are the biggest investment:
While it is true that investors are ready to put their money on your idea, the reality is far from what meets the eye. The investors are willing to put in their hard earned cash on your dream because they see potential – first in YOU and secondly in your idea. During the initial stages of funding when entrepreneurs have almost nothing to show, investors are more interested in the person who is spearheading the project than the idea itself.
During the first few sessions, entrepreneurs must exude confidence to gain the full trust of the investor. It is essential that one knows about all the intricacies and nuances of the business, as these aspects ensure that the entrepreneur is adept to run a business, who is also willing to take the hardships of a startup life.
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