When starting a business you will need to find ways to raise money to pay for the things that you need.
Think of what you are trying to do. You are asking people to provide you with money so that you can develop a business. Think of the questions that you will be asked;
For this week’s extra practice answer the following questions and bring your answers to next weeks class.
What are you going to do with the money?
How much do you need?
Do you know what you are getting into?
Do you have the time and expertise to succeed?
Do you need any help with your business venture?
Will we get our money back; when and how much?
To answer these and other questions you are going to need to think through the answers and prepare something in writing to share with your investors (people giving you the money). The most common way to approach this is with an executive summary and a business plan. You should also prepare a 30 second pitch to talk about your proposal. (kind of like a short commercial, we will learn more about this in a couple weeks)
Tips to help find funding:
1. Network: build relationships with people who are interested in the same ideas as you and share your dreams with people who may become interested and want to invest in your product.
2. Know your product so that you are able to communicate your needs with developers and investors.
3. Learn how to share important parts of your business with others to increase their interest.
4. Find other entrepreneurs that can give you advice and support on how to start your business.
5. Ask your parents to take you to conferences like Tech Breakfast, held at Packard Place, so that you can learn more on what you should do to raise funding.
For additional information and activities, please review the links provided below: