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Question: I love reading about entrepreneurs. My dream is to follow in the footsteps of startup founders like Jeff Bezos–not just for the money, but because it sounds like such an amazing life. I’d love to run my own business, whether that business ends up being large or small. But I’m not sure where or how to start–especially when it comes to the money that I’d need to found the business in the first place. How do businesses get off the ground?
Answer: Founding a business can be thrilling–and dangerous. After all, half of all businesses fail in their first five years. So, as you can imagine, only the wealthiest among us are able to fund such a risky venture all on their own. So how do others do it?
Well, with more difficulty, to be sure. Statistics show that 82% of startup funding comes from the business owner or his or her family and friends. That’s not an encouraging statistic to those of us without wealthy connections, but there are other ways to get money for your venture.
You could, of course, go get a loan. This is a time-honored way to get a business started or expand an existing one, say accountants at Corvallis, Oregon business lending company. Businesses have access to some types of loans that individuals can’t take advantage of–like private money loans, suggest lenders in San Diego.
Alternatively (or concurrently), you could try to attract investors. Investors give companies money in exchange for considerations like shares in the company, stock options, and other financial vehicles that give them the chance to make back more money if your business succeeds.
Either way, you’ll need a business plan–and, perhaps, some business experience and connections. Entrepreneurs can sometimes get by with a great idea, but it may be a good idea for you to consider business school or other types of further training if you really want to give it a go as a startup owner. Good luck!
“My view is there’s no bad time to innovate.”– Jeff Bezos