I recently read an appeal posted as a comment by a young MBA student on a millionaire’s Facebook page, asking the latter to consider investing in a business idea he had. My heart went out to young man, because I knew he needed to be told a (potentially) painful truth.
The harsh truth: It will often be best to start where you are, with what you have!
Don’t get me wrong. If there is a chance of getting a millionaire to buy into your business vision, by all means go ahead.
However, do NOT (and this is important) make the mistake of assuming that without some money bag backing you, success will be impossible.
Here’s why:
In reality, persistently harsh times make it much harder to raise funds today, than used to be the case.
Those who are millionaires or money bags, often built their fortunes by making smart investment decisions. This means they will naturally be on the lookout for proven and reliable opportunities to invest in.
It is very likely that just as you’re asking him/her, others are also asking THAT same "millionaire" to invest in their ideas as well!
People tend to get so self-focused, that they forget this.
Just as YOU are asking THAT money bag (or potential investor) to put his/her money in your new venture, so many others are most likely asking the same of him/her at the same time!
The question to ask yourself is this: Have you carefully reviewed your offer to be sure the potential investor will be convinced choosing yours will yield worthwhile returns on his/her investment – compared to others?
Sentiment tends to make many who seek funding blind themselves to doing an objective appraisal of the useful value their business ideas can deliver.
And this is often the reason many of them get frustrated due to inevitable rejection by those they approach.
A useful strategy: Go out and demonstrate what you can do FIRST, before seeking support
This is the approach I have found from experience works best.
And if you truly believe in your idea, you will have NO problems investing the time and effort needed to try implementing it on your own.
I say this as one who started out in 2002 with funds from my last job, and lost it all within ONE year due to lack of experience, despite my passion and education. But persistence and determination kept me going, in pursuit of my vision.
I drank from the wells of wisdom of many successful entrepreneurs (locally and internationally) who chose to share what they knew. With time, I gained powerful experience based insights that led me to discover ways to attract others to GLADLY put down their money towards execution of plans and projects I conceived.
Today, over a decade later my success not only continues to grow, but I now also share what I’ve learnt with others who seek similar insights.
And that brings me to the main message I have for you. It has to do with getting the capital you need to achieve your valued goal.
You see, I’ve discovered that one can always get the funds one needs, if one is willing to put in time and effort required.
Taking action to begin on your own actually tends to inspire confidence in the minds of those who may have the means to support you. It would assure them you truly BELIEVE in yourself, and your dream.
That can often convince them that you are WORTHY of support.
I gained the above understanding by reading the powerful words of authentic achievers like Dan Kennedy and James R. Cook – both millionaire entrepreneurs who have written bestsellers sharing their success secrets.
Kennedy is the author of "How to Succeed in Business by Breaking All the Rules: A Plan for Entrepreneurs" – among others.
Cook is the author of "The Start-up Entrepreneur (How You Can Succeed in Building Your Own Company" – a New York Times Bestseller.
Hint: Google will tell you more about both men, and their excellent books. But you can also read issue Issue 155 of my weekly newsletter(click), in which I say a little more about Dan Kennedy’s book.
Final Words: What I have advocated above is not new…
No it’s not.
In fact, a growing number of people are accepting it as a realistic way to achieve their business financing goals.
That’s why, for the young MBA student (mentioned at the start of this piece), I was not surprised to read at least 2 persons who posted responses advising him to do what I’ve proposed above.
i.e “start where you are with what you have, to get some essential experience under your belt FIRST”.
Today, you are unlikely find investors with itchy fingers eager to pump money into a venture you propose to them.
Instead, you will need to take diligent personal action to record results that inspire enough confidence in any person(s) you approach.
Hopefully, he will heed the wise counsel they’ve given him. Especisally if the millionnaire’s response does not come as and when he’s expecting it.
Related Articles
1. Why Lack of Capital Cannot Hold Your Business Back
2. If You Lack Capital, Intelligent Multipreneuring Can Help You Succeed
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