What do you all think about money for an entrepreneur?
Is Money A Really Important Factor For An Entrepreneur To Kick-Start?
As an entrepreneur, I have this idea that you need money before you kick start, obviously, this idea is contradictory to the general convention ideology of starting small. Well, I have come to realize a bunch of things and that’s why I’ve come to the conclusion that as an entrepreneur the bigger your dream, the bigger the money you need to kick off.
There is no doubt that you have to start regardless, whether you have the money or you don’t, you just have to start the process but the start here is really not the start that many people would think of. When I said start regardless, I mean work towards getting the money required to actually start, write out the plans if necessary, and build up your network in the process. That’s what the start regardless I said meant.
Moreover, when you want to come out into the competition better be ready with the money, you don’t really have to have it in your bank account but you MUST have it somewhere where you can quickly tap into it when need be.
You see, your network, the people you’ve talked to about your idea and have bought into it, the friends who want to throw money on you because they believe you can get it done, better make them ready because when the startup requires the money, if you don’t want to fold up the way you jumped out better make these money-worth sources ready.
Jeff Bezos was asked when was the hardest time for Amazon and he replied that it was 1992 when Amazon needed a million dollar, a million dollar in 1992 is a lot of money and that’s how it always goes with many startups and boom because they couldn’t afford the money required they all fold up.
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So, Jeff Bezos said he had over 60 meetings to raise the money and that 60 meetings must have been those he had met and told about the Amazon and those he was referred to which simply means, he had the money there before but hadn’t tapped into it.
Though it would be hard to convince anyone in 1992 about the Internet than it would be today, however, he must have done some preliminary money gathering before he jumped for his first step.
Lateef Yakub Olamide is popularly called Hybrid. He is passionate about entrepreneurship and cryptocurrency. He is a wonderful writer and as well a poet.