Funding Your Business on Your Own? Learn From These 7 Entrepreneurs
By Sujan Patel, entrepreneur.com, 17-02-2014
Business owners don’t know what they don’t know. The beauty of
mistakes, however, is that they make you infinitely wiser. Smart
business leaders won’t flinch when they lose a client, customer or
potential revenue source -- they’ll reinvest that mistake into their own
learning.
What new business owners can’t afford to lose, however, is money.
When you’re bootstrapping -- using personal savings to fund your new venture -- you’re putting your financial future on the line. Lost money can directly impact health, future, and immediate well being.
Related: The Ins and Outs of Raising Money From Friends and Family
With approximately 543,000 small businesses launching each month, the harsh reality is that the majority of these will fail. So if you’ve invested money into your business, there is a distinct possibility that you’ll lose everything. But that doesn't have to be the case.
The best way to prepare for the worst is to learn from successful bootstrappers who have been there before. Below are seven financial mistakes to avoid, especially when self-funding your new venture.
>>>
Business owners don’t know what they don’t know. The beauty of
mistakes, however, is that they make you infinitely wiser. Smart
business leaders won’t flinch when they lose a client, customer or
potential revenue source -- they’ll reinvest that mistake into their own
learning.What new business owners can’t afford to lose, however, is money.
When you’re bootstrapping -- using personal savings to fund your new venture -- you’re putting your financial future on the line. Lost money can directly impact health, future, and immediate well being.
Related: The Ins and Outs of Raising Money From Friends and Family
With approximately 543,000 small businesses launching each month, the harsh reality is that the majority of these will fail. So if you’ve invested money into your business, there is a distinct possibility that you’ll lose everything. But that doesn't have to be the case.
The best way to prepare for the worst is to learn from successful bootstrappers who have been there before. Below are seven financial mistakes to avoid, especially when self-funding your new venture.
>>>
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