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Idea Cafe: The Small Business Channel -  ideas for Funding New Employees

Answer from our Guest Expert Lillyvette Montalvo - page 2

Experience Is Priceless

You've hit the nail on the head in one area: lack of experience. This will actually hinder your ability to obtain the funds you want and need, especially since most angel/venture capital investors seek to assist persons that have experience in an industry and, even more so, have proven themselves in a specific industry.

Apparently, you don't have this experience or proven ability just yet. Ask yourself:

  • Will you obtain this experience if you stay in the job you're in?
  • Is the owner of the company aware of the fact that you want to grow in this industry?
  • Will the owner of this industry be willing to let you take the lead on various projects and give YOU the credit you deserve to others that are in the same industry?
  • Can you obtain this experience in another job with another company that just might offer you a better salary and an opportunity to grow within that company?
  • Do you know of others in this industry that are willing to take you under their wing and serve as your mentor?

Be thinking about these questions while you're still trying to develop a knock-out biz plan. The experience you gain in your current position will allow you to develop the business plan in a totally realistic manner!

Another alternative you may want to think aboutúdo you know of anyone who's experienced in the field and is ready to branch out on their own as well? The reasoning behind this is that venture capitalists are always seeking those projects that have a "seasoned CEO and a seasoned management team" as well. If you wait to obtain additional and improved experience in this industry and, while proving your ability and capability, you have an opportunity to work closely with others who are seeking similar goals as you are, you may be able to form a solid, marketable team! Make sure you seek others with greater experience than you -- this will pay off immensely! Only approach these persons after your business plan is solid! Demonstrate to these potential partners or members of your team that you're serious about your plans, you have everything mapped out in a realistic manner and all that's left to do is get the appropriate capital in place. Once all of this is in order, you can continue to move forward on getting that funding.

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