Over the past two weeks we’ve been asking you what the best ways are for young entrepreneurs to raise money.
The goal here is to create a list of suggestions for new and existing entrepreneurs to refer to so they can effectively fund their business ideas.
We’ve created a Forum Topic to allow you to express your opinions.
We’ve had some great posts created and a lively discussion is going on.
So far the top responses are:
#1) Friends
#2) Your Own Savings
#3) Family
#4) Angel Investors
#5) Venture Capitalists
#6) Licensing Your Idea
#7) Reverse Mergers
#8) Private Placements
#9) Banks
Are friends really the #1 way to raise money for a young entrepreneur? How have you raised money for your business or how do you plan on doing so? Weigh in on the discussion by having your say on our forum post. Please share your advice so other young entrepreneurs can learn from your thoughts and experiences.
Borrowing from friends and family can be a cop-out on a business venture that is weak and not properly planned out. Venture Capital, perhaps from a select group of doctors and dentists, or small business owners, or even bank managers, or best of all, an investment club, should be the long term goal.
If these people like your plan, it is a good plan. Your friends and family usually only want to humour you. Plan carefully, ask people who have been there before and think carefully whether now is the time for this venture or whether you would be wise to wait a year or two.
A really good business idea will ripen with maturity so do not be over eager to jump in! Take your time, gather advice, source the people who will be ideal to assist your project.