What to expect

mrjaspermrjasper Posts: 2subscriber
edited April 2009 in Business Planning
Hey all,
I`ve been reading the forums here for a few months and I really love the community here and the sharing of information and ideas. However, I wanted to get some thoughts from those who have started multiple businesses and also dealt multiple times with investors, etc.
I`m working a startup sports media company. I`d say I have some experience in the field in that I have had a sports website when I was 14-20 that was one of the top sports fan sites. In fact I was featured in 2 prominent newspapers. I`ve also worked with Sirius Satellite Radio.
My concern is I`m a 24 year old from Mississippi and I`ve never worked on a startup before now. I`m not in a resourceful area such as LA or NY for investors, VC`s, etc. I`ve read most (investors) want people who have a proven track record of success, etc. Obviously I don`t have a record of success in businesses in that I`ve never started one. As I`m continuing to work on my business plan, I find myself constantly pondering about the challenges I will face and how to plan for them. My time would be focused on the business plan but I worked on it all day today and my brain feels like jelly.

Comments

  • robertjrobertj Tampa Bay, FloridaPosts: 0subscriber Member
    Mrjasper,
     
    Some points to ponder,

    It is true that the more "developed" your company is - the more attractive it is to capital.
    It is also true that all capital sources are not alike.
    VC firms and Banks are but two capital sources. There are upwards of 50 ways to bring capital into a project.
    Acquiring external capital for an early stage business is not easy. However, acquiring capital is a skill set - that can be learned and developed by virtually anyone.
    If you believe (as does the previous poster) that you will be "giving" away part of your company and maintaining "control" is of prime importance - then you should plan to self fund your company.

    We know that projects and people that are Capital Ready will have a much higher probability of successfully acquiring the capital they need. Although an important and necessary piece - the business plan alone is rarely enough to acquire capital.
     
    If you would like to discuss the specifics of your situation - feel free to contact me directly or send me a PM.
  • mrjaspermrjasper Posts: 2subscriber
    Great feedback. I really appreciate all of your advice.
    I`ve been skeptical about VC`s because I know you`re essentially selling off a part of ownership and control. I think the obvious, safe bet, would be to start and invest on my own initially, which is what I planned, and then see about a business loan. I`ve been reading up on VC`s and business loans to decipher more about them.
    Hearing some of your thoughts is really awesome.
  • ChrisBenjaminChrisBenjamin Posts: 13subscriber
    Ditto, do some bootstrapping and friends/family round.  VC`s won`t touch anything for the most part these days without some traction & execution. 
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