Hilarious. Business ideas, but no funding………LOL (Loads of Luck and lumbering.)
I have taken the reference of a blog posted by Bplan blogs on the topic – 5 Steps for Entrepreneurs with an Idea, but No Funding.
Deen, A. (2017, October 25). 5 Steps for Entrepreneurs with an Idea, but No Funding – Bplans Blog. Retrieved from http://articles.bplans.com/5-steps-for-entrepreneurs-with-an-idea-but-no-funding/
In today’s world, a business idea without funding is like an iclicker without the access code. One answers everything right with it but does not have the smallest hint that the iclicker is neither adding up to one’s attendance nor improving ones iclicker grades. Yes, this era considers funding as the most important aspect for a startup and an idea without funding is a prey for criticizers which ends becoming a laughing stock. However, Bplans blogs have posted an article of topic – “5 steps for entrepreneurs with an idea, but no funding” which I would be analyzing and delivering my views and opinion on them.
- Find a mentor and ask for advice.
Bplan’s first step is hunting for a mentor and getting advice and suggestion on one’s ideas. Though a mentor can be very beneficial and an added value to the development of an idea into a business but in this situation of no funding it is very vague and impractical as all the businesses in the world need a mentor and their suggestions to survive. However, finding a mentor is not easy. A person can only become a mentor when one is well educated in the area and is very keenly interested in your idea and is ready to invest one’s whole time in you. Hence, this could be a difficult step but never give up.
- Perform Market research
If the idea has been generated before knowing the needs of the market it is a product-oriented idea and ideas generated with no funds are mostly product oriented, hence knowing the market needs is significant to convert the idea into a business. Market research can also help one know what the market expects from the idea and where your idea stands. Nevertheless, market research cannot be accurate many a times and market research needs a lot of hard work and is very time-consuming.
- Determine your capital needs and write a business plan.
It is very impractical and obvious that a business idea will require a business plan and the capital needed to finance the plan and the idea. This step could be considered reasonable but this step is quite generalized as all startups need a business plan and it is not helping the idea grow into a business anyways.
- Enter a contest
Bplan blogs recommend that an idea should be shared in a contest to come into the eyes of investors so that idea is can be funded to grow into a business. This step would help the business get sponsors and investors. Nonetheless, one’s idea can also be copied if not patented.
- Consider outside investments.
Considering outside investment should be the first step after attaining the business idea because this would not put any load on the family and relatives plus grow the idea into a business faster but finding them is quite a difficult job.
