As I was wondering which would be the topic of my first blog, I came up with the idea that it should be useful for the reader. I think, as a starting point, a good TIP for any reader is how to get funds for a first business or, at least, how it was in my case.
I think that the idea or business you are going to develop should be able to start with a figure you deem achievable. It does need to be an amount that you have in hand. It just has to be attainable. For instance, when I wanted to start my first hotel I thought in renting, not buying, because I wouldn’t have been able to get $5 /$10 Million to buy a hotel in 2002 in Argentina. Instead, getting U$D 40,000 to rent it was something more logical, an achievable figure.
Mi first setback was when I asked my Dad for the money,. He sent me packing.
I was incensed and furious “How could he not support my idea!?” However, this rejection opened the door to my future career as entrepreneur: after the anger, I decided it didn’t have to be my father and I started searching among my friends.
There were many of them who said NO; but looking back I realize that each “NO” meant there was going to be a “YES”. In fact, after my first business I kept bringing ideas to the first friend who said NO. He kept saying NO; but for me that was guarantee of success.
For sure, among your friends, family and university mates there is going to be someone who will support you. Money is always looking for good ideas, you just have to go get it.
I recommend you to read the book “How to Think Like a Millionaire”, which tells the stories of many entrepreneurs, such as Walt Disney, Onassis, Hilton, etc. If you learn their lives you may feel they were not very far away from anybody who wants to start a new business.
It is also very important to take advantage of the adrenaline you feel when you are about to begin something you don’t know whether it is going to work. If you are lucky and it works, then you will start rolling the snowball to make it bigger. But it will be difficult to feel again as if you were about to jump from an airplane, not knowing if your parachute will open or not.