1 Answer | Add Yours
In the event that an entrepreneur does not have sufficient resources to launch his (or her) new business venture and cannot rely on the usual sources, the question of preparedness must be raised.
Is he ready to actually launch? Are the economic conditions right? Is there not perhaps some more planning that needs to take place? Planning and then advertising / marketing are the pivotal points around which success and failure revolve for an entrepreneur.
Having covered all issues of planing and still being in need; trying to gather resources could involve the charging of a membership fee - offered at reduced rates ( for launch customers of course). This can obviously only work with a venture that needs members but most services and product suppliers can encourage exclusive membership and promise clients the first look or first pick of whatever is involved.
Having no funds for advertising does mean word of mouth by the existing staff who are launching and having a directory of potential clients would also help - maybe gathered during the planning stage whilst networking or from previous business connections, etc. Sending e mails to all these clients and recommending membership would be beneficial.
Simultaneously, fund-raising presents opportunities to raise awareness and again, due to not having funds in the budget to pay for advertising, entertainment and so on for an event, means being resourceful - which the average entrepreneur is! - "dedicated, talented, creative ."
Piggy-backing on someone else's event and then sharing profits due to helping out at the event, supplying existing resources (whether that be people to help with security, food stands, etc, sound equipment or hosting) and using the event to network can also be very beneficial and raise funds.
An entrepreneur who cannot quite get his innovation off the starting blocks can also consider consulting - intellectual resources should not be overlooked. By consulting or freelancing, so to speak, he and/ or his team can generate interest and increase his customer-base before he even gets started.
A good entrepreneur must be patient and bide his time, if necessary.
We’ve answered 315,671 questions. We can answer yours, too.Ask a question