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How do entrepreneurs get the money to start/fund their idea?

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Idea threads

Junkyousha

New Contributor
Jul 15, 2018
7
5
Hi, this is my first ever post on this forum.
I am 16 yeas old kid. Like most, i was born in a middle class family. When i was a little kid, i'd ask dad how do other get rich?(Clueless kid). He'd tell to study hard, settle for less, don't dream big and all of the slowlane stuff. But, one day a good friend of him gave a book called Rich Dad poor dad to me to read.
i didn't read cuz during time, i was pretty clueless about life. And one day, dad got sick and lost one of his kidney and my mom used to be very happy and smile, but suddenly everything changed for her someday i would see her cry alone. When i turned 15, as i get to know the society more and more, it seemed that Money is very important. So, i began to research about it wanting be successful one day and see mom as she used to be. I learned about assets and liabilities thingy, but i feel like it was missing something. How the heck can i invest in assets and stuff with the little penny working a job. After more digging i came across TMF . Mj's book opened my eyes esp from the slowlane everyone was choking me with. To find needs and solve problems, to do something better than what is already done.

Now, i've found the need and i'd hear many people complaining, b**tching about their problems.
However, i don't know how to make it a reality. The estimate cost of it is amounted to $30k .
As you've seen from the title, i don't know how to get to cash needed to do it. An average salary here is just $5k a year. Work 2 jobs would still take a long time and to include living cost. it'd take ages. if anyone could share some tips and wisdom, it'd be Great.

if this question is ret-rded in anyway, i apologize.
 
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RazorCut

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It seems you want to run before you can walk.

Basically needing 6 years gross annual salary to fund your first startup is pretty unrealistic, especially at your age with no track record. Don't expect any business angels to be knocking on your door anytime soon. Kudos to you for thinking big but you need to lower your sights some.

You're young (I wish I was your age) so you have plenty of time and now is a wonderful time to be alive as there are so many opportunities out there and so much valuable information so freely available.

So probably your first step to entrepreneurship should be looking out for the needs of the people in your locality. A service business perhaps. Gardening, Window cleaning, jet washing, dog walking, fence painting, gutter cleaning, shopping for the elderly. There are loads of business opportunities out there that you can start quickly and on a low budget. Not sexy I grant you but a good starting point. This is a great place to learn the craft of entrepreneurship and I can assure you there is a lot to learn.

Once you build a decent client list you can look at employing others to free up your time and increase your turnover so you can then use these extra profits to fund the shift to the next run of your entrepreneurial ladder.

Don't be in hurry to conquer the world and don't get disheartened. You can't buy experience, it takes time, but remember it's the journey that's most rewarding not the destination.
 

Andy Black

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ChrisV

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bootstrapping, vc, angel investors, kickstarter, equity crowdfunding but mostly boostrapping
 
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Junkyousha

New Contributor
Jul 15, 2018
7
5
It seems you want to run before you can walk.

Basically needing 6 years gross annual salary to fund your first startup is pretty unrealistic, especially at your age with no track record. Don't expect any business angels to be knocking on your door anytime soon. Kudos to you for thinking big but you need to lower your sights some.

You're young (I wish I was your age) so you have plenty of time and now is a wonderful time to be alive as there are so many opportunities out there and so much valuable information so freely available.

So probably your first step to entrepreneurship should be looking out for the needs of the people in your locality. A service business perhaps. Gardening, Window cleaning, jet washing, dog walking, fence painting, gutter cleaning, shopping for the elderly. There are loads of business opportunities out there that you can start quickly and on a low budget. Not sexy I grant you but a good starting point. This is a great place to learn the craft of entrepreneurship and I can assure you there is a lot to learn.

Once you build a decent client list you can look at employing others to free up your time and increase your turnover so you can then use these extra profits to fund the shift to the next run of your entrepreneurial ladder.

Don't be in hurry to conquer the world and don't get disheartened. You can't buy experience, it takes time, but remember it's the journey that's most rewarding not the destination.

Thank you for your guidance. I will keep your words in mind.
 

Walterbl

Contributor
Sep 23, 2018
47
45
Some of them get monet from friends and family, or they borrow it from a bank.
Some lucky ones get money from investors. Keep in mind investors don't just look for good ideas. They mostly look for people who seem qualified to start a business. And for that you need real experience in the corporate world.
 

Junkyousha

New Contributor
Jul 15, 2018
7
5
Some of them get monet from friends and family, or they borrow it from a bank.
Some lucky ones get money from investors. Keep in mind investors don't just look for good ideas. They mostly look for people who seem qualified to start a business. And for that you need real experience in the corporate world.

Thank you. Life's unfair, but doing nothing about it is even worse.
 

GoGetter24

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Oct 8, 2017
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Build a marketable skill. Ignore the business & investment stuff. Work out what skill is in high demand in your area, get good at it, and get known to be good at it.
 
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Santi M

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Jul 22, 2018
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f anyone could share some tips and wisdom, it'd be Great.
Hello my friend, I'm in a very similar situation right now (16 years old and wanting to start up). I think we are still too young and the best we can do is LEARNING. Read, watch YT videos from MJ and other fastlaners and even work to earn experience and see new opportunities. That's my point of view, wish this help you.
I'm sure you'll succeed!.
 

TreyAllDay

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Customers - you can start side hustling and earning them before you even leave your job.

Just to give you an idea of how I did it. I left my job with 10k in savings, which was approximately 7 months of runway with my expenses at 1,300 a month. The options were either go back to my career in 7 months (not a huge deal) or make enough money to live.

I was SUPER lucky to land a contract at $600/month after 4 months which extended my 7 months to 2 years of runway. Within 5 months it grew to $1300/month which meant I could stay away from my career indefinitely and 11 months after that it grew to $10k/month and since then has grown close to $15k a month (all net profit). At least in my experience it was extremely slow to start and grew faster from there.
 

Junkyousha

New Contributor
Jul 15, 2018
7
5
Hello my friend, I'm in a very similar situation right now (16 years old and wanting to start up). I think we are still too young and the best we can do is LEARNING. Read, watch YT videos from MJ and other fastlaners and even work to earn experience and see new opportunities. That's my point of view, wish this help you.
I'm sure you'll succeed!.

Thanks man. You maybe right, just keep on learning. However, when i could start doing sth, i will go for it and plus at this age, failing would be a great experience later down the line. Just my thoughts. Hope you find your way of doing, too.

I am currently learning web development, so i could sell my development skill to customers and get enough funding to start my ideal business.
 
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Junkyousha

New Contributor
Jul 15, 2018
7
5
Customers - you can start side hustling and earning them before you even leave your job.

Just to give you an idea of how I did it. I left my job with 10k in savings, which was approximately 7 months of runway with my expenses at 1,300 a month. The options were either go back to my career in 7 months (not a huge deal) or make enough money to live.

I was SUPER lucky to land a contract at $600/month after 4 months which extended my 7 months to 2 years of runway. Within 5 months it grew to $1300/month which meant I could stay away from my career indefinitely and 11 months after that it grew to $10k/month and since then has grown close to $15k a month (all net profit). At least in my experience it was extremely slow to start and grew faster from there.

Great info! You forced yourself to win within 7 months and you did it. I'll remember it.
 

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