Sean Haddad
New Contributor
- Joined
- Jun 8, 2016
- Messages
- 32
Rep Bank
$255
$255
User Power: 125%
Hey all, I have a question for you successful entrepreneurs: When starting a new business venture that requires a lot of capital to get started, how do you raise that money? Do you invest in it yourself? Crowdfund?
Backstory: me and 2 of my cousins had an idea for a service that would be sold as a subscription to businesses in order to get them more engaged customers. Creating the MVP required $100k. Considering my partners were still in school and living at home, they could not afford this. We spent a long time convincing a business owner in our family to invest (he's very old school, doesn't understand tech). Almost literally the day after convincing him, he finds out another big and established company is doing something similar. So he backs out.
Over the next year, we went through various sources but no dice. Now, I am at a point where in order to proceed with an idea, which I believe is still viable, I would have to invest in it myself with my own money.
I question whether it's a smart thing to do, but the potential for success is great. I'm not looking for advice or suggestions really, just some personal accounts of people who have had this experience before.
Thanks
Backstory: me and 2 of my cousins had an idea for a service that would be sold as a subscription to businesses in order to get them more engaged customers. Creating the MVP required $100k. Considering my partners were still in school and living at home, they could not afford this. We spent a long time convincing a business owner in our family to invest (he's very old school, doesn't understand tech). Almost literally the day after convincing him, he finds out another big and established company is doing something similar. So he backs out.
Over the next year, we went through various sources but no dice. Now, I am at a point where in order to proceed with an idea, which I believe is still viable, I would have to invest in it myself with my own money.
I question whether it's a smart thing to do, but the potential for success is great. I'm not looking for advice or suggestions really, just some personal accounts of people who have had this experience before.
Thanks
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
