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Would like to hear opinion of successful people. Getting Capital

Discussion in 'General Entrepreneur Discussion' started by Jueruss, Jun 16, 2018.

  1. Jueruss
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    Jueruss New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Hello Entrepreneurs!

    I am going to start a sharing economy based Platform soon. Today I made some calculations about the required money.
    The strategy stays equal anyway. But more cash leads to better marketing.
    In my opinion. My platform can be a really big hit. There is a great chance but ofc no guarantee. Execution is King like MJ told.
    I will release it in one city and grow from there. I have a big vision for it. But it need time.

    I would like to hear your opinion and get a feedback. Please tell me your thought from a perspective as successful Entrepreneur to a newcomer. Please tell me your thoughts from the perspective of an entrepreneur. If you like to tell me what you think as an investor you are welcome, I would like to here it too, but it is not what I am looking for at first instance.

    Basically I have 3 kind of options. If you see more please tell me.

    1) I will found with nearly no cash. I payed everything by myself. Development and stuff approx 10.000$ by my own. Marketing Budget is low I need to grow by my self without a big jump. I live from savings. Maybe I do not have enough money to pay a lawyer for founding and terms and conditions. Slow grow but risk is not that high.

    2) Get a huge bank loan. 6 figures maybe up to a million. In this case, I would do the stuff from option 1 anyway,
    but I get the option to hire professionals and do a better marketing for scaling.
    I could hire professionals, to product improvements and pay the lawyer.
    The Userbase grows way much faster. Userbase is key to this platform. So be clear I already invested my own money and time. And ofc I will start small anyway.
    No need to spend all the money when it does not work. Does not work means improve the product or offer and repeat. Cost maybe 50.000$. This is something I cannot without $$$.Then I scale it up.
    If I fail the loan would shoot me down future fastlane engagement will be much more difficult.
    I would not be able to pay of 6 figure with a job in decades.
    But failing means being stupid and not enough hard work. I wont let it happen.

    3) Find an Investor. Requires more time and will slow down my start. I have never spoken to those people, this is why I guess I need a bunch of time to learn this.

    For me a 10/h day even weekends if fine but Time is limited I need to choose smoothly where to invest it. I know my Idea is good and the will be a day when some else does it if I don't. I In execution mood this is why I want it faster. I have absolutely no clue how where to find an Investor.
    A big doubt for me is the existing technology. With my shitty 10.000$ I am a joke. This project needs a very good IT and this cannot be done with 10.000$. But I also never hat 6 figures to handle.

    What is your impression? Am I crazy? Normal thought? What would you do? Is my attitude good or bad?
     
  2. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Kingmaker, Jueruss and The_Saphir like this.
  3. Jueruss
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    Jueruss New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Hmm. The whole platform is designed to help people. Helping works better the more users it has.

    I will give an answer, what can I make to get sales in 7 days, when the app development has finished.
    1) Get The first downloads and users. By telling friends to download it. maybe I know some guys who could help me go get some downloads but to be honest, this wont exceed 25-50 downloads. This is not enough. Now I can give them free use. After some will like it and pay for it a small amount.

    To get a sale in 7 days from now I need to make a shorter version of it which costs extra $$ just to blow it away when the full version finishes.
     
  4. NanoDrake
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    NanoDrake Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I'm usually against "scraping the barrel" fundings

    WHY?

    1) If you have proof of concept, you need rocket fuel to go into space
    2) Nowadays, if you have a good idea, prepare for competition, is not a "IF" question, it is a "WHEN" question. The question is "When someone will come to take my scalp with all the energies they can?"
    You will need "escape" velocity, and that's boosted with cash.
    3) Most of times, VC people open you doors it takes years of "savings" to open.
    You might be the God of coders, but if you don't get all the activities on point (and most of times require people, the good ones) even the best idea can turn into a flop
     
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  5. Jueruss
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    Jueruss New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Indeed. I Agree. Form my point of view a competitor need a large userbase.
    This concept is like Airbnb.
    More users means more value.
    Or Facebook the same. It make no sense to use a platform like this with no other users.
    Is it enough??

    In addition I have something else in mind. It could be copied aswell but it requires a large large sum of cash.

    I Agree again. I am just one.
    I tried to find people but it did not work yet.
    With coders and technicians the problem is I cannot offer the cash, the have solid well paid jobs. And with other guys so far I was not convinced.
    Lazy attitude and so on. Oh yea and a really stupid programmer to,
    I kicked him off.

    To be honest I am no expert.
    I do understand basic programming Java, HTML, CSS, js, vb, c++.
    I was a salesperson con commission before, i did a good job.
    I have basic knowledge about marketing. But no expert in any of this.

    The only one thing I do is to work or to educate myself. 10-15h freetime a week.
    I try to decrease it. I go to gym at 1 am, cuz I am busy all the time LOL. But I like it.
     
  6. GoGetter24
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    GoGetter24 Gold Contributor Speedway Pass

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    If it's a sharing economy play, do what all the other network-effect based companies did: dominate one small niche or area.

    E.g. Facebook dominated one college campus first.
    PayPal dominated one marketplace niche first (ebay powersellers).

    So start by getting it to work in one area. If you're sharing lawnmowers, dominate one street, then one suburb.

    If you can prove that some subdivision took it up and it's getting revenue:
    - You have revenue to scale
    - You have receivables you can get bank loans against, on top of your equity
    - You can show it to investors: "look, everyone in this street liked it, and here's the profit margin proving viability: now imagine your money riding that margin...". Investor: "take my money".
     
    Jueruss likes this.

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