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?
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?
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.
