“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese proverb.
Are you the type of person whose mind is always full of new and wonderful ideas? You never stop thinking of new products as well as ways to make people’s lives easier. It is also often frustrating that you have all these brilliant ideas; however, most of them will never get past the development phase.
The good news is that, if you keep on working at developing innovative products and services, you will be able to resign from your permanent job and experience the thrill of opening your own startup. It must be stated at this stage that, while opening your own business is a noteworthy venture, it is also a high-risk venture, and it should be undertaken with caution.
Startups and Entrepreneurs
Our modern world is full of jargon with terminology changing all of the time. For example, what used to be known as “opening your own business” is now known as “opening a startup”. For the uninitiated, according to Investopedia, “a startup is a young company that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of founders or one individual.”
On the other hand, people who are full of innovative ideas are known as entrepreneurs. In a nutshell, an entrepreneur is defined as “someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.”
Financing your startup
One of the biggest challenges that every new startup faces is access to enough capital to develop the products and services linked to the startup. In a nutshell, you cannot undertake to develop new products without money; however, very few people will risk lending you startup capital because of the inherent risks involved with a startup. Fortunately, there are ways of finding startup capital:
Venture funding
There are investors (known as venture capitalists) who make it their business to fund new startups. In order for you to receive funding from a venture capitalist, you need to convince them that your business will be a viable business.
Car Title Loans
This is a unique loan where you can borrow money against the value of your vehicle. Car title loans Bakersfield will not reject your application if your credit score is low. They are only concerned with your car title as it is held as collateral for the loan.
Mortgages and personal loans
Should you own a property that is worth much more than your mortgage, you can apply to extend your mortgage. The success of this application will depend on the value of your home versus the loan amount you have paid for, as well as your ability to afford the monthly repayments. In the same way, a personal loan will only be approved if you can show the bank that you can afford to pay the loan back within the stated timeframe.
Final words
I believe that opening up your own startup is a noteworthy idea. Taking the plunge to develop new and innovative products is brave and noble, especially if these products save people’s lives.