The unpredictable nature of markets can perplex even the smartest of brains, doubting the basic ethics which are significant to its functioning. Just when you get accustomed and attuned to the happenings around, there is an abrupt u-turn countering your judgment. Making hay when the sun shines seems to be the best policy, but what actually seems obligatory is making hay even when the sun does not shine.
You live in a practical world where you are uncertain of the next moment’s state of affairs. But that does not mean that you refrain from the zeal to place your ambition and talent before the world. Falling numbers at the Dow Jones and NASDAQ may seem disappointing, but do not panic. Every cloud has a silver lining and patience pays who bear the brunt.
Young entrepreneurs may find the following traditional and non-traditional funding sources worth trying.
1. Beginning the venture capital
Venture capital can provide funding for small entrepreneurs beyond other sources. Although most want it, few may be successful in getting it. You need good effort to grab venture capital, which can be harder to obtain today, compared to your predecessor. You need a full-proof idea and demonstrate profitability (although it will be time you actually earn profit). If you can convince your idea, you can gather handsomely.
When the market is slow, Venture Capital may not come easily. Negative emotions building faster than positive ones, it is more than obvious that you need to be persistent in your efforts to get funds. Prepare an excellent PowerPoint presentation which can deliver more than text and images. With all hope, send it to the venture capitalist for approval. Keep attempting with a long list of venture capitalists. And remember to highlight how you are ‘right’ even at the ‘wrong’ time.
However, be careful not to attempt for venture capital at an early stage. Do your research first before targeting it.
2. Count on peer to peer lending
You have had emotional support from friends and family. Now is the time for financial support. Before stepping out to inflate your resources, get closer within your inner circle to expand your horizon. When you are strong from within, investors will find attraction. It can work as a strong platform in getting funds from outside world which finds you a stranger.
Although peer to peer lending may remain poorly acknowledged, it can furnish funds during the most challenging times. When discussing small business, it can serve an indispensable source of fund (and motivation). Investors can willingly provide repeat services on finding a worthy entrepreneur in you.
3. Watch out for corporate partnerships
Partnership can provide several benefits which may seem impractical otherwise. If your idea can add value to a large company’s interest, partnership can be the right choice to hone resources. Prepare a list of potential partners and start working on developing your business. Be careful not to encounter competitors, who may be keeping a close watch. Enlarge your group of friends and business development personnel.
Many businesses end due to market meltdown. Consider this an opportune time to showcase your talent. Be prepared to have more meetings, which can bring better opportunities.
4. Do not undermine community banks
Although it is a notion that banks are adversely affected by slow market, you need to trust their credibility during testing times. Community banks function at the micro level, setting aside funds for small business. Community banks may keep themselves safe by not participating in consumer loans and credit cards, which contribute significantly to resource crunch.
Homework is a crucial component of entrepreneurship. Prepare a strong strategy and reveal your idea forcefully. Control expenses as much seems feasible. When market takes an upswing, you shall be better positioned to realize your desires. Passing the testing times will boost up confidence to survive and flourish anytime, anywhere.
About the author: Alyssa Clarke is a blogger who also happens to be a tech lover. She is always on a hunt for latest gadgets and recently purchased the cool new Bang & Olufsen CD ripping device. She is a big car lover too and her dream machine is BMW i3.