This is the final installment of a three-part series. Read the first part- and the second part.
Early in my entrepreneurial journey, I asked the cliche question, “What’s the hardest part about being an entrepreneur?” A gentleman responded, “Well, I started with nothing and a year later I still had most of it left!”
While there are great stories of achievement, there are barriers to overcome in order to become an entrepreneur, especially a successful one. Fortunately, for the driven, aspiring entrepreneur, these barriers can be overcome by locating and taking advantage of opportunities that can help surmount these hurdles.
In a report about millennial entrepreneurs (ages 18-34), the most common barrier to entrepreneurship was not being able to secure funding to launch a venture. Routes to this precious commodity can include applying for a small business loan or credit. If approved, these loans can give you access to capital, which can be repaid in a structured manner sensitive to your stage of development. For example, Square 1 Bank is a financial institution that lends to early-stage ventures, which gives them the necessary capital to operate until they reach profitability.
If a loan or credit seems too risky, you can also apply for grants, which do not have to be repaid. Locally, NC IDEA (affiliated with the IDEA Fund) competitively offers such grants.
Many entrepreneurs use business plans or pitch competitions to win prize money and resources that can be used for their ventures. In such contests, an entrepreneur or team will present an idea and business model to judges who will assess the idea’s feasibility and scalability. At UNC, the Carolina Challenge is the premier competition that gives entrepreneurs the chance to earn money for their ideas. You can find more information on their website.
Taking ideas to the public for capital is increasing in popularity. Today platforms such as Indiegogo, Kickstarter and RocketHub allow entrepreneurs to launch campaigns to which the public can contribute various sums toward a preset goal. At the end of the campaign, the entrepreneur receives proceeds to fund the venture. It’s a great way to attract public interest.
Although it takes hard work and determination, the path to entrepreneurship is feasible and rewarding. Don’t dream your life away. Start something — you’ll be glad you did.
