Admittedly, the process of trying to finance a new business is taxing. There's a lot riding on your ability to drum up interest among angels and VCs, and frankly, get money in fast enough.
Everything can seem to be on hold until the funds come. The further development of your product or service. Paying the company's bills. Your employees' economic status. And underneath it all, the overall credibility of your endeavor.
How about taking an innovative approach, and making it fun? That may clash with your expectations of raising funds, but the core of entrepreneurship is finding the new way to do things.
With all of the stress, expectations, and urgency of capital-raising, how can it be an enjoyable experience? Perhaps the following can help.
1. Recognize that fundraising can be a long process.
In other words, don't bank on a single investor, appointment, event, or introduction as a the end-all indication of whether your company will continue to survive. It's going to take a while, but that's doesn't mean it won't happen.
2. Get creative by turning problem into solutions.
Don't know any investors? Don't know anyone who can make introductions? And, no business plan in sight? If you let roadblocks sit too long on your funding process, that two months' wait for money will turn to four. Instead, put your entrepreneur skills to the test by creating solutions to the obstacles.
3. Sponsor fun at work.
As if working in a startup wasn't a stressfest to begin with, add holding your breath for large sums of money while investors mosey along deciding if you are a prize pick or not.
That's an experience best-tempered by gathering the troops for a round of Halo, having a get-together, movie, going out to lunch, or what have you. We once gathered around a defunct wireless router with a "pin the sledgehammer on the router" party. Remember, it doesn't have to cost anything, just bust up the stress factor.
4. Get some good information about what funding is/isn't.
There are some amazing resources out there. Among the best are Guy Kawasaki's book Art of the Start (especially chapters 3,4, and 7), various posts on his blog, and this post highlighting "75 Blog Posts to Reading Before Talking to a VC" by Rob Finn of VentureBlogalist.
So, have at it. It's not easy, but get out there and put the fun back into funding.
Keeping it real AND fun will keep the juices flowing that STARTED the whole entrepreneurial process anyway.
And, I like that you recommend personal development. You, PERSONALLY, getting bigger and better than your problems is the the only way to ensure long-term survival.
Posted by: Robert Merrill | November 22, 2006 2:14 PM | Permalink to Comment