"Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for TOMORROW."
- William Pollard
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5 More Ways to FUND YOUR BUSINESS
1. Raise Money from Banks
One great way of generating capital for a small business is to contact a bank for a loan. Most banks would be happy to provide a loan to an individual provided their credit rating and history is good.
2. Entrepreneurship Supporting Institutions
There are actually specific banks for entrepreneurs. Entrepreneurs can pitch their venture, and if feasible, the bank will provide the capital needed. Many allow for a longer payback period, giving more time to generate profit.
NGOs, or non-governmental-organizations, can be helpful in raising capital for a small business by guiding you in the right direction to find reliable sources for capital generation.
Sometimes an entrepreneur can reach out to customers to raise capital. How? Well, at times, you can charge a customer for a product or service before you actually provide it to them. Essentially, take an upfront payment. Sometimes a customer is willing to pay upfront if it is worth it to them.
5. Investment Bankers
As a last attempted, investment bankers are able to help entrepreneurs raise capital, but they must go to the general public for help. This means you may end up losing some ownership of your business, since your business will be divided into shares offered to the general public.
It would be McKinley Thompson’s talent and desire that would capture the imagination of AlexTremulis’, lead designer at Ford Motor Company, and before his graduation from Art Center, Tremulis made Thompson an offer to join him in his Advanced Styling group in April of 1956. This made McKinley Thompson the first African American car designer hired by a major company.
One of the fastest-growing industries in America today is legal marijuana used for medicinal purposes, yet very few people of color have broken into the business. In fact, Black ownership in the legal industry is less than 1%.