How small businesses can overcome the funding obstacle

MARIA: WELCOME BACK, NETWORKING START-UPS AND CAREER SUCCESS, MANY NEARLY 30 MILLION SMALL BUSINESSES IN THE UNITED STATES ARE NOT THRIVING, THOSE WHO FAIL SAY THAT THEIR DEMISE CAN BE BLAMED ON CASH FLOW PROBLEMS, ACCORDING TO U.

S.

BANK STUDY, THE ANSWER NETWORKING, JOINING US RIGHT NOW CRACK THE FUNDING CODE AUTHOR, START-UP FUNDING EXPERT JUDY, JUDY, GREAT TO HAVE YOU ON THE PROGRAM THIS MORNING.

>> GREAT TO BE HERE.

MARIA: THANKS FOR JOINING, INTERESTING STAT THAT MOST BUSINESSES OR ENTREPRENEUR START-UPS FAIL.

>> THERE’S ONLY TWO REASONS, THE FIRST ONE IS LACK OF A CUSTOMER, NUMBER 2, LACK OF FUNDING AND YOU KNOW WHAT I FOUND IS MOST ENTREPRENEURS DON’T KNOW HOW THE FIND INVESTMENT.

MARIA: HOW DO YOU DO THAT, HOW DO YOU GET THE RIGHT FUNDING WHEN YOU START YOUR OWN BUSINESS? >> IT’S IMPORTANT TO UNDERSTAND WHERE YOU ARE, YOU SHOULD REALLY FOCUS ON ANGELS, 300 ANGEL GROUPS AND 75% OF THEM PREFER TO INVEST IN THE STATE THEY’RE IN SO YOU HAVE TO LOOK AT THEM, EARLY STAGE.

>> HOW DO YOU GET YOUR ATTENTION, THERE’S 300 OF THEM, YOU TO IMAGINE THEY HAVE INUNDATED WITH PITCHES, HOW DO YOU MAKE YOURSELF STAND OUT? >> WELL, THE FIRST THING IS YOU DO NEED A REFERRAL, HERE IN NEW YORK PUBLISHED A BLOG AND FIND THE LAWYERS, ACCOUNTANTS WHO START-UPS USE AND REFERRAL THAT WAY.

INVESTORS ARE KIND OF LIKE CHICKENS, THEY FLOCK TOGETHER, THEIR NUMBER ONE PROBLEM IS FINDING A GREAT DEAL, IF YOU GO TO PITCHING THEM, THAT’S WHERE YOU CAN FIND THEM.

>> ONE OF THE THINGS THAT WE WERE TALKING ABOUT DURING THE BREAK, PATERNITIES/SORORITIES.

HOW DO YOU GET INTO THAT IN HOW DO YOU GET INTO START-UPS TO LATCH ON WHO FRIEND AND FAMILIES ARE? >> IT’S GOOD TO FIND OUT WHO THE OTHER ENTREPRENEURS AND FOUNDERS ARE AND YOU CAN DO THAT FAIRLY EASILY AND MOST OF THEM ARE GETTING HELP WHETHER FROM ANGELS, GOING TO ENTREPRENEURIAL PROGRAMS.

I TEACH PEOPLE, MY TWO GOLDEN QUESTIONS, YOU TELL THEM ABOUT COMPANY AND PROJECT AND WHAT ARE THEIR IDEAS AND NUMBER 2, WHO ELSE DO YOU KNOW I SHOULD TALK TO AND THAT WAY YOU CAN KEEP MOVING UP THROUGH PEOPLE KNOW ABOUT 600 PEOPLE, YOU CAN FIND JUST THE RIGHT PEOPLE AND I RECENTLY GAVE A SPEECH IN NEW YORK FOR BLACK WOMEN IN TUX AND SOMEBODY SAID HOW DO I FIND AN INVESTOR AND I SAID RAISE YOUR HAND IF ANY OF YOU KNEW INVESTOR, I SAID YOU HAVE TO TALK AND LET PEOPLE KNOW.

DAGEN: I’VE BEEN DIE TO GO ASK SOMEBODY THIS, JUDY AND YOU’RE THE PERFECT PERSON.

ELIZABETH HOLMES, ALLEGEDLY ONE OF THE GREATS CON ARTISTS OF OUR GENERATION, DID SHE HURT WOMEN IN BUSINESS, STARTING UP COMPANIES, I LOOK AT WHAT SHE DID AND IT MAKES ME ANGRY AS A WOMAN BECAUSE I FEEL LIKE SHE DID TRADE ON HER LOOKS AND POWERFUL MEN WITH EYES AND HER BLOND AIR AND USED — AND USED HER LOOKS TO BASICALLY HOODWINK PART OF A NATION AND — ALLEGEDLY, I WONDER IF THAT DOESN’T HURT WOMEN.

>> YOU WOULD SAY IT DID BUT THERE’S NO LACK, SOCIOPATH, THE REALITY IS OUT OF 22 NEW UNICORNS, VALUATIONS OF A BILLION, 7 OF THEM HAVE A WOMAN FOUNDER OR COFOUNDER.

I RECENTLY MET JULIA COLLINS, FIRST BLACK, VALUED AT 2.

25 BILLION, A LOT OF CHANGES, IT MAY HAVE HURT INITIALLY, JUST THIS PAST WEEK WE HAD TWO WOMEN FOUNDERS WHO HAVE BECOME UNICORN FOUNDERS.

DAGEN: SHE’S BEEN ON THE PROGRAM.

THAT STORY STARTED AS BEAUTY BLOG ONLINE AND NOW IT’S — IT’S A UNICORN COMPANY.

MARIA: WE LOVE TO SEE THAT.

SMALL BUSINESS DEFINED AS FEWER THAN 500 EMPLOYEES, WHAT CHANGED SPECIFICALLY TO GET THAT MOVING AGAIN? >> YOU KNOW, PART OF IT HAPPENED BECAUSE OF CROWD FUNDING AND I JUST READ ON THE DELTA MANAGER ZONE YESTERDAY THAT 75% OF MILLENNIALS NOW WANT TO BE ENTREPRENEURS, SO I KNOW MANY OF THE PEOPLE AT “SHARK TANK”, MIKE BURNETT, TOP 5 WATCHED SHOWS.

Source: Youtube

83 Total Views 2 Views Today