Some business projects require exorbitant figures of funding in proportion to the entrepreneur capital. These projects are out of your reach, unless your father is a millionaire or you’re a genius. This idea seems obvious, but some entrepreneurs love their idea so much that they do not see it that way.
I remember an entrepreneur presenting his project in a forum of investors. He needed three million euros, because he needed to set up a manufacturing plant. He started from scratch in both resources and previous experience in the sector. I asked him about the possibility to test part of the production process in collaboration with an already established company. He would not hear of such a possibility. He said his idea was so good that it should be completely implemented. He spent more than a year visiting dozens of funders, especially venture capitalists. He was fully convinced of the possibility of setting up his business. He did not achieved his goal and I guess that, in most cases, he would have not even passed the initial screening phase of the investor.
I have known several entrepreneurs who chase a very difficult dream, but a young engineer I advised ten years ago takes the cake. He was 25 years old and his project was no less than launching a Formula 1 team. The first day I met him and was told about his project, I was so amazed that I thought it was a joke that someone played on me with a hidden camera. Despite the enormous difficulties, he put so much passion and effort in his project, that I had several meetings with him to advise him about how to develop his business project. I put aside my skepticism towards the project and tried to teach him what I could. After several meetings, he told me he had decided to keep his current job and continue developing his project in his spare time. I did not hear from him until two years later. I almost fell off the couch (literally) when watching the news, which showed the young entrepreneur. He presented his team to compete in a national car racing competition. He was accompanied by his driver and his mechanic, next to his flamboyant red racing car. His car even had advertising from sponsors. It was a small racing car, but very similar in appearance to its older brothers in Formula 1. Bravo for the entrepreneur! He had not reached his goal to launch a Formula 1 team, but his dream had gone further than the entrepreneur from the first story.
Experience Pills (of these two stories ) :
If you have a business project that requires a lot of funding, you have several options:
- Arrange your project to your financial possibilities.
- Address the project in phases.
- Try to make your project great to convince investors. It will be worth it for the entrepreneur, because even though he only has a little money, he should at least be valuable for the project. By value I mean, he has more expertise that anybody, he has a deep knowledge of the market, a high ability to start a business or to launch successful start-ups. If the entrepreneur is unable to provide some of these qualities to the project, he may need to think of another kind of project, as it will be almost impossible to raise funding.
- Persevere: despite the enormous difficulties, the young entrepreneur of the racing team pursued their goal. Perseverance is a quality that also highlighted as necessary other entrepreneurs I interviewed (Alberto Bravo from We Are Knitters and Pello Gamez of GeoActio) .
In any case, we should not forget what two geniuses said:
“Only those who attempt the absurd can achieve the impossible.” Albert Einstein.
“All our dreams can come true if you have the courage to pursue them.” Walt Disney.
Do you know any case of entrepreneurs whose company seemed impossible and they succeeded?
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