Guerilla Startup: Unique Steps to Run and Sustain Your Business by Yarbrough Claudette

Author:Yarbrough, Claudette [Yarbrough, Claudette]
Language: eng
Format: epub
Publisher: Difference Press
Published: 2020-10-11T16:00:00+00:00

8

Guerilla Start-Up Finance

“The person who says it cannot be done should not interrupt the person who is doing it.”

​— ​Chinese Proverb

Guerilla Review Impact Tactic (GRIT) #8

A ccording to the Fundera article (see introduction) twenty-nine (29%) of small businesses fail within the first year because they ran out of cash .

This true research result is, at first, disheartening – until you realize that you do not have to be part of this statistic. You can follow the start-up steps shared within this book and specifically within this chapter. As you continue your reading, make sure you have a piece of paper and a pencil or a pen so that you can intentionally write down your thoughts, questions, and next steps as you read.

Do I need to write a grant/proposal to get funds to get my nonprofit started?

When I started my nonprofit twenty-five years ago, I knew exactly what grant funding I would need to secure. It would be great if you started a nonprofit and identified the specific funding source you expected to utilize. However, it isn’t necessary to start; it just made my nonprofit a little easier to get started.

I started my proposal in January 1995, submitted the proposal for the grant in March, and started in operations in April. But I had planned everything about the timing of starting my company based upon one specific grant program that I knew would be happening around March 1995. I only wanted my nonprofit to focus on one program because I planned to be a seasonal nonprofit at the time.

I don’t recommend anyone ever put all their proverbial eggs-in-one-basket to start a business. But at the time, I was like most young people starting a business: I didn’t really think beyond my original idea, I didn’t have a mentor, I made a lot of mistakes, and I didn’t create a business plan. I just started my business, got funding, and starting working.

In hindsight, I do believe had I stopped to take the time to create a business plan, my twenty-five-year-old business may have managed to have become more successful sooner than we did. After twenty-five years, I don’t have any regrets, but I am aware of mistakes that I made along the way and I would probably make some different decisions had I known what I know now.

Do I go to an angel investor or any investor for money?

Shark Tank has made investing in business very popular, but before Shark Tank , people who wanted to start their business would go to individuals and financial institutions to ask for money. When they got turned down at the bank, people would often say that the banks only funded you when you had money, not if you were asking for money and you were broke. I think there is some truth to that statement, but I think the bank was asking for collateral to secure the loan just in case the borrower could not repay the loan.

Right now, in the midst of the pandemic,

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