The ability to master the art of business funding can be a determining factor in whether a business achieves its potential. Many entrepreneurs have incredible ideas, but how many of them pay the price to learn new skills like business funding mastery? Few and far between are those business owners who learn the necessary skills to succeed at a massive level.
The three entrepreneurs in this video exemplify everything that it takes to be a successful entrepreneur. They identified problems, created products to solve those problems and then perhaps most importantly creatively secured the capital necessary to launch or grow their unique business.
Some key takeaways from this video are:
- When you borrow money you should have a specific use for the money that you are 99% sure will bring you revenues. For Sam Walton he bought an ice cream machine to put outside his store that he knew would bring sales and more importantly traffic to his store, the result was immediate growth.
- When you borrow to the “hilt” as Sam did for his first Walmart, you should only do so if you have proven that your business model works. He had been at it over a decade and knew his model worked before he bet the farm on Walmart.
- Credit cards can be very powerful tools, for Kevin Plank, 5 maxed out credit cards led to the creation of a billion dollar product that improved athletes lives significantly.
- Funding from family members can work out, but you should understand the risks it may have to your family relationship before taking the plunge.
All in all, as an entrepreneur you must develop new skills to succeed in business, and business funding is often a necessary skill to succeed.