subject: When It's Hard To Talk About Money, Think About How To Make It, Bbc Dragon Advises [print this page] Julie Meyer, former Dragon on BBC's Dragon's Den Online has commented on the ongoing financial crisis and how entrepreneurs and small businesses should look for other funding sources and opportunities to make extra money.
Many legacies have followed the ongoing recession and financial crisis, most notably the unprecedented level of national debt and still a situation where the majority of potential enterprise enablers including banks, venture capitalists and even angels are sceptical about lending or investing.
Despite the fact that UK plc is still able to secure a lot of money on the international markets, the supply to small businesses and entrepreneurs has been practically cut off.
The next generation of wealth creators is currently starved of innovative ideas as the bloated public sector goes on eating up taxes from government borrowing and existing businesses. This situation is a disgrace to Britain as it could potentially hinder millions from fulfilling their individual potential. The good news however is that it would take more than that to stop a great entrepreneur.
There is always a way for those who have the will to make fast money. And in the present vacuum, it is inspiring to have players such as Siemens Enterprise Communications now offering the resources to back entrepreneurs and small businesses through initiatives such as the British Business Boost.
But it is wiser to remain frugal. In order to be able to do more with less, the entrepreneur or small business manager must be smarter, as they require a more precise, focused and clever application of everything from money to time, to be able to efficiently use their resources.
The fact is that the bigger problem lies in lack of knowledge on ways to make extra money, and what to do when you eventually have it, rather than not actually having any money.
Therefore, in the light of this reality, every entrepreneur or small business manager must ask themselves some hard questions:
What do I need to do to get someone to invest in me? The truth is that pre-money performance gives a typical prediction of how successful you will become at both securing money in the first place, and how successful you will be at putting the money to use.
Can you get people to follow you - can you build confidence in the marketplace? Can you convince others whose skills are complementary to yours to join you? Can you get a beta built that will well demonstrate your idea's potential? Can you informally test the proposition in the market?
Fact is you don't need a lot of money to achieve the above, but you need to navigate this stage successfully to ensure the funding that will help you achieve your goals.
Julie Meyer is a leading entrepreneur, who, with over 20 years' experience in fields of investment and advisory is helping early-stage businesses and has set her mission to build a growth story for the UK and Europe.
by: Megan Price.
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