Money is the most scarce resource to get When you want to get funding for a startup, a new modified type of business which anyone hardly trusts on its future prospects.
Then it becomes really difficult to convince anyone to fund your business.
However time has changed, this is the age of revolution for entrepreneurship.
Nowadays governments are sponsoring your startup if you can show the success and ability to grow.
THESE THINGS YOU NEED TO HAVE IN YOUR STARTUP TO INFLUENCE THE INVESTORS.
1) A great team
2) A great leader
2) ability to absorb failure
3) Hard work
4) Strong determination
5) A great idea
It doesn’t really matter if you don’t have a million dollar idea but you should have a million dollar team to get success.
A great team gives you coordination, good working atmosphere, happy and appealing environment to work.
A group of lions lead by a goat and a group of goats lead by a lion will not take you anywhere.
The team leader should be the superman well not literally but he should have strong determination towards his work. He should be a leader in all the way.
If you have a good innovative idea, it will surely help to manipulate the investors to fund your business.
Read: How to get ideas for your startup
WHERE TO LOOK FOR FUNDING?
2) angel investors
3) bank loan
4) Venture capital
5) government schemes
You can ask for donations, ask your relatives and friends for seed funding to start your business.
According to Wikipedia “An angel investor (also known as a business angel, informal investors, angel funder, private investor, or seed investor) is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity.”
Apart from an innovative idea, you should have a referral.
This will increase your chances of funding.
Find contacts on social media. LinkedIn is a great platform to find angel investors and business people.
Banks provide loans for startups, it can be assets backed loans, working capital.
You can also get seed funding if you able to satisfy the bank on future growth.
Venture capital is a group of investors or a firm which finance new and emerging business.
There are venture capital groups which offer huge funding opportunities.
Japan based venture capital group has invested US$2 billion into Indian startups.
Nowadays governments are encouraging startups, As they understand it’s benefits for the economy, employment and overall country’s growth.
In India, PM Narendra Modi has Startup India platform.
There is a certain criterion to fund a startup.
You can read the conditions on the startup India website.
Best of luck, you will do great if you want to do great.