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Venture capitalist: where are they?

Discussion in 'Financing Your Business' started by chibiri, Jan 10, 2018.

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  1. chibiri

    chibiri Member

    Through all my research, it seems the best way for someone with questionable credit and not a cent in the bank is to find a venture capitalist. It is scary. It seems like i need to get ready for an indecent proposal. And you know what... For my family and the lofty goals i have set for how im going to use my business to help the community and homeless, im just about ready to sacrifice my integrity. Like hollywood or something. It is disgusting... But where do i look for someone who will fund my awesome business? And how do i not be their slave for eternity? I have literally nothing, cant even open a bank account because i cant afford a new id card. Vulnerable here. Please dont hurt us.
  2. djbaxter

    djbaxter Administrator Moderator Member

    What is your business and what makes it awesome?

    What kind of money do you think you need to set up your business?

    What current income sources do you have?
    Edvin likes this.
  3. NAVIN

    NAVIN Member

    What is the main aim of your business....
    Edvin likes this.
  4. Edvin

    Edvin MVP Member Top Contributor

    Hi Chibiri
    I suspect you haven't found the answer you've been looking for; so my goal is to help reduce frustration and offer alternatives...

    When I saw the posting from @E-Series I thought dropshipping might be helpful to you due its low-cost entry; however, even that requires a bank account and a few dollars to start.

    VCs need to see something (i.e. prototype, a process or system, working business, etc); but, it doesn't sound like you have anything to start.

    There is nothing wrong with having a perpetual contract. As a matter of fact you see it all the time on shark tank. Take Shaan Patel, a student teaching SAT, gave 24% of his company to increase his sales to six million within a month; I would certainly give up bigger portion of company for such revenue.
    However, if this is important to the entrepreneur, then he can negotiate future buy-out for bigger portion of the company.

    Though there are exception to the rule, any business will take time to materialize.
    Therefore, it is to your best interest to address your immediate financial crises by seeking online/offline employment opportunities.

    Perhaps you can consider starting a non-profit business.
    Start by finding volunteers to help the cause. Ask businesses to help sponsor your initiative (i.e. food drive). Needless to say, during early stages no one is making money; as the business develops, you can start using part of the earning to help grow the company and pay salaries. Keep in mind that you won't own the non-profit business; rather you can become an employee and be part of the board of directors to help make the decision that benefits the community.

    Good luck.
    djbaxter likes this.

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