Entrepreneurs are usually self-starters who are good at what they know. They come up with great concepts, invest in marketing and advertising, and are willing to work hard to get the job done.
But ultimately, they fail because they never planned for their capital needs. Think of capitalizing business as digging a well. Smart business owners dig the well as deep as possible or at least lay that groundwork for doing so. Otherwise, they are constantly trying to refill the well every time it stops raining business.
The biggest tragedy is that many business owners wait until it is too late to start digging that well; that is, looking for capital. At that point, they usually end up out of luck. The reality is, no one wants to give you money if they know you need it. Word to the wise: Dig your well when you don’t need the water.
For more information please read Finance Your Own Business: Get on the Financing Fast Track, by Garrett Sutton, Esq. and Gerri Detweiler. This content is excepted and copyrighted from this book.
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About the Authors
Garrett Sutton, Esq., author of Start Your own Corporation, Run Your Own Corporation, Loopholes of Real Estate, The ABC’s of Getting Out of Debt, Writing Winning Business Plans and Buying and Selling a Business in the Rich Dad Advisors series, is an attorney with over twenty-five years experience in assisting individuals and businesses to determine their appropriate corporate structure, limit their liability, protect their assets and advance their financial, personal and credit success goals.
Gerri Detweiler is the author of four books, including the Ultimate Credit Handbook (named one of the top five personal finance books of the year when it was released), and a media favorite quoted in publications like USA Today, The Wall Street Journal and featured on The Today Show and CNN. A credit educator since 1987, she’s served on credit reporting agency Experian’s Consumer Advisory Council twice.