When you break it down, running a business is actually simple and consists of only three components: marketing to attract customers, sales to exchange money for your product or service, and fulfilling the promise through your offering. However, the problem lies in executing these components successfully. For marketing, you need to invest time and/or money to generate traffic, and for sales, you either need to be able to sell yourself or hire others to do so. Fulfillment also requires hiring additional people, and even if you sell a product, you still need to improve it and support your customers.
The main issue in scaling a business is the need for money. There are a few ways to fund your business, including bootstrapping, getting investments from friends and family, taking on debt, and seeking investments from angel investors and venture capitalists (VCs). The latter is often the preferred option as they invest in exchange for equity, meaning they have a stake in the success of the business and can provide additional resources beyond just money. In fact, with the right approach, it’s easy to attract investors, as demonstrated by the author’s ability to raise seven figures for an idea in just six weeks.
- sunny asked 3 weeks ago
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