Scrooge McDuck swimming the backstroke across a sea of gold coins – your vision of a millionaire? The reality is that most millionaires have built their wealth through perseverance and hard work. Credit Suisse defines “millionaire” as someone with a net worth of at least $1 million. Using this definition, there are 28.6 million millionaires on the planet (World Wealth Report, Peterson). If you’d like to see how close you are to becoming a millionaire, figure your net worth by adding the value of your assets:
- Home, its furnishings
- Bank accounts and investments.
After you have a sum total, subtract your liabilities (the balance of mortgage, car loans, credit card balances and other outstanding debts). What’s left is your net worth. Here is an online calculator to simplify the math. Keep reading this post
Starting a company without business experience: some of the most successful founders started their entrepreneurial journeys without any prior business experience. Having a business background isn’t the core of the entrepreneurial success, it can be acquired through great teammates and advisors, and learned over time. What is important in starting a company is having a unique insight into an industry, or a core competence that others don’t have, passion for the product or service, intense motivation, perseverance and vision.
Find a co-founder with complementary skills: you need to share vision, responsibilities and excitement for the company. Identifying strong skills and finding ways to work synchronized is the key. Keep reading this post
Angels are usually wealthy individuals, former executives, or entrepreneurs themselves who desire to work with smart startup teams. They rely heavily on their instincts, industry experience, and connections when investing in new businesses. Angel investors usually invest because they believe in your idea and that you are the right person to make it reality, so when talking to potential angels, be prepared to discuss your background, expertise and show passion for the project.
Where to find angels:
- It is smart to reach out to your network and get a warm introduction – people close to you might be excited about investing in your future, and are a good source of recommendations for other potential investors. Keep reading this post
When you are launching a crowdfunding campaign, you have to create a following, attract supporters – and you need to start working on that before the campaign is live. Richard Swart, director of research at the Program for Innovation in Entrepreneurial and Social Finance at the University of California, Berkeley, found that campaigns that successfully raised $100,000 spent at least 200 hours preparing for a crowdfunding effort and an average of 136 hours managing it – all before pledged funds hit the bank. “To reach the funding target, the first 30 percent of funds needs to be committed before the campaign goes live,” Swart says.
Start with writing down who your ideal customer is and who your ideal funder will be. Focus on real data about customer demographics and online behaviour, along with educated guesses about their personal histories, motivations, and potential concerns. Keep reading this post