#ASKJASON: How can startups get $ to keep going when friends & family not option?

TL;DR

The question seeks advice on alternative funding sources for African entrepreneurs who face cultural barriers in obtaining financial support from friends and family.

Transcript

hey Jason I'm Steven here's my question I've been working for about two months on African 3d which is a mobile app to discover African cuisine we correctly have a mobile web app live and you can find it on African philly.com it's getting financially extremely hard for me to keep going able to sustain myself partly because I how to start of that fie... Read More

Key Insights

• ❓ Bootstrapping a startup can be very challenging, especially in markets where entrepreneurship is not well supported.
• ❓ Finding clients or patrons who are willing to pay in advance can be a viable option for sustaining a startup.
• 💦 Working as a consultant part-time can provide a stable income while still allowing time to work on the startup.

Questions & Answers

Q: What alternative funding options can African entrepreneurs explore for their startups?

One option is to find clients or patrons who believe in the product and are willing to pay in advance for exclusive access or customized features. Another option is to work as a consultant part-time while dedicating the remaining hours to the startup.

Q: How can entrepreneurs convince clients or patrons to invest in their product?

Entrepreneurs can create mock-ups of the product and approach potential clients with a proposition to pay for a year or more of the product in advance. Offering exclusive access or customization can incentivize clients to invest.

Q: What if entrepreneurs are unable to secure clients or patrons for advance payments?

In such cases, entrepreneurs can consider working part-time as a consultant in a field where they have valuable skills. This can provide them with a stable income while they continue working on their startup in their spare time.

Q: What if entrepreneurs lack the necessary skills to secure high-paying consulting work?

It is crucial for entrepreneurs to first focus on refining their skills and gaining experience in their chosen field. Building a startup requires expertise, so if high-paying consulting work is not immediately available, aspiring entrepreneurs should invest time in acquiring in-demand skills.

Summary & Key Takeaways

• The individual has been working on a mobile app called African 3D, focused on discovering African cuisine.

• They are facing financial difficulties in sustaining the startup and are unable to rely on friends and family for investment due to cultural constraints.

• They seek recommendations for raising money to continue their project.