How to Raise Money for Your Business | T.A. McCann | Chase Jarvis LIVE | Summary and Q&A

TL;DR

Ta Mcen discusses the different paths to building a business, including bootstrapping, raising venture capital, and working within an incubator or accelerator.

Key Insights

• 👀 Incubators/accelerators and studios serve as valuable resources for entrepreneurs looking to build a business.
• 🤑 Founders should have a clear vision, demonstrate their suitability for the role, and specify their funding requirements when raising money.
• 💅 Nailing down the ideal customer profile and conducting extensive customer research are vital for business success.
• 🤑 Asking for money and specifying the exact amount needed is essential when seeking investment.

Transcript

they never asked for money so they're like oh I talked to chase Jarvis and he said he was really interested in my thing did you ask Chase for money did yeah like hey if I build this will you pay me you pay me yeah and how much specifically will you pay me $10 $100 $1,000 $10,000 so they first don't want to ask for money because most people don't wa... Read More

Questions & Answers

Q: What is the difference between incubators/accelerators and studios?

Incubators and accelerators provide advice and support for entrepreneurs, while studios offer more hands-on assistance and serve as co-founders of a business.

Q: What should founders consider when raising money?

Founders should have a clear vision and demonstrate why they are the best person to execute the plan. They should also consider the target customers, their unique strengths, and specify the amount of funding they are seeking.

Q: What common mistakes do founders make?

Founders often fail to narrow their focus on specific target customers and don't conduct adequate customer research. They also shy away from asking for money and fail to specify the amount they require.

Q: How important is it for founders to build and manage a great team?

Hiring and managing a great team is crucial for a founder's success. Having the right people on board and creating an effective collaboration process is essential for achieving the business goals.

Summary & Key Takeaways

• Ta Mcen explains the difference between incubators/accelerators and studios. While both models provide support and resources for entrepreneurs, studios offer more hands-on assistance with building the business.

• When considering raising money, it is important to have a clear vision of the company's goals and to demonstrate why you, as the founder, are the best person to execute that vision.

• Mcen highlights the importance of narrowing the focus on specific target customers and conducting thorough customer research to validate the market demand.

• Founders often make the mistake of not asking for money and not specifying the amount they expect to receive, which can hinder their ability to secure investment.

• Mcen advises entrepreneurs to have a solid understanding of their strengths and weaknesses, hire and manage a great team, and be able to make decisive decisions throughout the business journey.