Hosted by Jay Adelson.
Entrepreneur, CEO, and business owner Jay Adelson (Equinix, Digg, Revision3, SimpleGeo) demystifies the start-up process by providing advice, tips, and answering questions. Ask Jay how to turn any business idea into reality: askjay@revision3.com, @jayadelson, or http://youtube.com/askjayadelson Read More
Successful entrepreneur and CEO, Jay Adelson, demystifies the process of launching a company by answering aspiring entrepreneurs' questions. Today Jay discusses how much money is the right amount to raise for a new company and when you should raise it.
Jay's Chalkboard Notes:
1. It depends on kind of business
2. Raise as little as possible in the early phase
3. Create a prototype first out of pocket if possible
4. You can give away less of your company with a prototype
5. Wait until later to raise big $$
Your takeaway assignment based on today's question is to research the costs requires to contract a prototype of your business. Do you need initial designs, or will it require server costs? Don't worry about making this list perfect. Figure out the rough cost per month, then figure out how many months it will take you to complete the project and multiply them. Can you afford this, or do you need to raise money?
Have a question about launching a business that you want answered? Add your question to the comments section, or upload a video question on our YouTube page. And make sure and follow Jay via Twitter.
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