In a previous post, I promised you an article with business tips that I received from a group of extraordinary business people, remarkable first and foremost for their modesty.
Moving past the start-up phase of the business, the discussion focused on business financing and the issues that can arise during its mature stage.
- First source of funding: own funds
- Second source of funding: the 3Ps (Parents, Friends, and other Fools), used by over 80% of entrepreneurial companies
- Ideally, start in a team of three (complementarity of skills and resources)
- Our strengths are closely watched by the competition, which is constantly trying to surpass them.
- In a discussion, you must know what you are aiming for; you must have a strategy.
- When asking for funding, go with your head held high, as a partner who can bring about a change for the better, not with humility. (Simona Baciu)
- You must have a good relationship with the bank, telling them every year about your successes and failures.
- Other sources of funding:
- A challenge will be keeping your sales team constantly motivated after years of sustained work. (Calin Sarchiz)
- Funding is divided into two: own funds and debt. (Marius Ghenea)
- You cannot obtain financing if you do not contribute capital yourself. Zero capital = Zero leverage
Tips and words of wisdom:
- Stress doesn’t exist; we invented it. From today, I will no longer let stress affect me! (Bogdan Tenu)
- Work smart, not hard! (Calin Sarchiz)
- How can the state help us? By collecting taxes and leaving us alone! (Orlando Szasz)
- Good judgement comes from experience and experience comes from bad judgement. 🙂
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