Unlike popular belief, experienced entrepreneurs don’t have it easy when it comes to funding a new business. However, they do have a few advantages over newcomers. In my case, and many others, experienced entrepreneurs might have a pool of capital from a business they previously sold, to fund the cash flow of a new business.
Even if their first business went under, and they lost everything, they have likely made investment contacts and client connections necessary to give them a leg up in any new business enterprise they choose to start. If you’re a new entrepreneur, you will probably be starting from scratch, which means you will need to start networking like crazy and thinking through all your possible funding options before landing on one. But don’t let that deter you.
Entrepreneurship comes with a number of challenges. Rewarding but harsh challenges. And this is why I respect any entrepreneur I meet because I know the challenges I face and still face when establishing my brand, matching and exceeding the competition, and keeping my business profitable. No matter how many years you’ve been in business, it’s always still a challenge.
So, yes, you have my respect.