Hello Entrepreneurs!
I am going to start a sharing economy based Platform soon. Today I made some calculations about the required money.
The strategy stays equal anyway. But more cash leads to better marketing.
In my opinion. My platform can be a really big hit. There is a great chance but ofc no guarantee. Execution is King like MJ told.
I will release it in one city and grow from there. I have a big vision for it. But it need time.
I would like to hear your opinion and get a feedback. Please tell me your thought from a perspective as successful Entrepreneur to a newcomer. Please tell me your thoughts from the perspective of an entrepreneur. If you like to tell me what you think as an investor you are welcome, I would like to here it too, but it is not what I am looking for at first instance.
Basically I have 3 kind of options. If you see more please tell me.
1) I will found with nearly no cash. I payed everything by myself. Development and stuff approx 10.000$ by my own. Marketing Budget is low I need to grow by my self without a big jump. I live from savings. Maybe I do not have enough money to pay a lawyer for founding and terms and conditions. Slow grow but risk is not that high.
2) Get a huge bank loan. 6 figures maybe up to a million. In this case, I would do the stuff from option 1 anyway,
but I get the option to hire professionals and do a better marketing for scaling.
I could hire professionals, to product improvements and pay the lawyer.
The Userbase grows way much faster. Userbase is key to this platform. So be clear I already invested my own money and time. And ofc I will start small anyway.
No need to spend all the money when it does not work. Does not work means improve the product or offer and repeat. Cost maybe 50.000$. This is something I cannot without $$$.Then I scale it up.
If I fail the loan would shoot me down future fastlane engagement will be much more difficult.
I would not be able to pay of 6 figure with a job in decades.
But failing means being stupid and not enough hard work. I wont let it happen.
3) Find an Investor. Requires more time and will slow down my start. I have never spoken to those people, this is why I guess I need a bunch of time to learn this.
For me a 10/h day even weekends if fine but Time is limited I need to choose smoothly where to invest it. I know my Idea is good and the will be a day when some else does it if I don't. I In execution mood this is why I want it faster. I have absolutely no clue how where to find an Investor.
A big doubt for me is the existing technology. With my shitty 10.000$ I am a joke. This project needs a very good IT and this cannot be done with 10.000$. But I also never hat 6 figures to handle.
What is your impression? Am I crazy? Normal thought? What would you do? Is my attitude good or bad?
I am going to start a sharing economy based Platform soon. Today I made some calculations about the required money.
The strategy stays equal anyway. But more cash leads to better marketing.
In my opinion. My platform can be a really big hit. There is a great chance but ofc no guarantee. Execution is King like MJ told.
I will release it in one city and grow from there. I have a big vision for it. But it need time.
I would like to hear your opinion and get a feedback. Please tell me your thought from a perspective as successful Entrepreneur to a newcomer. Please tell me your thoughts from the perspective of an entrepreneur. If you like to tell me what you think as an investor you are welcome, I would like to here it too, but it is not what I am looking for at first instance.
Basically I have 3 kind of options. If you see more please tell me.
1) I will found with nearly no cash. I payed everything by myself. Development and stuff approx 10.000$ by my own. Marketing Budget is low I need to grow by my self without a big jump. I live from savings. Maybe I do not have enough money to pay a lawyer for founding and terms and conditions. Slow grow but risk is not that high.
2) Get a huge bank loan. 6 figures maybe up to a million. In this case, I would do the stuff from option 1 anyway,
but I get the option to hire professionals and do a better marketing for scaling.
I could hire professionals, to product improvements and pay the lawyer.
The Userbase grows way much faster. Userbase is key to this platform. So be clear I already invested my own money and time. And ofc I will start small anyway.
No need to spend all the money when it does not work. Does not work means improve the product or offer and repeat. Cost maybe 50.000$. This is something I cannot without $$$.Then I scale it up.
If I fail the loan would shoot me down future fastlane engagement will be much more difficult.
I would not be able to pay of 6 figure with a job in decades.
But failing means being stupid and not enough hard work. I wont let it happen.
3) Find an Investor. Requires more time and will slow down my start. I have never spoken to those people, this is why I guess I need a bunch of time to learn this.
For me a 10/h day even weekends if fine but Time is limited I need to choose smoothly where to invest it. I know my Idea is good and the will be a day when some else does it if I don't. I In execution mood this is why I want it faster. I have absolutely no clue how where to find an Investor.
A big doubt for me is the existing technology. With my shitty 10.000$ I am a joke. This project needs a very good IT and this cannot be done with 10.000$. But I also never hat 6 figures to handle.
What is your impression? Am I crazy? Normal thought? What would you do? Is my attitude good or bad?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
