How To Secure The Necessary Procurement For Your Startup

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Need to secure procurement for your startup but don't know what to look out for? Here's what you need to keep in mind!

The adequate resource procurement and management are the first dawnting tasks of the freshman skipper. The resources may materialize in financial form or other.

Identifying Your Needs

Before looking to the procurement issue it of outmost importance to become aware about what you effectively need. As there is always a risk to chase for the wrong kind of resource or the not adequate amount of it.

Every journey is different, meaning the destination, the travel class, the length, the purpose. So everyone needs different resources to arrive at their targeted destination. Depending on the stage of your project different forms and formats may apply.

It could be that one kind of support would enable you to reach the first demarcation point from which on more concise resources are required.

Not One Size Fits All

When mentioning resources many freshly baked entrepreneurs think of financial ones and especially of risk money. Even if these are generally what it is about, it may not be appropriate to chase for a one size fits all solution.

In the beginning assistance from your close environment – the so called friends-family-and-other-fools – is enough, especially as your needs are less big. On the other hand it is also better to proceed (if possible) by bootstrapping as it will enable you to learn on the tasks and to operate with limited and renewable means.

After having reached the point of no return and the first engagements done against your targeted customers it may become necessary to secure more consistent financial support. This could be in the form of a combination of sources like a loan, grant or private investment.

We would not recommend other sources of funding at this very early stage (between idea and pre-prototype stage) as they have a propensity towards rendering yourself complacent and loosing the eye of the tiger.

Getting The Word Out

Now that you have been giving your dream a real shape it time to fully jump into the cold water with all the war chest you assembled.



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Photo credit: Dai Lygad via Visualhunt / CC BY