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Entrepreneurship Process

Funding Your Entrepreneurial Venture

 

Potential business owners might think that they can’t start their own business because they’re not rich enough to finance it. Many businesses in the United States, though, have been started with as little as $10,000 to $15,000. According to an Inc. magazine survey, entrepreneurs use the following sources of start-up financing:

  • Personal savings: 73 percent

  • Credit cards: 27 percent

  • Loans: 14 percent

  • All other cash sources: 14 percent

  • Loans against personal property: 7 percent

  • Bank loans: 5 percent

  • Equity investments: 2 percent

How much can start-up funding really buy? How much might you really need to start a business? Listed below are 10 college whiz kids and the businesses they started.

 

Entrepreneur, company and product:

  • Steve Jobs, Apple computers, computers and electronics

  • Bill Gates, Microsoft, computer software

  • Mark Zuckerberg, Facebook, social media site

  • Omar Soliman and Nick Friedman, College Hunks Hauling Junk, hauling unwanted goods

  • Curtis Funk, funeralrecording.com, audio recording and videotaping of memorial services

  • Stephanie Kaplan, Windsor Hanger and Annie Wang, Her Campus, online college women’s magazine

  • Drew Leahy, MyBandStock, stock market for bands

  • Zephyr Basine, College Fashion, fashion based blog

  • Milun Tesovic, MetroLyrics, music website

  • Alexander Debelov, Crelligence Media, social media marketing

 

Download a PDF version of Funding Your Entrepreneurial Venture.

 
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