The fact: Getting financing from a bank involves lots of paperwork, so be prepared.
This wasn't the first time I started a business. I had learned some things from that previous experience which I applied to starting NextStage. One thing I learned previously was not to go to banks for money unless you're business is going to deal with known quantities. If you're business deals with something truly innovative, shoot yourself now. You'll eventually heal and the pain will go away.
This was the case with local banks, anyway. Back in the late 1980's I had written a series of best selling trade technical books and had a growing consultancy going. Wanting to expand, I went to the bank where we had our accounts and asked for a business loan. The loan officer came from an IT background and had actually read several of my books. The bank's internal systems were using methods I described in those books.
(more to follow...)
» Thoughts on Building a Business, part 10c from BizMediaScience
Adventures in Small Business Management across the 8th Dimension, Part 10c [Read More]
Tracked on: January 5, 2007 10:35 AM | Permalink to Trackback