The Entrepreneurial Race Part 4: Getting Sponsors

BTCC Final Round Brands Hatch 20th October 2012

This is the fourth post in the “Entrepreneurial Race” series. Click here to read Part 1: Getting to the Track (funding options), Part 2: Picking a Pit Crew  (selecting a Board of Advisors), and Part 3: On Your Mark, Get Set, GO! (launching).

Race cars have a lot of stickers on them. Each one represents a sponsor that has paid to have their logo placed on the vehicle with the expectation it will be seen in person, online, on TV, in a magazine, and in other images of the vehicle. The sponsorships help the race teams to pay their drivers and pit crews as well as cover fuel, tire, and maintenance costs for the race car.

Most entrepreneurs need to enlist their own sponsors at some point in their startup lifecycle. In order to get “stickers” on their startups to cover costs and accelerate growth, the founders must go out and pitch their businesses to potential investors [for more on four different funding options, check out Part 1 of this series].  Read more of this post

The Entrepreneurial Race Part 1: Getting to the Track

 

Cobra_28

This is the first post in the “Entrepreneurial Race” series. Click here to read Part 2: Picking a Pit CrewPart 3: On Your Mark, Get Set, GO!, and Part 4: Getting Sponsors.This blog post is adapted from a video lesson I did as a part of middle school entrepreneurship curriculum being put together by the Enactus program at John Brown University. See a teaser of the video here

Start in the Garage

Owning a startup is a lot like owning a race car: you invest a lot of time and energy building the frame, outfitting it with the necessary parts, and deciding what trade offs to make between weight, performance, and cost. Of course, you also take a lot of pride in what you’re building and enjoy telling others about it whenever you can.

Just like any race car, you will never know how well your startup will perform until you get it out onto the track against other businesses. A race car in a garage is useless much like a business that stays in the idea and planning stages indefinitely.  Read more of this post

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