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When is right time for getting funded?
This is a golden dollar question, which every entrepreneur comes across, every day you read such and such a company got funded so you start wondering why cant you do it. Well it is possible when it is possible for X company then it should be possible for your company but you need to understand is what are things that need to be done.
There is no point in having Business plan written for your idea or concept and start approaching investors for funds. This is not the right approach, you must understand that just having idea or concept will not help as every investor would like to know has it been tried, tested has it yielded revenues, does it have scalability.
So more than running back of investors it is better to understand business plan draw a plan of action and start building. It is more important to generate revenues, prove that your idea or concept can generate revenue.
Once you have started building and revenues falling in keep yourself focussed on goals both short term and long term. IT will tough initially as you will be on bootstrapping basis its like catch 22 situation if this doesn’t happen then that will not happen when will this happen.
These questions are interconnected, so its all about having faith in your product and every entrepreneur has to go extra mile as this is differentiator for him from common employee.
When you feel you have reached the point of proving your idea and plans to scale on bigger aspect that is the right time for reaching to investor, so at this point of time you would have tested market and your product / service acceptability which gives you enough confidence to talk to any investor.