Securing Your Capital Funding: Planning, Patience and Perseverance is the Key to Success

A Federal grant funding is a:

"...legal instrument reflecting the relationship between the United States Government and a State, a local government, or other entity when:

• the principal purpose of the relationship is to transfer a thing of value to the State or local government or other recipient to carry out a public purpose of support or stimulation authorized by a law of the United States instead of acquiring (by purchase, lease, or barter) property or services for the direct benefit or use of the United States Government; and
• substantial involvement is not expected between the executive agency and the State, local government, or other recipient when carrying out the activity contemplated in the agreement."

Source: Federal Grant and Cooperative Agreement Act of 1977, as incorporated in Title 31 Section 6304 of the U.S. Code

Capital Funding Need - 2016

It is believed by most that all the capital funding has dried up; however, it is not true. In fact, federal and private funders are loosening more and more of their funding priorities to offer capital funding. Both federal and private funders are now looking forward to collaboratively provide funds for current and modern uses such as homeless, minority/higher education achievement, creative placemaking and manufacturing innovations.

Capital funding planning, patience and perseverance as it is extremely competitive, both from the private and public sources. Here are few tips that you must keep in mind in order to secure these capital funds:

• Decide what type of business entrepreneur you want to be

It is essential that you decide and be firm on what kind of entrepreneur you want to be - a small business or a high impact business entrepreneur. If you do not have a clear idea of what your aspirations are you may have high possibility of failing.

• Pay attention to your team

One of the main reasons behind most of the start-ups is considered to be weak teams as it is found that weak teams are not up to next task most of the time. Therefore, it is essential that you focus on your team and see to it that it does not implode under stress or pressure.

• Choose a good mentor

One of the smartest and productive thing that you can do for your team is as an entrepreneur is to choose a mentor, coach or leader who you can look up to during hard times. Therefore, it is important that choose your mentor wisely.

• Accept Failures

It is important for you as an entrepreneur to recognize your failures and learn from it. Don’t try to fix blame unnecessarily on others, instead own it up and plan your next step keeping in mind the mistakes that you did. This will help you in staying positive and planning ahead for your business.