Banner

Chris Szostek ’17 Hurdles in Financing

caszoste17

-Szostek ’17

This week was the Financial Boot Camp. We were lucky enough to have Will Weber ’11 come into class to teach us everything we needed to know about the financial details of starting, maintaining, and operating our own business.  Personally, the largest hurdle that would come to my mind in starting a new business was generating the initial capital. It was always tough to get my mind around the amount of capital needed to start a business. I couldn’t understand how anyone did it! It seemed like you had to already have a boatload of resources to work with. How can anyone do it from nothing? All of my questions were answered and more. Will was very generous with his knowledge and gave all of the details on creating a start-up from nothing. Will taught us about where to find the initial capital and where to look for investors. It boiled down to four main avenues. Bank loans, angel investors, friends and family, and credit cards were the best solutions. We learned about the pros and cons of each source, and what to expect when lobbying for initial investments. We learned how to finance and how to budget our ventures. After looking at the hard figures, and learning how to map out our financial forecast, everything suddenly became clear.  Starting a business no longer seemed like a pipe dream. The LABB internship has already far surpassed my already high expectations, and it is only the beginning of week 3! I look forward to what else is to come, and I am very excited to learn how to build even more bridges to business. I would like to extend a huge thank you to the Lilly Endowment for funding this incredible program, Will Weber for lending his time this past week, and Roland Morin for taking the lead in the LABB program.