Tim Jackson, Canadian entrepreneur and venture capitalist, offer his thoughts on our economic future in an interview by Gordon Pitts at ReportonBusiness.com. Here is a sample of what he had to say:
So if you are laid off from your job and have a business idea, what do you do?
You beg, borrow, steal and you get it going – and you find a customer.
I know that sounds overly simplistic and there are certain companies where you need a venture-backed business because it will take three or four years to develop the technology. But traditionally, businesses have been started by designing something or creating a service or a product.
Then you went and sold it, and you used the revenue from the first customer to get your second customer and improve the product slightly. The revenue from the second customer was used to improve it again and you get the third customer.
We saw 300 companies last year [and funded two] and the vast majority should never have been looking for venture capital. Our advice is just go and start the company. Go and sell this. If you have something people will buy, they will partner with you and you can build a business.
Great advice not only for the accidental entrepreneur, but anyone starting a business. Your goal is never to raise money — it is to build a business. If you are successful at that and eventually need funding, it will follow.