Money from Business Idea

The 3Fs. Friends, Family And Fools who contributes in business

The 3Fs i.e. Friends, Family, Fools are the vital human resources for idea development towards a successful business.

After you validate your business idea based on uniqueness, feasibility, competition weaknesses, you decide to accumulate resources by first sharing your idea with others.

For You: THE PROCESS OF BUSINESS IDEA DEVELOPMENT.

Let us discuss how Friends, Families and Fools (The 3Fs) play their role in your business idea development -:

1. FAMILY

In case of family, a person first informs about their idea with their parents. They expect to get help sooner from them with less questions as parents are bound to help their children. But one needs to consider risk appetite and thinking of their parents. If they are job oriented and likes to live in their comfort zone, there is very less expectation to get help from them. However, they can provide very little help in terms of money but will be insufficient. Second, the person approach towards other family members like their siblings and other relatives. The situation becomes little tough here as compared to parents because you not only need to describe your idea, but also to mention the direct/indirect benefits which you will provide them in the future.

Photo of a Family

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After getting suitable but insufficient help from family, you will approach towards friends. How they will contribute?

FRIENDS

The possibility of help and expectations from friends fluctuates very much. This is because these possibilities depend upon the depth of friendship, direct/indirect benefits and proper explanation of business idea. In case if your friendship is of high depth, then higher is the chance that such friend can be your resource. In some case, you don’t even need to mention direct/indirect benefits, they can unreasonably support you.

Photo of Friends

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Another case is that, if depth of friendship is relatively less than the previous case, then such friends can start making unnecessary excuses instead of giving direct rejection to help you. Beware of such friends as they cannot be trustworthy and will create problems to you in the future.

A New Friend Discussing the Idea

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The final case where friendship is shallow, describing the business idea will not be sufficient, you need to explain direct/indirect benefits to them. Further they possess betrayal.

Now, after getting all possible help from friends, sometimes you need further resources. Then you approach towards fools -:

FOOLS

They are unpredictable in terms of considering them as a factor to provide help and expectations. You need to keep direct/indirect benefits of your business idea especially in terms of money as a top priority rather than business idea explanation. You can least expect fools to retain with you. This is because of lack of trustworthiness in the beginning. Because if fools start discussing their activities with their friends and gets alerted, they can leave you in an instant without even informing you, that’s why they are dangerous. From fools, short term help like technical, financial assistance are tolerable by keeping idea security at highest level.

Explanation of idea to a fool

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Therefore, all the above 3 factors provide very important contributions in terms of guidance, money, technicalities, etc only when help is taken with right methods cautiously.

For You: 8 Best Practices to Seek Funding From Friends, Family and Fools

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