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WIBO Week 13 ~ Using Other People’s Money: Financing

Posted in A Day in the Life, WIBO | No Comments »

WIBO
Before working on my grant application for the International Women in Media Foundation, the idea of getting money from others was a foreign concept for me. I had no desire whatsoever to seek funding from a bank or private investors.

Perhaps you feel the same way, and that’s fine. But this week we learned about determining how much capital we need to build our businesses, and how to go about getting it.

Even if you don’t want to borrow money, it’s a helpful exercise to consider the various ways you can obtain what your business needs to grow.

I’m ecstatic about WIBO right now because my IWMF grant application required an Executive Summary of my business plan, which I realized was a not-so-obvious benefit of taking this WIBO course. The thought of creating a business plan always seemed too daunting a task, but if you take WIBO seriously, and do your homework, you will also create the business plan for your company!

WIBO doesn’t brag about it, but I slowly realized (DUH!) that each week’s homework corresponds to information required in a business plan. When I researched Executive Summary examples online, I discovered that my WIBO homework had laid the perfect foundation for creating an Executive Summary for my business plan.

For most of the questions in my grant application, I had already answered them in my earlier WIBO homework assignments, so the answers were fresh in my mind. I was no longer intimidated by business plans. I already had the information I needed!!! Now I’m looking forward to drafting my official business plan after our GRADUATION on Jan 31st.

This is the coolest feeling – kinda like finding out that your favorite food no longer has calories! 😉

For more information about the Workshop in Business Opportunities (WIBO) course, visit WIBO.org