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Entrepreneurs on Fire
The Truth Behind Launching Companies with Vinnie Tortorich: An EOFire Classic from 2021
Aug 13, 2023
27:28
Snipd AI
Learn about launching companies without outside investors, the importance of Failure Quotient for success, and the creation of Ultra Fat. Also, explore the power of involving your audience and crowdfunding, and the significance of surrounding yourself with the right people.
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Quick takeaways
- Seek banking instead of outside investors when building a business to retain ownership and financial rewards.
- Take calculated risks, invest in your own ideas, and leverage community support to pursue passion projects.
Deep dives
Building a Business: Seek Banking Instead of Investors
Vinny discusses the importance of seeking banking instead of outside investors when building a business. He shares his personal experience of how borrowing money or having investors often means giving up a significant portion of the company's ownership and the financial rewards. Vinny highlights that banks may be hesitant to provide funding without a well-defined business plan, making it challenging for new entrepreneurs. He emphasizes the value of financial fitness and being proactive in managing and investing personal funds to support business ventures.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode