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Hey chaps, it’s Deepak here again from Startup Bootcamp. It’s Day 43, and in Day 42 I spoke
about scrap the business plan. In Day 43, I’m going to talk about the need for a business
plan. It seems somewhat contradictory. Reason being, I am just at the very, very early stages
of looking into the whole idea of fundraising seed investment for Meet My Tutor. It’s
the startup that I started.
And yeah, as it seems, I’m looking into the area of government-backed grants, and
there is, it does seem, a need for – well, I read contradictory advice on the internet.
In the tech startup world, there’s a fleet of people that say that the traditional business
plan is broken, it’s no longer related to the kind of tech startup world, versus the
other guys that say you should have a business plan because a lot of people will ask for
it.
Having just begun some applications and had some knockbacks, my suggestion, as this video
is actually about fundraising, is be patient, be exhaustive, be prepared to be in it for
the long run. Fundraising, as I’ve read from Paul Graham with Y Combinator, an essay
that he’s written, is really, really hard. For me, it’s only Day 2, and it seems to
be the case that it’s better to have a business plan and not need it than to not have a business
plan and need it. So today, I’m about to embark upon a several-week journey to write
this business plan.
The model is fundraising is a difficult process, and it means that sometimes you’re required
to do things that you might not always deem necessary. It tends to be that moment where
sometimes you might fall away, and I say it as much to you as I say it to myself: stick
with it, keep going. Because if the road that you’re on is going to take you somewhere
that you’re aiming for, you need to do these kind of nitty-gritty things that sometimes
you might be afraid of or you think they’re unnecessary. That’s fundraising, guys. Thanks.