Everyone trades war stories, writes Canadian real estate mogul Darren Weeks in his new book The Art of Raising Capital.
Sit down with a group of entrepreneurs and they will freely swap tales about the first sale, the first big bank rejection, the moment they quit their day job.
What they won’t talk about, he says, is the time they had to turn away a big client because the money wasn’t there to meet the upfront costs of a contract; because they didn’t have the capital necessary to expand their business.
In other words, the worst moment of any entrepreneur’s career.
This is what happened to Weeks. After buying his first condo at 21, he got excited about real estate and decided to invest in a few more. But after buying another two outright he was tapped out. Banks told him to wait a few years.
This didn’t sit well with Weeks, who since age six was determined that one day he would be rich, so he started looking for other ways to raise capital so he could continue investing in properties.
That’s what his new book is all about, he says.
“Everybody at one point or another probably has some idea they would want to move forward with, and always what holds them back is money,” says Weeks. “And the banks aren’t the answer, so what I’m teaching you is to do it yourself.”
A step-by-step, how-to-guide to getting investors on board, The Art of Raising Capital teaches entrepreneurs how to build a network, create a story that will capture investors’ interest and structure equitable yet profitable deals.
Weeks says the same restrictive policies that makes the Canadian banking system one of the best in the world, also makes it the most difficult nut for entrepreneurs to crack.
“When I was a young kid I thought all you had to do was go to the bank. But the minute you walk into the bank they’re not going to give you anything unless you put up your own house as collateral,” says Weeks.
A first-time author, Weeks was driven to share his first-hand knowledge, which includes gems like start attending dentist and teacher conventions to expand networks, out of a passion for promoting financial literacy – and because personal finance guru and author of Rich Dad, Poor Dad, Robert Kiyosaki, asked him to.
Weeks loves financial literacy so much that he actually created an entire business around it. The Fast Track Group, which has its headquarters in St. Albert, strives to empower businesses and entrepreneurs through education.
The Art of Raising Capital was first printed in a small batch last year. It has since been reprinted and made available on major retailer shelves. It can also be accessed for free online at: theartofraisingcapital.com.
