WSJ writer Jonnelle Marte with advice for young entrepreneurs (those under 30). The piece offers examples from successful entrepreneurs including a Yale spawned financial services firm. From the piece,
Finding capital for a start-up today is difficult regardless of your age, but you might be set back further by a weak credit history and lack of business experience. To show that you’re serious, write a business plan and have a prototype before you approach a bank or investor.
When Miles Lasater founded a financial-services firm tailored to colleges with two fellow undergraduates at Yale University, they set measurable goals for growth and followed up with possible investors after achieving their aims.
“We were able to show how we progressed,” says the 31-year-old Mr. Lasater, who was 22 when he started Higher One, which streamlines the transfer of money between financial-aid offices and students for more than 210 colleges. “So we raised money from people later who said no the first time.”