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In this video I answer a question from one my readers who asked:
I am Tomal Dass from India. I always love to read all your articles about business and entrepreneurial leadership. It always fills me with new energy. It helps me a lot to learn a lot from the experiences of well known businessmen arround the world.
Recently I was working in a partnership in event management business, We were new in the market and we didn't have any capital to rotate in Business. We were working to start a music festival in Central India. I belong to the city named Indore. It is the business capital of India and I figured out that there is a great scope in this region for a musical festival as there is no competition in this sector. We tried to go for sponsorship for bigger companies who's products are related to youth, as musical festival is related to youth. We were unable to generate any fund out of that. I thought may be we were new to this market that is why companies were not sponsoring us.
Then we went for local businessmen for sponsorships and this one also didn't worked. So finally I planned for doing something off the grid. I planned to take a loan of 20% money for the event and ask any bigger Business firm to give their names for the sponsorships for free so that other business firms would also sponsor us. Then I dropped that idea because i didn't know that it's ethically right or not and will it work or not. Please guide me with this if you can. I would learn more from your articles.