Hello there! My name is Ali Mayar, Founder and CEO of Platinum Rapid Funding Group. My professional career began in corporate security, a field I enjoyed but ultimately wasn’t getting challenged enough by. I worked with several alternative lenders in my previous capacity, and I knew that I could succeed in the field if I gave it a shot. I decided to do so, and Platinum Rapid Funding was born!
Gen Y Finances: 2017 could be most successful year in your life!
Platinum Rapid Funding is a company that helps startups and small businesses access the capital they need for growth, generally through a Merchant Cash Advance (MCA). Unlike a traditional bank loan with a laborious application process, my team and I can quickly determine whether an applicant can pay us back and fund a loan in as little as 48 hours.
Repayment also isn’t as set in stone as it is with a bank. Instead of paying x amount each month, MCAs are paid back through an agreed upon percentage of a company’s future receivables. The ability to pay less during slower periods helps entrepreneurs manage their cash flow better, giving them every chance to turn their vision into a reality.
Why I Chose Alternative Funding
I love the business world. I love entrepreneurs. I wanted to work in an industry that would allow me to leverage my experience in a way that helps the community, and I firmly believe that Platinum Rapid Funding does that by supporting the growth of local businesses.
It’s also a great time to be in this field. The younger generations have seen how tough it is to get and keep a traditional job, making them choose self-employment more often than their parents did. This ensures a constant influx of entrepreneurial talent, giving my team and I a variety of visions and approaches to work with daily. It never gets boring!
The best feeling in the world is when a company we helped grows and adds to our list of success stories. I think everybody in alternative finance lives for that moment.
The Key to a Successful Startup
Well that’s a whopper of a question! A lot of would-be entrepreneurs think that their idea is so great that all they need to do is start it and WHAM! Instant success! Unfortunately, the business world does not work that way. You need to grind out long hours to make your business reach its potential, so make sure you’re entering an industry you’re truly passionate about.
Most people need to take their work ethic to a whole new level to succeed as an entrepreneur, and that’s okay. Those with the necessary drive are bound to succeed eventually, even if they experience hardships along the way. Those lacking it might be better off with a traditional job, and there’s nothing wrong with that either.
It’s also important for any entrepreneur to surround themselves with the right people if they want to succeed. For example, I knew I had the necessary drive to succeed with Platinum Rapid Funding, but I never would have succeeded to the degree I have without the assistance of everyone who works there. Once the right team is in place, the entrepreneur needs to become the leader who sets the tone for the entire company. Otherwise, the company is pulled in too many different directions to get anywhere.
My Advice to You
If you want to become an entrepreneur, the best advice I can share is to be willing to change the way business is conducted. Don’t be afraid to fail, or else you’ll never take the chances that a business has to in order to thrive. Don’t be afraid to stand out in a crowded marketplace, as how else will consumers know your name?
Traditional financial outlets may not like this type of renegade approach, but the most successful entrepreneurs have little use for the “traditional.” Companies like mine exist to help entrepreneurs search for their dreams beyond the beaten path, which is where they are almost always hiding.
Follow My Blog
The business world is complicated, so it’s impossible to share all of my experience in one interview. If you’re interested in learning more about business and marketing, follow my blog at AliMayar.com. I update it regularly, allowing readers to keep abreast of my latest insights.