If you don’t let people in on your dreams, then they can’t help you accomplish them.
As an entrepreneur, I’m sure you recognise the need to be supported. If you have a dream to start a business, then it is up to you and you alone to take action and do everything you can possibly do to turn that dream into reality, but getting the right support is a crucial component of your success.
You will need help, so get a coach!! You will have gone through a great deal to get your entrepreneurial dream into a workable business plan; one that shows real potential with real rewards. Most businesses need some form of funding, whether it is with your own money or with somebody else’s.
If you take the brave decision to seek external funding as an early-stage venture, it is highly likely, having exhausted your own savings, you may be facing an opportunity with a seed or angel investor.
You may be thinking that standing in front of an individual or group of small private investors asking for funding is like Dragons Den on the TV; and guess what, you’ll be right. It is exactly like the TV show. From the nerves you will experience to the questions they will ask, trying to convince someone to buy into your dream in exchange for their cash is not without its challenges. Below are a few of the things that investors will ask to themselves and perhaps of you:
- How good is this person in front of me and will they deliver what he or she is presenting?
- Is this team capable enough?
- Why is this business different to all of the other businesses I’ve seen?
- What makes you and your business proposition unique?
- Why will this business fail and what are the threats to success?
- What are the critical success factors in the plan?
- Does this business really have significant growth prospects?
- What’s the lifecycle of this product or service?
- Why are you better than you’re competitors?
- Who will buy this business once I’ve invested?
At the end of the day, if you have a great business idea and can demonstrate that you and your team can deliver against a sensible business plan with a passionate balance of optimism and reality, then there is no reason that you will not get what you are looking for. You just have to take action and single mindedly get on with it; but don’t forget those around you that can support, champion, guide and identify your blind spots!