Numerous people start a business every year; they come up with brilliant ideas or turn their hobby into an enterprise. But what makes them succeed here were not ingenues ideas, since there were many that never made it, were forgotten and scrapped. Before you start making money you need money to bring your idea to light. So the key is capital you need to find investors and convince them that you are a person with a clear plan that will succeed. If you manage to sell yourself to them youve taken the first step into becoming your own boss.
Investors are excellent judge of character, will scrutinise your every move because a good idea doesnt mean anything if they believe you cannot realize the plan. They are judging your ability to make them money and not your passion for your business. Investors are judging your honesty, intellect, characters and most importantly your ability to bring in big time players into the game and develop the game play.
When you create your plan make sure not to complicate things so keep it clear and simple, and convince them that you have the skills to pull this off. Give real-life examples of how your business will improve peoples lives and this will allow them to visualise your plan come to life. Building out proposals is a delicate matter that takes time so have it ready in advance and practice your pitch.
Do your homework on the market and competitors to show that you are not just a person from the suburbs with an idea, but that you can show them how and why your idea will flourish. They didnt let you pass through their doors to give them a foggy concept but a clear marketing strategy of what might work.
Though your presentation may last an hour the investors will bombard you with questions to see how prepared you really are. You should come armed and ready for any questions they might throw at you so set out to find any grey areas in your plan and offer possible solutions. Seasoned businessman will ask you difficult questions you may not have answers to but they are not looking for someone who does. Investors know that this is impossible – theyre actually looking at your thought process. Never claim that you have all the answers so making noise just to break the silence is out of the question, instead show humility and admit that you dont have everything figured out.
Learn From Failures
Its very unlikely that your first proposal will be accepted, especially if youre a beginner. Use this as a chance to build on your new meeting and upgrade. Take all their questions and try to find solutions for problems you didnt know could come up.
When you propose an idea, investors look at the whole package because a good idea means nothing if the person behind it doesnt seem trustworthy and resourceful. Build on your presence and ability to convince people you are the person to pull this off.