Whether you're an entrepreneur or
not, you still need funding. What happens when your source dry up, you look for
investors? Nice idea, so how do you convince him that what you are offering is
something he can give up some of his wealth for? Well, this is how you do it.
In some cases you start with an interesting opportunity for the investors. Have
a credible team, a good market, good product, something scalable, plus traction
and validation. If it’s good enough, the money is yours.
Then what if you don't have a
product or service yet. What if what you're trying to sell is just an idea?
That's also cool. But i have some suggestions:
·
Present the problem and solution in form of a real life story
because if you don’t come across someone who is super passionate about your
solution, chances are investors won’t get excited.
·
Tie this story into statistics to prove your assumption.
Don’t use percentages since investors might suspect that you hide small numbers
behind them.
·
Show that your solution addresses not only your real life problem but a
bigger issue on this planet and that you have a powerful vision driving
you.
·
At the very early stage of your startup, investors invest into ideas,
business models and people. Don't spend much time on showcasing or
explaining an app or prototype.
· Investors
will ask questions. What seems to be attacks are simply straight forward
questions to test how solid your idea and your business model is. Treat this
input as advice rather than as a threat.
Guess I have
hit some nails on the head. I forgot to mention that you need to be bold. If
you are the shy or timid type please find someone who will turn into one of
these Lagos conductors or the so called Yan-Tasha in the North.
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Very educative piece keep up the good work..
YPM