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21:43 GMT, February 19, 2021If you want to create a new mobile app or open a shop, you need money. In this case, the following basics are essential to consider.
Never Hide Your Ideas
A common mistake that entrepreneurs make is hiding their ideas. They think they have a brilliant idea that will make millions of dollars, and they don’t tell anyone about it because they are afraid someone will steal it and implement it faster.
There are situations when during a meeting with an investor, entrepreneurs do not fully tell about their idea, hiding some points and repeating only that it is brilliant and will bring a lot of money. Of course, investors will not work with such people.
The business idea appears in our head on the basis of life experience. If you are a motorist, if you love your car, if you spend all your free time in the garage, then most likely in your head the idea to open a business connected with cars will come up, but not with the creation of a co-working space. The same happens on the flip side, 90% of people will consider your idea bad, because they have a different life experience, your area will not be interesting to them, and the business plan will seem generally delusional.
The business idea itself is nothing of itself, no matter how brilliant it was. It is important to implement the idea because to create a business is much harder than just thinking it up in your head.
Everyone Sees Your Business Plan Differently
The problem that haunts almost all enthusiastic entrepreneurs is seeing their idea the wrong way.
A simple example, you have an idea, you describe it briefly because you’ve read a lot of useful tips about how to attract the attention of investors in 5 minutes, but you do not have a detailed description of your business. In the end, you get the investor’s attention, he realizes that the idea is too raw, and everything else is in your head.
Understand that you can see the same idea as a potential multi-million dollar business and vice versa as a project waiting to fail. If you see your project as a success, your main task is to make a potential investor see it too.
That is why during, for example, the presentation of your project all the slides should be aimed at convincing the investor in the success of the business. It is not at all necessary to talk about what color the paint on the walls of the office will be. Roughly speaking, you don’t need to focus on things that won’t be able to convince an investor of the profitability of your project.
Why Do You Really Need an Investor?
Some entrepreneurs look for a partner for the business and share with him the amount of initial investment, profits, work and the risks. When you find someone who invests money with you in your business, you also share the risks. In other words, you are shirking responsibility and looking for someone to solve your problems.
If you were 100% confident in your business idea, you could find the money on your own: sell your car, take out a loan, save up, sell your apartment, etc. But you are looking for an investor, which means that you yourself are not sure that your idea will shoot. And if you work with a partner who also invests time and money in your business, you will not be the only one to blame for the losses.
When you enter into a business with a partner, the risks are always shared, but it is important that it is you who has the greatest confidence in the project.
Interesting Related Article: “What All Entrepreneurs Should Know About Angel Investors“