Have you ever wondered how some businesses get grants and some don’t? I have. A while ago, I decided to watch shows like Dragons, Sharks, etc where entrepreneurs had the opportunity to pitch their businesses to top investors. On the shows, they had asked for money in exchange for some percentage equity of their business. Some things stood out to me, which I will be addressing in this article.
Confidence:
“To overcome fear is the quickest way to gain your self-confidence.”―Roy T. Bennett. Do not let fear get the best of you, just remind yourself that fear hasn’t made anyone become successful only bravery and resilience has. I have discovered that the most confident personalities give the best pitches. Ensure to wear confidence on your sleeves, as this is very important and remember there is no confidence without proper preparation, don’t be confidence and saying rubbish.
Tell your story:
Let the potential investors know what spurred you into stating that business, share your little breaks and how you overcame challenges if it would show your personality strengths.
Know your business:
Have you ever asked an adult questions about what he does and he stutters and finally doesn’t know what to say. It is silly right? This how it looks whenever you do not have answers to basic questions about your business off-hand. Therefore take time to memorise all that you need know, also know your close competitors, find out the edge you think you have over your close competitors, have a strategy for growth in your industry.
Know your figures:
The knowledge of the figures in your business shows that you are somewhat diligent with the business and don’t treat it as a hobby because it takes a lot of diligence to take records. Examples of figures you need to know are; Units sold, numbers of customers, revenue per year, yearly expenses, net profit/loss, profit/loss margin, revenue, number of customers.
Put your best foot forward but don’t be too heartbroken if you didn’t get any offers. You not getting an offer could mean your business needs more time to grow before an investment or you need to do more research about your business, the industry and your survival rates. Remember no one wants to invest in something whose success you’re not sure of, not even you. Therefore, look closely at your loopholes and try again after diligent work has being done.