So, you have an idea for a business.
Business ideas are not only cheap, they’re a dime a dozen. That said, you believe that you don’t only have an idea, but a viable business plan. So where can you access funding? According to Pavlo Phitidis, the assumption that someone else should give you money is your first big mistake. He is a firm believer that funding should start at home, at least in the start-up phase. “The bootstrapping phase is an essential ingredient to the overall success of a business,” he insists. “If you put everything you own into a business, and then proceed to ask friends, family, your book club and everyone else you know for additional funding, you will think very carefully about how you spend those resources. This will make you a better business owner, running a business that is already more likely to succeed, and it will make you far more attractive to banks and financiers when you need additional funding to grow the business.”
Indeed, many entrepreneurs waste a huge amount of time looking for funding which they could otherwise be putting into their businesses. A good case in point is a local seamstress who applied to the National Youth Development Agency (NYDA) for funding to produce matric jackets. While the finance was approved in principle, she needed to prove that she had orders and there was a demand for the product first. “She ended up approaching scholars and collecting deposits for their orders,” says Lebo Gunguluza, founder of the South African Black Entrepreneurs Forum (SABEF). “The deposits gave her enough money to actually manufacture the jackets, and then she received the remainder of the money for each order upon delivery — all before she actually received the funding she was looking for.”
The lesson is simple: the belief that a business can’t get off the ground without funding means entrepreneurs focus on securing finance instead of innovative ways they can get cash to launch their businesses.
“This entrepreneur actually got her company off the ground faster than she managed to secure funding,” says Gunguluza. “Don’t wait around for finance simply because you think that’s the only option open to you. Think out the box — your goal is to get cash. How can you do that? If you stop focusing on finance alone, you might be surprised by what you come up with.”
Gunguluza calls it ‘pre-selling’. If you need cash to fund your business, get that cash by pre-selling your product or service. In other words, get your clients to pay you before you deliver the goods.
There does come a point in the lives of many businesses, however, where future growth is not possible without funding. In order to make yourself an attractive prospect for financiers, Phitidis recommends first bootstrapping, and then taking the time to ask what you have to offer the financier.
The secret to finding funding
Don’t think for a moment you are alone in the financier-financee relationship. In fact, according to Alexandra Fraser, research analyst, Invenfin Venture Capital, the average funding partnership in the US lasts longer than the average marriage. So it’s important to be on the same page from the word go.
“No-one takes the time to ask the simple question, ‘What does a financier want from me?’” says Phitidis. “Entrepreneurs are always so busy thinking about what they want from financiers, that they forget that finance houses are businesses as well, with specific mandates that they must follow. As a business owner, before you start looking for finance, do your research and recognise that there are different types of funding that have specific criteria and mandates that must be met. Ask yourself which financier suits your business and industry best, and vice versa. No amount of moaning, sulking and bashing down doors will work if you are approaching the wrong financier. Figure out what they want, establish if you suit their profile, and then show them why you are a suitable candidate for their funding.”
Christo Fourie, IDC Venture Capital Unit, agrees. “Each fund has a unique mandate,” he explains. “You can’t change that mandate.
Move on and find a fund that fits, rather than banging your head against the wall and wasting your time.”
So what do financiers want?
According to Alexandra Fraser, the first thing funders want is for entrepreneurs to validate their ideas before they even pitch them to investors. “This can be as simple as starting with a Google search,” she says. “Did you research your idea and your market? Yes, innovative ideas are great, but not all ideas are as innovative as entrepreneurs seem to think they are, and many are simply not feasible. Is there a need or a want, and is there a market? That’s where you need to start.”
Fraser offers two examples. The first is Coca-Cola’s marketing success. “People were not dying of thirst before Coca-Cola hit the market. The brand needed to find another need or want to attract customers. It’s vitally important that you know what that hook will be. You can’t simply say: I have a product and people will buy it. Why will they buy it?”
An example of poor research is entrepreneurs who do not understand the market they want to operate within. “For example, we have received a number of pitches from entrepreneurs who have developed technology for mobile lotto sales,” says Fraser. “On face value this is a great idea: there is a need and a market. Unfortunately, there is also legislation expressly forbidding lotto tickets from being sold on mobile phones. Before they put time and effort into these pitches and even developing the technology, these entrepreneurs should have done their homework and validated their ideas.”
Ultimately, whether an entrepreneur receives funding or not boils down to market research. “Research can be painstakingly slow, but it’s also vitally important and will save time, money and effort in the long run. Market research isn’t only about creating a marketing plan. It determines everything you do in your business: what will customers pay? What should the business’s revenue model look like? How can the business attract and keep customers? If you can’t answer these questions, you won’t get finance.”
Innovative ideas are by nature ‘big picture’. They are based on the belief that anything is possible. Proper market research grounds the big picture in reality, which decreases risk for investors, and ultimately makes the business viable. “Great business ideas also don’t need to be brand new,” says Fraser. “Creating a market can be incredibly expensive because you need a huge marketing budget to introduce consumers to an unknown product or service. But, if you are offering something that is known, but solving a need or doing it better, you are tapping into an existing market. You simply need to differentiate yourself.”
Securing finance is all about proving to investors that you understand your business, you know who your market is, and you know what you are selling to them, how much you are selling, and what you will make based on those sales. In other words, you have a realistic sales forecast.
Investors aren’t going to be fooled by inflated projections either. “Using the example that there are one billion people in Africa, of whom 95% have cell phones, does not tell me who your market is for an application that lists restaurants in Cape Town,” says Fraser. “An industry and a market are not the same thing. Understand your market and then start from the bottom up.”
Do your homework
According to Daniel Hatfield, co-founder of VC firm Edge Growth, a general rule for all investors is that due diligence has been undertaken by the entrepreneur, which means – among other things – knowing where the sales will come from. “Top down thinking is great for big ideas, but the details lie in bottom up thinking,” he explains. “An entrepreneur who has researched their market, spoken to potential customers and understands what they can buy and for how much, can determine what their sales will be – and through that, how much money will actually be coming through the door. Top down thinking says, ‘I only need 1% of a R15 million market each month to make a profit’. Bottom up thinking asks, ‘How will I make my first three sales, and how will I meet the revenue target of my first six months?’” These are the answers investors are looking for. After all, they either need to see a return on their investment, or, if they are a bank, they need to know you can service the debt.
“The golden rule in partnerships is that a partner with money is very useful, but a partner who will also provide you and your team with the space, time and freedom needed to build the business is a true friend – and that friendship will stand the test of time.”
Richard Branson, Founder of Virgin group of companies
Four things funders look for
Edge Growth co-founders Daniel Hatfield and Jason Goldberg share the four main questions funders ask prospective fundees.
1. The market
Is there a great market for your product? Is it a growing market full of opportunities, or is it saturated?
2. Competitive advantage
Does your business have a competitive advantage? Do you have a value proposition that is quicker, smarter or cheaper than your competitors? Why should your potential clients buy from you?
3. The team
An idea is all fine and well, but unless it can be executed it isn’t worth much. The team is a vital component to the overall success of a business. What kind of experience do the various team members have? What does their network look like? What qualities do the various team members display, including competence, balance, high energy, motivation, determination and trustworthiness. A golden rule here is to do what you know.
4. Economies of scale
Can you start small and expand over time? Is the business scalable? If it is going to make money you need to be able to scale the idea – and you need to show how you plan to do that.
“There are never NO competitors. Tell your funder that there aren’t, and you come across as naïve, uninformed and out-of-touch with your market.”
Alexandra Fraser, Invenfin Venture Capital
Perfecting your funding pitch
If you have banged on more doors than you can count and are still receiving “no” to your funding pitch, your problem might lie in how you’re delivering your pitch. By Jason Fell
Effective elevator pitches can be crucial for entrepreneurs trying to secure funding from angel investors. The goal of the pitch – written or delivered face-to-face – is to briefly share the ’who, what, where, when, why and how’ of your business, while piquing an investor’s interest. The tricky part is cramming all of that into one explanation that, hypothetically, should be delivered in the time span of an elevator ride.
The pitch has to quickly grab potential investors, who often only read the first few sentences of a written application and then toss half to two thirds of them away. The best pitches however, describe the market the business is in, explain what problem it solves and demonstrate a track record. The worst ones fail for countless reasons.
Here are five of the worst elevator-pitch mistakes entrepreneurs make – and how to avoid them.
Mistake No. 1: You don’t explain what problem your business solves
Some entrepreneurs spend too much time talking about how their product or service works and not enough time explaining what problem it solves. People buy solutions to problems. Don’t tell an investor how your lawn fertilizer works. Tell them about their lawn.
The Fix: Share why customers will buy your product or service
If you don’t understand or can’t explain what problem you’re solving and why customers want to give you money, then investors are probably never going to want to invest in your company. Who’s your best customer? How much money do they make from buying your product? And, how much money will you make from selling it?
Mistake No. 2: You offer too many facts and numbers
Entrepreneurs often use statistics to help explain their business. While some figures – such as your sales and revenue – are important to establish a track record, don’t go overboard. Leave out the ‘step-by-step numerical proof of your market size’ and rather be compelling. Save the reams of facts for later.
The Fix: Tell a story
To capture an investor’s full attention, explain your business by telling a story. Use personal examples about how your service or product has solved a problem in your own life. Or, put the investor into your story. If you’re selling a product for people who are blind, don’t start off talking about the difficulties blind people face. Instead, say something like, ‘Imagine if you or a loved one were to go blind tomorrow…’
Mistake No. 3: You tout sales forecasts
Early-stage sales projections often don’t carry weight with investors because they aren’t supported by actual sales history. As businesses grow, revenue streams, prices and even entire markets can change, rendering preliminary forecasts useless.
The Fix: Focus on the benefit your business offers customers
To help make up for the fact that you might not have a long sales record, it’s better to explain the benefits the business will provide customers and how the company is different from the competition. Answering services companies have been around for centuries, but if yours, for example, uses technology to deliver messages immediately without the client having to call in and pick them up, that solves a problem and has the potential to create excellent revenue and profit. That’s what’s attractive to investors.
Mistake No. 4: You’re too attached to your business plan
For some investors, it’s a red flag when entrepreneurs aren’t willing to work outside the protocol outlined in their business plans. For example, you have a device that monitors electricity and, according to your business plan, you sell that device to customers for a fixed price. But, when a customer wants to lease the device instead of owning it, and you tell them you can’t do that, it might be a problem for an investor.
The Fix: Embrace new revenue opportunities
If there’s a new way to consider packaging or selling a service, a ‘true entrepreneur’ will seize the opportunity to make money. Being flexible and willing to accommodate customers when they want your service in a format that differs from what you already offer is good. The goal should be to make your product as sellable as possible.
Mistake No. 5: You discuss ownership stakes
While it might seem natural to explain how much ownership you’re willing to offer investors, don’t do it in the initial pitch. It’s like the sticker price on a car. If it’s too high, you don’t even talk to the salesman. You just walk off the lot.
The Fix: Save it for the follow-up
Details about who gets what after an investment generally come up after an investor has finished researching your company. If an investor asks about ownership terms early on, you should simply say you’re “flexible.” Remember, your goal in the pitch is to build a relationship with the investor. Get them to fall in love with your idea.
“I invest in a person who understands their subject matter and has a strong passion to succeed. I need to see big drive and stamina to know they are in it for the long haul and won’t give up when there are hurdles, disappointments and difficulties.”
Vinny Lingham, Serial entrepreneur and investor
Improve your chances of obtaining funding
Understanding bankers and knowing how credit decisions are made can mean the difference between getting a loan – or missing one. By David Bangs
Banks typically don’t fund start-ups, but there is a point where your business is generating revenue and you are ready to apply for a bank loan. Here’s a brief guide to what makes funders tick and some tips to help you navigate their world. The main concern bankers have is protecting their capital, money with which their depositors have entrusted them. Consequently, bankers are generally very conservative. Their first priority is to recoup the principal of the loan. Their next priority is to earn a reasonable rate of interest on the loan. And their third priority is that you prosper and open more accounts with them.
Your job is to provide the banker with as many reasons to feel safe as you can. You start with a loan or financing proposal – a statement of what you need, why you need it, when you need it, and how you plan to repay it. The documentation should include a description of how much you need and what you’ll do with the loan, up-to-date balance sheets, cash-flow pro formas and projected income statements. All banks have forms to help you prepare these, but using your own business plan increases your credibility.
The nuts and bolts
Applications are rejected for the following credit-related reasons:
- Too little owner’s equity
- Poor earnings record
- Questionable management
- Low quality collateral
- Slow/past-due trade or loan payment record
- Inadequate accounting system
- Start-up or new company
- Other (only 4% of rejections have other reasons)
“If we recognise red flags during the pitching process we won’t give funding. These include a lack of understanding of the industry in which the entrepreneur operates, false claims being made or misrepresentations and a misalignment between the business plan and the entrepreneur’s oral ‘pitch’.”
Keet van Zyl, HBD Venture Capital
The ‘Six Cs of Credit’
What do bankers look for when considering a financing proposal?
1. Character: Character judgement of an individual is based on past performance. Personal and business credit histories are reviewed.
2. Capacity: This is figured on the amount of debt load your business can support. The debt-to-net-worth (debt/net worth) ratio is often used to justify a credit decision. A highly leveraged business with a high debt/net worth ratio is perceived as less creditworthy than a company with low leverage (low debt/net worth).
3. Conditions: Economic conditions, both regional and national, have a profound effect on credit decisions. If the bank is persuaded that a depression is coming, it won’t extend credit easily.
4. Collateral: Collateral is a secondary source of loan repayment. Banks want the loan repaid from operating profits and inventory so you become a bigger, better borrower and depositor. But just in case things go sour, a bit of collateral makes your banker sleep better at night.
5. Credibility: Do you know your business? Can you be counted on to be level-headed? How credible are your plans? Are they a collage of dreams or a carefully reasoned and researched plan? A business plan helps you answer the banker’s questions without hesitation.
6. Contingency plan: A contingency plan is a useful financing tool. Bankers like to see that you look ahead. A contingency plan proves forethought. It is a short worst-case business plan that examines the options open to the business and how those options would be treated. Decisions made in panic are poor decisions. A contingency plan avoids panic.
“It is vital for entrepreneurs to demonstrate a pragmatic and proven approach to getting the product to market.”
Charmaine Groves, Old Mutual’s Masisizane fund
Your funding options
Need cash but don’t know where to look? Here’s a breakdown of funders:
Angel investors: Angel investors are individuals who want to support start-ups financially. They use their own funds, and they tend to back the entrepreneur rather than the business.
Government grants: There are various government funds out there, and they all have their own terms, conditions and mandates. Do your research to determine which fund’s mandate suits your business.
Venture capital: This is not debt funded (ie debt that needs to be serviced, or paid for, like a bank loan). It is funding for high-risk, scalable, tech-related businesses. Venture capitalists are taking a huge risk, so they expect large returns. You will need to prove that your business is scalable and offers those returns. Again, make sure your business suits the fund’s mandate.
Seed funding: Some VC firms will offer seed funding, which is for start-ups.
Private equity: This is a share of the business in exchange for funding, and will usually involve angel investors or VC funds.
Bank loans: Banks specialise in debt products, which means you need to be able to service the loan. If you can’t prove that you can make loan repayments, you won’t qualify for a loan. This means you need to already be generating revenue.
Bootstrapping: Bootstrapping refers to building a business without funding. Why would you need to do this? The type of funding you receive is dependant on the stage of your business. The younger your business, the greater the risk you pose to financiers. As soon as you are successful and generating revenue, it becomes much easier to source funding.
“Funding works on a one in 100 rule: for every 100 business plans we receive, one will get funded.”
Alexandra Fraser, Invenfin Venture Capital
Want Funding? Finfindeasy.co.za Founder Says You Must Learn To Speak The Language
Darlene Menzies, founder of Finfindeasy.co.za and the successful recipient of multiple rounds of funding unpacks what she wished she knew the first time she pitched her business to investors.
I clearly remember my first large pitching opportunity over six years ago. It was an evening cocktail event organised by one of the legendary pioneers of South Africa’s venture capital (VC) community, Brett Commaille. It took place on or near the top floor of the Reserve Bank building in Cape Town. One of the reasons it’s so vividly etched in my memory is that I had to climb more than 30 flights of stairs to get to it because as a chronic claustrophobe I don’t do lifts.
After reaching the right floor and catching my breath I stepped into a room full of 30 or so high net worth individuals — my introduction into the new world of Angel and Venture Capital investors.
Looking back, I wasn’t as nervous as you might expect, partially, I thought, because I had prepared well and I whole-heartedly believed in the product I was pitching. But in hindsight, I realise it was mostly because I was wonderfully naïve. There are some benefits to being a greenhorn.
The pitch itself went well, I had been briefed to keep it simple and short. I described the solution we had developed, the problem it was addressing and what the size of the potential market was. I spoke briefly about the competitors and what our differentiators were, what the business model was and shared our go-to-market plan.
I covered the size and pedigree of our team, as well as my skills and experience as the founder (aka the jockey) and ended with details on how much money we were looking for and what we would use it for. I was relieved when it was over and felt confident about my delivery.
A bunch of hands shot up, which was positive. I felt encouraged; the hard part was behind me. Or so I thought. My nightmare began when I took the first question. “Great pitch, I love what you guys are doing. Please can you tell me a bit more about the traction you are getting, what your current burn rate is and how much runway you have.” My heart sank and I felt my cheeks start getting hot.
I didn’t have the foggiest idea what he was talking about. I could tell he wasn’t intentionally trying to embarrass me, but nonetheless his VC jargon made his questions sound like enquiries about cars and airplanes or something mechanical rather than anything I was working on. I put on a brave face and asked him if he would mind explaining to me what it was he wanted to know so that I could try and answer him. That was the start of a steep learning curve as I began to navigate the world of early stage capital raising.
Six years on, the South African start-up and venture capital community has matured and grown dramatically and there are many more entrepreneur events, training opportunities, start-up competitions and pitching coaching sessions, which has resulted in some of the lingo becoming more commonplace — even so, raising venture capital still largely remains a very foreign and intimidating world for novice entrants. Back then I wished I’d had access to a practical VC-made-easy glossary and step-by-step manual as a beginner’s guide. I’ve been threatening to write one ever since.
Terms you should know when looking for funding
After surviving my harrowing Q&A baptism of fire, I starting working my way through the world of term sheets and deal negotiating and came across many more acronyms and VC-specific terminology that I had to learn to interpret and understand. Below are just a few of the terms I would love to have known about and understood before my climb up those Reserve Bank building steps. There are many others.
Deck (or pitch deck) refers to the short presentation you will give to the investors. Guy Kawasaki, a well-known American investor, recommends his 10/20/30 rule as an easy guide for your deck. He says make sure your presentation consists of ten slides, take no more than twenty minutes to get through them and use a font that is no smaller than 30 points per slide.
See guykawasaki.com/the_102030_rule/ MVP (minimal viable product). This is a product developed with the minimum features to ensure it is sufficient to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from these initial users.
Traction refers to the number of people who have already started using your product or service and provides a means of proof to the investor that people want/need what you are selling. Traction is best measured by the number of paying customers acquired over a defined period.
If you are running a business that sells products/services via subscription, then potential investors will want to know your churn rate. This refers to the number of customers who bought your product and never continued using it i.e. those you lost after acquiring them. This figure impacts your growth forecasts.
Tip: Make sure that you have built the churn rate into your forecasts so that your numbers are solid.
Burn rate refers to the amount of money the business requires monthly to cover operating expenses. You can definitely expect to be asked what your current and anticipated burn rate looks like should you receive growth funding.
Runway refers to the number of months that the business has sufficient cash to continue to operate before it runs out i.e. if you have R200 000 in the bank and your burn rate is R95 000 and you are not expecting any immediate income from sales then you have two months runway.
What investors want to know is how long the business can keep going until it has to close. Once again expect to be asked your current runway and your future runway in terms of the amount of money it will take to achieve the desired numbers.
This is a common term used to describe the kind of growth curve in a start-up that an investor is keen to see. It refers to the exponential growth of things like users or page views, but mostly to revenue, which is projected to occur once a particular inflection point is reached. Early stage investors like to invest before this point is reached and then to sell their shares once the hockey stick growth is achieved.
Related: How To Raise Working Capital Finance
Venture capitalists only plan to invest in your business for a limited time period, usually between five and seven years, before expecting to receive their returns. An exit strategy is a planned approach to them leaving in a way that will maximise their benefit and minimise damage. A typical exit strategy is a plan to sell the company once it has achieved its anticipated growth targets. In this case they may want to know who you foresee would be prepared to buy your company.
The term sheet is the document presented to the start-up by the venture capital investor once they have decided they would like to invest. It outlines the terms by which they are prepared to make the financial investment in your company. You are entitled to negotiate the terms with the investor before reaching agreement. The signed term sheet is not legally binding, unless stated, but rather it contains the final terms of the investment that will be used to draw up the legal documents for the deal. Always seek legal advice before signing a term sheet.
Do your research
My encouragement to entrepreneurs who are looking to raise venture capital is to have a coffee or two with a few seasoned founders who have already done deals in order to get firsthand insights about what to expect when you engage with VCs — from the time you land the pitching opportunity to when you sign a deal and get the money and everything in between.
The Investor Sourcing Guide
How to attract and obtain investors to your established, high-growth business.
As an established, high-growth company, you may find that you need to source capital, identify a mentor, or work closely with other affiliates to prosper. In this case, partnering with an investment holding company can be a valuable growth tool.
So, what should you do if you want to be acquired by a holding company?
1. Research everything
If you’re considering a long-term investment partnership, make sure you conduct substantial prior research. There may be many potential investment partners out there, but each has specific venture and industry directives. Get to grips with these.
Related: Is Venture Capital Right For You?
2. Be candid with yourself
The amount of capital that you need will affect which holding company you choose. In particular, you’ll need to understand what your risk profile looks like relative to the returns you expect to provide. This will also help you to source, entice, and keep the attention of the most appropriate partner.
3. Identify your must-haves
Any investment partner you choose is likely to be able to provide you with funding, a broader network, and economies of scale. Beyond these, however, you’ll need to decide on your most important benefits (must-haves), so you can target the companies that can offer you the best fit.
4. Spell out your funding plan
You’ll need to be very clear on how you plan to spend the funding you get from your investor. This plan should stipulate, in particular, how you plan to grow.
5. Scrutinise each investor
Make sure to analyse your potential investors’ investment history, so you can get a clear idea of where your interests are aligned. Look specifically at things like:
- Where investors’ get their funding
- What their investment track record looks like
- What their investment directives are
- Their appetite for risk
- The returns they usually aim for
The crux of the matter
Research is essential, no matter which holding company you hope to be acquired by. This will help you to find, attract and retain an investor who gives you the funding you need, and lends you the support to be innovative, productive, and profitable.
6 Great Tips For A Successful Shark Tank Pitch
Whilst most of us are unlikely to appear on television shows such as Dragons Den or Shark Tank there is a lot we can take out from watching these programmes.
Whilst most of us are unlikely to appear on television shows such as Dragons Den or Shark Tank there is a lot we can take out from watching these programmes. Entrepreneurs will often need to promote their businesses to prospective customers, lenders, investors, employees and even suppliers.
All stakeholders would like to know with what and whom they are dealing. They will need to assess risk and will try and evaluate the business against others who are competing for those same funds.
1Know Your Product
You should be able to describe your business within 60 seconds, in a confident and positive manner. Let the stakeholder know what particular problem your business solves which makes it viable and attractive.
Your brand and how you intend to develop it is important in determining whether they will invest or lend you money. Share critical information with them such as large customers, patents and trademarks and details of forward orders.
If you are looking for funding or investment, make sure you have the relevant paperwork to back up what you are saying.
You must have your numbers at your fingertips. A true and successful entrepreneur will know his numbers instinctively and be able to recollect and present them convincingly. Stakeholders want to know your turnover (sales) over the last couple of years, your gross profit and net profit.
Investors want to know what they are investing in and whether there is strong potential for their money to grow. Lenders will want to assess their risk — how are you going to repay the money? Moreover, you as the business owner, need to be sure that you will be able to make the required repayments.
You must know what your margin is, as this will largely determine your viability as a business. Margin or gross profit is the difference between the selling price of the goods and their cost and is usually expressed as a percentage.
3Know What You’re Asking For
Be clear as to the size of the investment you want to give away and how that determines the ‘valuation’ of the business. Therefore, if you wish to raise R200 000 for 10% of the business, that means you value the business at R2m — be sure you can back that up or you will get taken apart.
4Have a Business Plan
The best way to fully understand your business is by way of having a detailed business plan, which has been prepared whilst working through every facet of your business, from the original idea to the finished product.
As the business owner, you need to live this business plan and be able to use it as your daily guide to success. Develop it, change it where circumstances require it, but most importantly know it and understand it.
In this way, you will be able to deal with most of their questions, be they about marketing, research, international expansion etc. It is also a good idea to know your competition and what they are up to.
In most interactions, you the entrepreneur, are selling yourself. Whether it is an investor, lender, customer or prospective employee, it is their impression of you and your capabilities which ultimately determine whether they want to work with you.
Be confident, defend your position where required, as you will need to parry some blows but do not behave arrogantly.
6Learn From Your Mistakes
Many entrepreneurs who have presented to the Shark’s Den and not been able to garner investment have turned their business into great successes. You need to be able to learn from the experience, and if rejected, bounce back even stronger.
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