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Mistake
It is a mistake to approach an investor without a plan and/or a track record. "Mr. Bell, after careful consideration of your telephone invention, we have come to the conclusion that it has no commercial possibilities."
Business Plan
Without it, an investor will have a hard time determining how they are going to profit from their involvement - as J.P. Morgan did after seeing a demonstration of the telephone. A business plan is like a blueprint for building a house. The more detailed - the better. You can't appear like you don't know what you're doing when talking to a potential investor. It doesn't inspire confidence even if you have a great invention. Investors Position
You are not the only person looking for an investors money. An investor has a lot of options and choices on where they are going to put their money. You have to anticipate and prepare for their questions. It's easy for anyone to find out that ninety-three percent of inventions fail to make a profit, which is enough to concern any investor. But investors also know that successful inventions, or inventors, can make fortunes. Do It Yourself
It also allows you to thoroughly understand all aspects of your planning so you can confidently provide answers to questions about your plans. Investors put their money where they are confident about getting a profitable return on their money. They are going to put their money where they are confident in the person(s) involved. Inspire Confidence
Confidence is the major objective of your plan. It is really a compilation of answers to questions. The more answers you have the more confidence people have in doing business with you. Connections
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