Well another week in the Den and just one investment made this week. So what were some of the key lessons from this week?
Make it worthwhile
If you are going to get investment you need to make it attractive to the investor. Make sure the stake you are offering ties up with sum you are seeking.
Be clear on your goal
I am often surprised that some of those seeking investment don’t have a clear goal. It’s important to know whether it is the expertise, the contacts or the money that matters most. Too often it seems like this basic goal is not defined.
Ask yourself what it is worth
We had another example this week of someone wanting to give a 10% stake and the Dragons’ wanted a 40% stake. Whilst there is a big difference between the two numbers, where might your business be 12 or 24 months from now if you keep plodding along alone and compare it against what it might be with expert help.
Don’t duck the difficult questions
In any business deal there will always be challenging questions. Answer them the best you can and whatever you do don’t duck the questions.
So what lessons would you add to the list? Leave your comments.
Since 2006 I’ve worked with in excess of 7,000 accountants and professionals in workshops, seminars and one to one helping them land their next jobs and become better leaders, presenters and business partners. Before that I spent 25 years in accountancy climbing the career ladder from Payments Clerk to FD. I’m a CIMA Fellow, Certified Professional Coach and Team Coach Facilitator.