If you’re looking to get your business off the ground, but are in need of substantial funding and are looking at venture capital options, be sure to follow the top 3 tips below for your future meetings.
1. Don’t say you’re going to be the next big Facebook, Twitter, etc — you get the picture
While you may be incredibly excited about your new business idea and have all the fury, passion, drive and clear communication to get your point across, avoid dropping the “next big” line at all costs. It is too often that entrepreneurs become delusional with their expectations and have visions of grandeur that far exceed the reality of the situation. Make sure to stay logical with your goals and communicate them in a clear and concise way to VCs. Although it’s quite possible that you’ll amass great success along the way, it’s important to take calculated steps to get there.
2. Get over the notion that someone is going to steal your ideas
This happens more often than one can count and is detrimental to moving any idea forward. While making sure to trademark and copyright your work is crucial, it doesn’t mean a thing if you don’t know how to act on it. The truth is, millions of people around the world have ideas. The question, however, is if they’re going to do anything with it.
3. Listen to the input of others
It’s easy to get hung up on your idea and to shut out other people’s opinions. While many individuals along the way will tell you that your idea simply won’t work, it’s important to differentiate between those that come with a great deal of industry and investment experience and those that are just acting from fear. Be prepared to listen to the advice you receive from venture capitalists and resist the urge to argue with them from the onset.