Having a great idea is only the first step for many entrepreneurs. To get that idea or concept off the ground and into production will, in most cases, requires some form of investment. It is not merely the idea that investors are interested in, but also certain character traits in entrepreneurs that could be the deal breaker.
1. Tenacity and Determination
The path to success is anything but easy. There can and will be setbacks; investors want to know that they are investing in someone that won’t give up at the first bump in the road. It is critical to demonstrate your vision, enthusiasm, and focus. Talk about the problems you have faced so far, and how you solved those problems. Demonstrate to the investor that you have the capacity to be flexible, and are capable of finding solutions. If they like your product, then your determination and problem-solving abilities will create credibility for you.
2. Passion for Your Product
Whatever your invention or idea is, you need to demonstrate total commitment and faith in the product. The entrepreneurial mind has a tendency to be constantly thinking, generating new ideas and concepts and sometimes, when faced with an investor, the temptation can be to throw in other ideas to impress. Unfortunately, this is probably the worst thing that could be done, as the investor will think that you don’t have total belief in your invention.
3. Listen and Take Criticism
Whenever an owner talks about their product, it can be very easy to become defensive and automatically bat away any objections or flaws pointed out by a potential investor. Although it is your invention, learn to become open minded and banish that tunnel vision. After all, investors are successful because they can see an opportunity to maximize their ROI, so listen carefully to what they are saying. If during your presentation you dismiss every suggestion, criticism, or idea the investor has, they will not be particularly inclined to work with you. They need to see and believe that you can cooperate with them, and as a part of the process, develop into a success story.
4. Deliver on Time, Every Time
Investors are serious people that want to work with other like-minded characters. If you make a commitment to deliver a product or to perform a certain piece of research at a specific time, then make sure you deliver on that promise. Your reputation is critical in life, but even more so in the business world. If anything, under promise and then over deliver. You need to win the trust of investors by demonstrating that you are reliable. Otherwise, they will simply walk away and find someone else. Think about any business that failed to deliver a product on time, how did it make you feel? Did you want to keep working with them? It is very easy to lose a good reputation, and even harder to recover from a bad one.
Novel Coworking is a forward thinking business that works with a wide range of small businesses and entrepreneurs. We pride ourselves on being at the cutting edge of current business thinking and practices, and are always creating new articles on our blog.