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If your idea could be brought to market for $75,000... you might even find an "angel" right here on CD.
Worse, is that those who might know the bigger hitter or someone in the cycle (like that semi-retired Patent Attorney who is actually involved in such every day that I alluded to) will dismiss you out of hand (somewhat like I did) as being woefully amateur and clueless.
I wish it could be brought to market for $75,000 because then I wouldn't need an investor.
Why are they going to dismiss me? Are you talking about my post here? Not sure what your reasoning is on that.
Rich, not picking on you just trying to offer some constructive criticism.
I believe in the past I have made some comments abotu you needing to be more clear in what you say.
No problem, I'm glad to receive constructive criticism.
You're right about needing to be more clear. For example in a previous post to this thread I said: "I've worked in IT for 20 years and my innovations are *really* good."
I should have said. I get tons of ideas all the time. Most of them I dismiss after a little pondering. Some I make a note of and ponder further. A few of those I find are really good. When I talk with people about the really good ideas they agree and find those ideas exciting.
I got two more rejections from investors today. And a tongue lashing from a VC that didn't want to help me work on a business plan. You might think that would get me down. But, not so. It made me realize something very important.
People say there is no one right business plan. But, I disagree. There is, it's the one that convinces an investor to invest. And there is a one right plan for each investor.
So, you must know the investor and you must create a plan that is just right for that investor. There's a problem. You need to work *with* the specific investor to come up with the right business plan.
Here's the catch 22. Investors want you to have a business plan before they will talk to you. But, you really need to talk with them before you can create the right business plan.
Actually, there is another one right business plan. The one that will make the business a success. And it may be different from the business plan that gets an investor to invest.
Hmm... No one has come up with anything better than this?! It's no wonder the recovery is taking so long.
I hear you out on this one- I hate it when a customer tells me just to shoot over numbers to him or her.
It is really throwing the cards against the wind.
Makes you just want to scream.
Listen sit down with me for five minutes let me learn a little about you and then we can formulate a plan.
basic 101 of sales - looks like it applies to all business applications
wow it really surprises me that a vc would not want to do the same meaning you learn a little about what is important to them so you can tailor make the proposal for a favorable outcome - then everyone is happy he or she makes money and so do you....
makes too much sense for america these days
Check out the micro seed funding companies like y-combinator, techstars, seedcamp etc.
Usually they have funding conventions where you go and pitch your business idea. If they like it then you get some funding, usually 10-20k. Since its like a small convention there are many connections to be made. Even if your idea doesn't get the funding you may be able to find someone in the crowd who is willing to do private funding. Plus its good to hang around with like minded people.
When it comes to investors I think most are looking to invest in projects that are similar to the ideas they have in their head. They just don't have the time to start the project themselves so they are looking for other people who have a similar idea to fund. If your idea doesn't somehow connect to their ideas then it will be a no-go, regardless of how good the idea is.
Have you watched "America's Next Great Restaurant"? If not, I would recommend at least watching the first pilot.
America's Next Great Restaurant - Full Episodes and Clips streaming online - Hulu (http://www.hulu.com/americas-next-great-restaurant - broken link)
I've been down that road on many occasions and despite what you may think - the business plan and initial data is ABSOLUTELY CRITICAL. Any investor will take a look at this first before anything else and if you don't hold their interest for more than 30 seconds, it's over.
The tricky part is if you make it too broad, the investors won't know what you're trying to do. If you put in too much data and info, they get bored and move on to the next. Finding that balance is difficult and the key driving point is what will set your business apart from everyone else who has come before you.
Approach it like your daughter asking you for a $50,000 loan. You have to wonder a) what will she do with that money b) does she have a good history of managing her finances c) is it a good investment as opposed to handing that money to your son instead. If your business plan doesn't address these three things, then it's about time that you look for more help in putting one together. It's worth the money to hire some professional help because you're asking for money based on faith and nothing else really.
I got two more rejections from investors today. And a tongue lashing from a VC that didn't want to help me work on a business plan. You might think that would get me down. But, not so. It made me realize something very important.
People say there is no one right business plan. But, I disagree. There is, it's the one that convinces an investor to invest. And there is a one right plan for each investor.
So, you must know the investor and you must create a plan that is just right for that investor. There's a problem. You need to work *with* the specific investor to come up with the right business plan.
Here's the catch 22. Investors want you to have a business plan before they will talk to you. But, you really need to talk with them before you can create the right business plan.
Actually, there is another one right business plan. The one that will make the business a success. And it may be different from the business plan that gets an investor to invest.
Hmm... No one has come up with anything better than this?! It's no wonder the recovery is taking so long.
Good grief. You're looking to borrow untold thousands from an investor and you don't have a button-down, airtight business plan? God help you.
Here's the thing. A VC wants to know two things and two things only: Will It Work? and Will I See A Return? He might want to know the mechanics of how it works here and there, but you pretty much need to have all that figured out already. If you don't, you've just wasted his valuable time.
It is totally cost effective for young entrepreneurs and self employed professionals to keep their business running smoothly. They are no longer suffering from financial, man power, time and geographical constraints. All these obstacles can be solved by having a virtual office. All the businesses can be operated from just anywhere and everywhere. Time is not wasted on traveling as web conferencing and offshore meeting can be done easily. As per my view this is the one right business plan to have.
It is totally cost effective for young entrepreneurs and self employed professionals to keep their business running smoothly. They are no longer suffering from financial, man power, time and geographical constraints. All these obstacles can be solved by having a virtual office. All the businesses can be operated from just anywhere and everywhere. Time is not wasted on traveling as web conferencing and offshore meeting can be done easily. As per my view this is the one right business plan to have.
Not. A VC asks for your business plan and you say, "I'm going to operate out of a virtual office?"
Oh that's sure to open up the purse strings.
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