By Bigg Success Staff
Bigg Success in Business
Most businesses need some outside financing to succeed. Yet attracting capital isn’t always easy to do. Money people – angel investors, bankers, venture capitalists – bet on jockeys, not horses. They bet on you, not your business.
That’s not to say that you don’t need a good business idea to attract outside funding. Great managers in troubled industries usually lose the fight. Good managers in great businesses will probably do just fine.
So financiers definitely do consider the “horse” as well.
However, all else equal, it’s the “jockey” that wins the race. So they ultimately put their money behind you.
What’s your track record?
Ideally, you’re seeking financing because your business is already successful and you need money to take it to the next level. If that’s not the case, don’t despair. If you’ve successfully run a similar business before, your odds are still good. It’s also important to maintain a good credit score.
How will you handle adversity?
Your financiers will be trying to determine how you will respond during the inevitable tough times. They want to know that you will work with them, not keep them at bay. Discuss how you overcame past hurdles to put their mind at ease.
Can they work with you?
This is the ultimate question. They want to feel like the chemistry with you is good. You will listen when they offer advice. You will cooperate with all reasonable requests. You will care for your interests by watching out for theirs.