You hear a lot that investors are looking for a high-quality team to invest in. That VCs and Business Angels invest primarily in people. This is true, but the question is, how can you put together such a team? There are two options. Let’s look at the most obvious one first. You can recruit someone with experience at a VP level in a successful start-up that is related to your industry sector. This is easier said than done. You can’t afford them, and even if you could you will need to spend a lot of time and effort finding the right person. One way around this is to look for Business Angel funding from someone who can dramatically add to your team. However, you must prove your ability by generating positive results with your start-up.
This brings us to the most straightforward way to put together a confidence inducing team. You can’t really avoid it. You must be “that good” yourself. You must show proven results. This is the best way to build your team. Look at Bill Gates, Steve Jobs, Michael Dell, Mark Zuckerberg, Larry Page and Sergey Brin. These are only the big names, there are tens of thousands of entrepreneurs who followed the same path and were reasonably successful. They didn’t have a track record to help them. They managed to build confidence by building a business. That’s what you have to do.
If you are a Solopreneur or part of a founding team. You need to show your competence through actions. If you can get a successful Business Angel along the way, then so be it. However, by focusing on delivering top level results for your business you are automatically cementing you ability to make your business an ultimate success in the minds of potential investors.
By focusing on your business you are simultaneously building the reputation of yourself and your team. It’s all related. The results that you have achieved not only promote your abilities to potential investors they also act as evidence to back up your assumptions and business plan.
This traction will become the cornerstone of your pitch.
As a result, taking action now is the best way to prepare for pitching investors in order to scale your business. The good thing about it is that it’s all in your hands. You have no excuses. What are you waiting for?
Feargal Byrne is the Webmaster of http://www.lostjobstartbusiness.com/
A website that helps people who have recently lost their job to start a business.
He is an Entrepreneur with experience in the Entertainment and Software sectors.
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