When a prospective investor or venture firm is evaluating an entrepreneur and their company, there are many factors that come into play. Having been on both sides of that table, it is just as hard to be the best as it is to select the best.
I thought I would outline a few simple fundamentals that any entrepreneur can implement to immediately set themselves apart from the rest of the pack when building a company and getting ready to pitch to potential partners and investors.
PlanI can always tell the entrepreneurs who took time to think things out and be thorough in their planning. We all know that business plans DO NOT make companies, and 99 per cent of the time the plan you create will never end up being what actually happens. However, the reason why planning is so good is that it shows that you have taken time to think about what you would like to happen or what could happen and are PREPARED for what might come. Remember that “luck” is not luck at all, it is “preparation meets opportunity”.
Slow down and be strategicI talk a lot about how important foundations are for any company. These are no different to the foundations of a home. Strategy is setting up the foundation for building the rest of the company and again shows that you have the ability to be forward thinking and not just be reactive. Being proactive is a trait that is not easy to master, and takes years and years of hard practice. In our crazy society of Twitter, texting, and television, it can be really hard to slow down and be strategic. The funny and counterintuitive thing is, the more you slow down and do less, the more you will actually get MORE and BETTER work done.
Do it rightThe only way to do it right is to do it right. These are words that you should live by when you want to wow a potential investor, partner, client, or just anybody when building your company. Remember that people are what will make or break your company. What they say when they are at the bar with their friends is the take away that you left with them. It takes no more effort to have a simple, concise, sexy, fun message as it does to have a boring, crummy message. At the end of the day, we all want to talk with our friends about this great company we are working with. But you have to prove to us that you are that company.
Lastly, here is a little secret….The only real difference between highly successful people and average people is EXECUTION. If you can execute upon what you say you are going to do, you will wow the socks off of just about anybody, and they will become your biggest advocate.
1,000 times more execution = 1,000 times more results.
By implementing these basic fundamentals in your business, people will stop and take time to listen because you will be different. The businesses that are different are the top one per cent and are the ones who grow their little companies into big companies. Model yourself on the Virgins, Googles, and Apples of the world and you will go far.