Ideas are not enough in business and personal. There was a point in my entrepreneur journey, though, when I believed having a great idea was enough. It isn't.
I attended a breakfast meeting this morning sponsored by a local group, TechColumbus. The presenters were from Clarus Parners and they gave wonderful insights into the art and science of presenting your business for funding/investment.
As I sat in the meeting, I couldn't help but think about how much I've learned over the last 5 years. I'm pleased to be where I'm at today. One of the big lessons is understanding that you can't just rely on a good or great idea. Your ideas need a full-spectrum of attention. It runs from capital to advice.
Here are some notes from the presentation this morning:
- Know your sales trends. Are they up? Are they down. Is the trend long or short-term in nature?
- What's the real value of your idea? Warren Buffett said, "Price is what you pay. Value is what you get."
- Be realistic in your projections.
- Investors want to see that you've got "skin in the game." How much of what you've got (money, time, intellectual property, etc.) is attached to the idea?
- Funding comes when both sides see desired value.
- Surround yourself with quality advisors.