As an entrepreneur, the excitement when once an idea is born and moves from your brain to reality is unmatchable. The joy of knowing the creation is your own original idea and the possibilities of what potential the idea can bring into your life is actually, what makes the pains of being a starting entrepreneur so wonderful. As much as this excitement is encouraged as it helps one to move to carry on with the idea and others in future, it is this stage of your life, career or invention that determines whether you will break free from the rat race or not.
Most entrepreneurs get too high on the birth and actualization of an idea that they forget some important factors that actually get the money flowing to you. Once you have your idea or invention fully documented or in theory, the next step naturally is to look for business partners. You have the brains but you need the money.
As an entrepreneur, the fact that you need to convince the venture capitalists cannot be understated. First and foremost, you need to understand that it is not the lack of creativity or the viability of your idea that may make the sharks turn you down. It is simply the optics: they probably do not see what you see in your idea or invention because it is not well communicated to them. When dealing with venture capitalist you do not need to speak the language of an entrepreneur, an engineer or a developer. You need to speak the language of business. For them, the question in their minds you need to answer is “Is there a return on my investment?”
Seize any opportunity you can to improve your business etiquette. You can find help business seminars or taking classes in an online mba program. Keep your entrepreneurial spirit but equip yourself to be as business ready as possible.
What you need to do to answer this pertinent question is deal with the optics. Simply get a prototype and a professional one at that. You have spent enough time and money on birthing your idea and you think you cannot afford more. Well, you can afford it because there is definitely huge return on your prototype investment. Find out how.
As mentioned venture capitalists and businessmen are not inventors they do not understand the technicalities of your invention unless you explain it to them. Heading down to such a meeting with a well-written proposal and a prepared speech might work, but it is too huge a task for them. You want to make their work easy. Choosing your invention to invest in should be easy as pie for them. Instead of explaining it to them, let them see it, hear it, and feel it. It is all in the senses that allow them to be on the same level with you.
Certain things look good on paper but they collapse once they are put to practice. In theory, everything may work out but once you create the prototype you realize some major flaws. These flaws are repairable and as the inventor, you know exactly what to do and what need rectification. Now, imagine the embarrassment of having your invention collapse in front of your investors.
Get a prototype instead and get rid of the risks and flaws early.
The more you create the more you learn. You will not learn much by writing down ideas on paper. When you create prototypes, you get to research and learn. You see things in action. The lessons learnt here are invaluable and benefit you in future projects. If you want to land it big, then learn big. This only comes when you practice, practice, and practice! Remember practice makes perfect.
The homemade prototype is fine for your learning and fine-tuning your design. It does not cut it when you take it to the presentation table. You will be addressed the way you will present yourself, so get a professional prototype. You can give the professionals your own prototype for them to work with. When you go for business, you want a fine presentation. It shows you are an expert and you are serious even if it is your first time.
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