The most important thing in starting your own business is to determine which industry to tap into. I know many people that judge their future career moves based on the financial benefits and not their real passion, which is the biggest mistake. Depending on the industry and the idea you are working on, there is a high chance that until your business becomes profitable, a substantial amount of financial and physical investments would need to be made first. The only thing that would keep you motivated is your dream, are you prepared to follow it till the end?
If you are looking into a cozy hobby-based business kick-started by your own investments that’s one story. But what if you dream bigger and without crowdfunding or an angel investor you would not be able to bring your idea to life?
I was lucky enough to be a part of the biggest tech conference in the world – Websummit that was held in Lisbon in 2018. Given my curiosity, I’ve attended multiple investor presentations and there was one thing in common among all of them. All the investors unanimously said that the company they would invest in does not necessarily need to have a strong business plan, financial forecasts or high promises for their ROI.
The main thing they are looking for is a human factor. If you believe in your dream, in your idea and your company, if you are ready to do whatever it takes to make it happen, then you would win them over. Investors, in return, would not only finance you but will become your mentor, advisor, and a valuable connection. Just make sure to pick the right investor so your position in the company wouldn’t be compromised.
Speaking of Websummit, the number of attendees was astonishing and you could meet any sort of companies. These high believers would range from various VR projects, to ‘Uber for wine’ companies (how cool would that be) or Tinder for … your dog. I would take the wine, please 🙂