Businesses go on to be successful in every ramification of their build but what is the driving factor behind the success of businesses is the amount of funding it can get.
Let’s face it, even if you have a million and one brilliant ideas as an entrepreneur but do not have the money to carry out and implement these ideas, they would remain just ideas and you would be stuck with it. that is why you need to, in addition with your management and entrepreneurial skills, develop a skill set for fund raising because the extent to which you can raise funds would determine the growth rate of your business. For young entrepreneurs, we have the starter pack to better fundraising below.
1. Be determined, very determined.
This is the strongest tool that you need to develop within yourself to be a better fundraiser. This trait is not taught in schools but rather borne out of the passion and dedication you have to your business and your desire to see it grow. You have to develop a thick skin to rejections because those are sure to come in business. After facing one or two potential investors who have turned down your idea, don’t give up on it just yet. There could still be one out there who would see the light in your idea.
2. Patience
According to Paul J. Getty, patience is the “greatest business asset” and you need to “wait for the right time before you make your moves”. These men have been in business for a while and I think that is enough to make us treat their opinions as gold. As we have written above, some financial institutions and investors can really be a thorn in the flesh but if you are just patient with them enough, they might have a change of heart towards your project. They may take longer time to review or approve your proposal but don’t go haywire on them. Stay calm and be patient.
3. Sense of business
When you go to investors to present your business ideas for investment, they are not only reading the detailed book that you have placed before them but also reading you like an open book to determine how much of business sense you actually have.
They would not want to give out their money to someone that is new to the business, hasn’t learnt the ropes or isn’t even committed to the cause but just wants to make some quick profits and fold. Rather, come off as learned in your field, competent and well equipped to handle any curves that the business throws you and you would be gaining their trust the more.
READ ALSO: 7 Beginner Lessons Every Entrepreneur Needs
4. Sales skills
What is a business that does not make sales? And how anyone dare call themselves entrepreneurs when they do not even have good sales skills?Investors want to have a good return on any investment that they make and this is where your selling skills come into use.
READ ALSO: 10 Important Skills Every Entrepreneur Needs
You must be able to sell the idea perfectly to the investor, make them know what they are getting into and how much their investments would be yielding. Don’t try to spice things up by flattering the idea or projecting unrealistic ideas because this would end up in them discarding you.