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Get a glimpse of what it takes to start and successfully run a business in this candid interview with seasoned business coach and author Dave Crenshaw. Discover the secrets of managing priorities, working for your customers, bankrolling an idea, and investing in future success. The course covers tips from getting started as an entrepreneur to pitching to investors and researching the competition.
Jeff: Do you have any opinion about bringing in angel investors or venture capitalists? Dave: That's a great question and really you're better off bootstrapping as long as you can, and for those that are unfamiliar, bootstrapping is that you are going to do it with your own money, with you own blood, sweat, and tears. I actually was mentored by many angel investors, and angel investors again for those who are unfamiliar are those who will make smaller investments of capital to help your business get off the ground.
I know how those guys and women think, and one of the things that they are looking for is do you have investment in the game? Do you have skin in the game? Have you extended yourself? Now that sounds really strange, but what they want to see is that you were willing to put out all of your credit cards and that you were willing to put yourself in debt to make this business succeed. Because if you are willing to put yourself in debt to make the business succeed, then they know that you are going to continue to extend yourself. You're going to do whatever it takes to make it work.
So that's the first thing that I would say is bootstrap as long as you can and then if you still feel that you need the help, then you're going to be more successful when you go to the angel investors. The worst thing that you could possibly do is start a business and go out looking for financing from someone like that right in the beginning, because either A) you're not going to get it because you haven't shown the initiative or B) you're going to get it and you're going to give up way too much of the business as a result of getting financing too early.
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