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There are more than 70,000 startup companies in the United States, in industries ranging from technology, biotech, direct-to-consumer, fintech and many others.
While the US and global markets hold a lot of potential for the business man, it takes a lot of resources to get a business off the ground. Even then, it often takes financial help from lenders or investors to continue.
I’ve seen many businesses come and go over the years, and from my experience, there are several qualities that determine an australiabusinessblog.com’s likelihood of success.
Related: 5 things investors want to know before signing a check
Anyone can have a great idea or a solid business plan, but it takes persistence to take your business idea to the next level. Whether it’s trying and failing in product development or sending dozens of emails to VCs, a persistent individual will use both good and bad experiences as learning opportunities.
A willingness to learn from mistakes and to continually ask questions or seek insight will propel the company into the future. Perseverance shows a willing attitude that shows VCs and other investors that you are willing to do whatever it takes to get to the finish line.
If you can not only outline the past challenges you have faced, but also document and demonstrate your ability to pivot, learn and improve when needed, you are showing investors a level of perseverance that they need before moving on.
You may be a lone wolf as you embark on the entrepreneurial journey and you need to be comfortable making decisions. Your choices determine the trajectory of your business and you should stand behind your decisions. You won’t always be right or make the right choice, but you must be willing to commit to the process.
Your decisions to solve the problem then become more important, giving you another chance to confidently take a different course of action. Decisiveness shows investors that you are ready to take charge, pivot when necessary, and make the tough choices necessary to weather adversity and keep things running efficiently.
When investors come knocking, it’s important to show that you can make the tough decisions and stand behind those decisions, even or especially when those choices impact the direction of your team and your business.
Related: Here’s what’s brewing in the minds of startup investors
As an australiabusinessblog.com, you can break free from the mold of traditional leadership and follow your interests, passions, and plans. To do this, you must have a sense of curiosity that is not easy to extinguish.
A need to know or a desire to expand prevents a company from getting old and disconnecting from the world around it. Serious investors like to see entrepreneurs seek answers to challenging questions or explore opportunities with the potential to improve processes, productivity and long-term potential.
Did you go the extra mile to get a response, increase efficiency, or identify opportunities for improvement? Being able to pinpoint specific cases of curiosity – and outline where they have taken your organization – demonstrates a willingness to reject complacency, move beyond the status quo and do whatever it takes to make their investment worthwhile worth making.
4. Team Building
Good leaders can motivate the people around them, but they are also good at developing and strengthening their teams. While the first steps of entrepreneurship are often taken alone, it is the diversity of strengths and weaknesses of a larger group that drives a company’s growth.
Demonstrating the ability to assemble a quality team with complementary talents demonstrates your ability as a leader. It also lets potential investors know that you understand the importance of teamwork and what it takes to turn a vision into reality.
Take a moment to outline not only your hiring process, but also your ability to identify and secure the best talent for your organization. Showing investors how to build and sustain successful teams, and how to bring people together in pursuit of common business goals, is key to capturing their interest and engagement.
If you’ve ever led an organization or held a leadership position for any length of time, you know that change is inevitable. The economy is changing, the market is changing, and consumers are known for changing their minds and shopping habits.
Entrepreneurship requires taking on new challenges or embracing new opportunities when you least expect them. It will be impossible for you to mentally or financially prepare for every scenario, which is why adaptability is important. The ability to rationally assess a situation, calmly and objectively determine options, and make adjustments where necessary is critical to the success of your business.
Staying static and resisting change can be sustainable in the short term, but it can also create artificial barriers that hide opportunities, hinder long-term growth and drive potential investors toward the exits.
Think about all the policies and processes you’ve put in place that have enabled successful turns in the past, or allowed your team to adapt with minimal disruption. Show investors that you not only understand the importance of flexibility, but also what it takes to switch when needed.
Related: How to familiarize yourself with change and build it into the foundation of your business
The faster you accept the reality of being a startup founder, the easier it will be for you to dedicate time to what really matters. You won’t be perfect; luckily neither is your competition. You’ll make decisions that don’t turn out so well, and you’ll have days when you don’t get everything done.
For entrepreneurs, self-acceptance is the confidence needed to keep moving forward and following your goals. It’s the boost you need to try another contract or make a change in your process. Accepting that entrepreneurship is a journey keeps good, business-minded leaders from throwing in the towel when the going gets tough.
Showing investors the ability to not only identify, but also accept and ignore past mistakes and flaws creates a degree of confidence that their future investment will be put to good use and directed toward something with real value. potential.
While you may have a strong business plan and a great product or service, you need these personal qualities to get you through life as an australiabusinessblog.com. These are usually what investors look for when considering investment options, demonstrating a level of promise (and potential ROI) they need to see before funding.