Seeking seed capital? There's some good advice in today's Wall Street Journal story, Early Options, that can be used by any small business searching for equity or business loans.- Research Investors - learn in advance what kind and size of deals the investors or lenders are looking for that you are pursuing.
- Refine the Pitch - be able to tell and sell your story in five minutes or less.
- Learn the Business - know your entire business inside and out, not just how big the market is for your product.
- Ask for Other Types of Help - if you get rejected, ask for advice, referrals to others or office space. Perhaps the investor would agree to incubate your business.
- Build credibility - The Wall Street Journal tip is to do as much as possible on your own, though I'm not sure I agree. I think you build credibility by finding strategic partners (vendors, suppliers, potential partners) or building a board of advisors from respected professionals who have knowledge of your industry and product.
Related Tags: Wall Street Journal, small business, equity, business loans, venture capital
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