Start Ups & Money

Know these before you meet an Investor as an Entrepreneur

written by Samuel Kwame Boadu
1. Know the Jargons. Every industry has its own jargon, know them. This is important because the most likely investor in your idea will either come from the industry or have a good idea of the industry. You might not be able to impress him enough if you don’t understand the terms in the space. Just imagine how disappointing it would be for a supposed experience software developer not to know the full meaning of MVP! Some things are too basic and knowing them should be a must if you want to be taken seriously.
2 Do your maths well and understand exactly how much you need in your business and why. Imagine someone asking for a mere 50,000 Ghana Cedis for 20% equity for a tech Startup!
3. You must secure your IP especially if you are working with a developer, whether or not he is a Co-founder or an independent contractor. This is important because your developer can decide to walk away and develop the same product for himself or someone else who might eventually take you out of the trade.
For most businesses, their intellectual property is the real business but most founders either don’t know or don’t care. Don’t be this careless !
4. Prepare yourself and your business before you go to pitch to investors. Investors won’t give you their money just because you have an idea. You must bring some sort of value to the table. There must be some sort of execution and not just an idea that is still in your head. If you truly do your maths well and you factor in all the costs you need to get your product to the end-user, including marketing and legal costs, you cannot be asking for 50,000 Ghana Cedis for 20% equity knowing that it is not free money and that you will need additional funding in the future.
So, there you have some things you need to have in mind as you get ready to secure the Money Bag
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Samuel Kwame Boadu