Funding Sources are going to want to know with who
they are dealing. Important issues become; what are
the qualifications, experience, goals and most of
all the character of those in the management of this
venture?
Personal
Lenders and Investors are both concerned with
whether or not you have what it takes to be
successful. Highlight information that demonstrates
you have the ability to make this business a
success. Detail your education, past successes or
failures that made you stronger. Indicate how you
started this business and what makes you believe it
will be a success.
Character
Who are you? Take a deep look inside. Character is
not only about winning. It's about getting up
again and again when you've been knocked down.
Will you panic in a crisis? Will you run for cover
when things get rough? Are you the Captain that
brings the ship in against all odds? Character is
staying power!
To be a successful entrepreneur you must not only be
able to start well, but you have to be able to
finish strong. For most, running a business is a
hard road and not an easy one. Search your soul. If
you don't have this kind of character, do
yourself and others a favor and don't even
start.
<<u>Management Good management is essential. Funding Sources
desire to see that you understand your market and
have the skills to succeed. Are you a stand alone
player, or are there others helping you? If alone,
do you plan to keep it that way? Who will comprise
your management team? Give detailed resumes of all
those involved, along with a description of the
vital roles they will play in the business'
success. If your management skills or your team is
weak, take on the task of building it up in order to
support your own success, as well as the success of
your funding request.
Third Party Professionals
Listen to "GOOD" advice, and forget
"BAD" counsel. Carefully seek out and
select professionals who can help you. Do your
homework in advance of your need to avoid delays.
These legal, financial, tax, marketing, etc.,
professionals may be willing to advise your company
for a piece of the glory to come or can act as
consultants once you have the money to pay them.
Survivorship What plans have you made to ensure your
business will continue to survive without you? Have
you trained someone to take over? Is there going to
be key man insurance in place for the possibility of
illness, disability or death? Without you, can the
business continue to survive? Describe how your
management team will be able to step up and work the
plan.
