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Barbara Corcoran's Four Required Elements Before Investing As An Angel Investor

Discussion in 'General Business and Entrepreneurship' started by T J Tutor, Nov 20, 2015.

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  1. T J Tutor

    T J Tutor Member

    1. Gumption

    Barbara says that gumption is an absolute first requirement. For those not familiar with this word, it represents the combination of shrewd, spirited initiative, and resourcefulness. She likens it to a mix of street smarts and enthusiasm.

    She goes on to claim that she has never met any successful entrepreneur with out it. I tend to agree with her. She has never been a favorite of mine in the entreprenurial arena, but I am all in on this with her. I've been an entrepreneur for over forty years and she is 100% on the money with this one. IMO

    Essentially you have to be quick with responses, very convincing with your posture and demeanor, really know your stuff, and demonstrate the ability to get up immediately when knocked down while showing no pain in public.

    2. A Great Work Ethic

    I think this is rarely considered by those seeking money. I worked with angel investors for 9 years in Vegas. Pairing them with projects and handling the objectives of the projects from inception through launch. I can't tell you how disappointing it was to often meet with those seeking investors and yet they were lackadaisical with their schedules, employees, and vendors. When my partner and I would bring this up to them, they often just stared at us like we were nuts. We would get answers like "all that matters is that we have a good deal for them". We would have to contain ourselves from bursting out laughing. I still run into this frequently when in discussions with those seeking investment. Be on the ball everyone, you must have exceedingly well sculpted work ethics to get the attention of an angel!

    3. A Team Player

    I grew up in a family business, the restaurant and nightclub business. My father taught us from the beginning that we are the leaders of the teams and it was up to us to see everyone was on their "A" game every day and night.

    He made certain that we should never doubt the power of the demonstration. Lead by demonstration, be a team player by demonstration. When they know you are willing to work right alongside them no matter what their chore, assignment, or responsibility, they feel your kinship, your team readiness, your spirit as a team player. They immediately adopt the same spirit and willingness to play as a peak member of the team!

    4. An Idea That Makes Sense

    Whenever I discuss (with my old pals) the days we were raising money and managing startups from inception to roll out, we always reminisce how we took analytics to the most extreme we could. Business has always started with data. Always! However, the majority of people think it starts with an idea. Not so. It is the data that tells us what will work, when it will work, and why it will work. If these elements are in alignment then a feasible idea becomes the result of analytical research. Then the idea can become a reality with proper preparation based on data.

    Think of it like this, when we in marketing decide to build a product, we look for the data that tells us the pain the eventual targeted customer has and then we build a product to relieve it. In fact, this is the traditional route taken by entrepreneurs when building a product for market. Find the problem, research the demographics, then the idea is born. The product is the result of the research data, then the idea, then the final product for market.


    How have you brought your businesses to market, to angel investors, to other entrepreneurs?


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