Any dream venture requires a decent investment to take off, thus making it essential to play your cards right in order to secure attention from domestic investors. The secret to acquiring the funds you need is planning and foreseeing challenges which are bound to come your way. We know that this sounds harder than it looks, so here’s a few things to keep in mind for all you new entrepreneurs.
Idea Validation
Before pouncing on an idea, there should be a thorough round validation by consulting mentors, and market analysis. Idea validation is the process of testing your idea prior to launching your business name, tagline, product, service or website. A proper validation process will help you launch the product in a better manner and help the investors see a vision in the venture. This step can also give you an early feedback of the market response to your idea and what improvements you can make before you dive into it.
Persistence
The key to investment opportunities is to be persistent about your idea. An entrepreneur’s confidence in his own product goes miles in attracting viable investors who will add value to the venture. Investors appreciate a persistent person who is willing to go to lengths in ensuring that the venture actually becomes a fruitful reality for both, themselves and their investors.
Risk Factor
Any venture which is unique comes with a ton of risks surrounding it. Understanding risk and risk management are two vital skills that all investors look for in any new entrepreneur. If you are confident enough to take risks, you will instill the same confidence in your investors.
Build a team you trust
Every successful business was built on the trust among the team pushing it forward, and not on the entrepreneur or the idea alone. You are more likely to pique investor interest if you have a team of people who are equally convinced with your business model. In order to implement the idea, an entrepreneur needs a cohesive team with complete clarity in terms of leadership within the team. Knowing that a trustworthy team is working on the idea is another key factor for domestic investors.
Homework
A startup’s success is the result of diligent homework. There’s no use in launching a revolutionary product if your market is simply not ready for it. Conducting a thorough analysis and beta testing your product, even offering it for free will help you research the market response. Be polite, informed and credible. Investors invest in owners as much as businesses, so they will need to be confident in your abilities and feel comfortable they can deal with you going forward.
Business Plan
Domestic investors in India will generally choose ventures that are backed by a solid business plan; one that includes how to manage the company even in tough times. Investors want to see a projected vision for your company as well as your fall back plan. They want to see that you have given thought to every detail required to run a smooth business-like financial projection, detailed marketing plans, and market specifics.
An investor will always look for something that is more than an ‘idea’, they need commitment and a team which is ready to take on the challenges which will come along in the process of making a venture successful. Looking for domestic investments and don’t know whom to approach? You can search for directors of Indian companies and find out more about them using our comparable data resources!
