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My FundingUniverse colleague, Josh Bruni, sent me a link to Hot Shot Business. It is a sweet game created by Disney and the Kauffman Foundation. Hot Shot Business is an interactive game that teaches entrepreneurial skills to children. Props to Disney and the Kauffman foundation for teaching the value and excitement of entrepreneurship early on. Executives at Disney and the Kauffman Foundation obviously understand they are influencing the next generation of entrepreneurs. Way to go!
As you know, investing is a risky business. Learning from the words of successful investors can provide insight into how to be successful in your own right. Take time to read the words of wisdom from the following investors .
“Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful.”
Warren Buffett
“Wide diversification is only required when investors do not understand what they are doing.”
Warren Buffett
“My foundations support people in the country who care about an open society. It’s their work that I’m supporting. So it’s not me doing it. But I can empower them. I can support them, and I can help them.”
George Soros
“We want these assets to be productive. We buy them. We own them. To say we care only about the short term is wrong. What I care about is seeing these assets in the best hands.”
Carl Icahn
“Don’t congratulate us when we buy a company. Any fool can buy a company. Congratulate us when we sell it and when we’ve done something with it and created real value.”
Henry Kravis
Entrepreneurs can be inventors but inventors are not always entrepreneurs. An inventor has the keen ability to find a problem and find a solution. An inventor often lacks knowledge of the business world to take their product to the market. They should surround themselves with individuals with the business acumen to take the idea to market. Some individuals possess the qualities of an inventor and the business knowledge necessary to take the idea to the market. These individuals are entrepreneurs.
Look at the list below. While it is not a complete list it should give you an idea of some of the qualities of an entrepreneur and investor. Notice the similarities and differences in the qualities of each list.
| Characteristics of an Entrepreneur
Business savvy “A real entrepreneur is somebody who has no safety net underneath them.” |
Characteristics of an Inventor
Excellent at locating problems “An inventor fails 999 times, and if he succeeds once, he’s in. He treats his failures simply as practice shots.” |
Have you funded a company you found from the FundingUniverse website or a Speedpitching event?
If so, let us know about it. How did you find them? Share your story with us.
Contact briana@fundinguniverse or call 877.638.3616.
Entrepreneurs: FundingUniverse wants to recognize your diligent efforts. Share with us your story of how you successfully raised capital. You could provide insight and inspiration for other entrepreneurs. Email members@fundinguniverse to tell your story. You can also call 877.638.3616.
At the Thursday, May 24, 2007 weekly chat, Jeff Jordan gave entrepreneurs tips on how to pitch. Jeff provided information on the key areas that should be addressed when preparing to pitch to angels. These areas included:
Jeff discussed each area in detail. He provided entrepreneurs with valuable guides and hints to make the most of an opportunity to pitch to investors.
Note: All of our weekly chats are recorded. Entrepreneurs who are part of our AngelReady membership program have the option to attend the live chat or listen to the chat later from the weekly chat archive.
Research could be the most important aspect of your preparations to locate funding. Why? In short, besides impressing investors, the research you perform may provide insight as to whether your company has the potential to be successful.
Research can and should be conducted in the following areas:
Target Market
Product Research
Competition
These are just a few suggestions to get you thinking about how research can help you to focus your energies. There are many other areas you will need to research if you want your company to reach success.
Most investors have strong investment preferences. Preferences based on the industry, the stage of the business and how much capital needed are all important investment preferences. An additional preference, the location of the company, also seems to play a role in your decision to invest in a company.
Industry expert, Bill Payne, entrepreneur-in-residence at the Kauffman foundation explains the importance of location. “Angels have typically traveled for all of their business careers, so more business travel is not particularly appealing. Furthermore, angels are often retired businesspersons and part-time investors, so attending Board meetings in the morning, leaving time for playing tennis or golf in the afternoon, is attractive. Overnight trips to attend Board meeting and meet with company officials in portfolio companies is simply not as appealing as engaging with local entrepreneurs. Finally, the motivation for some angels to invest is to help the local economy and therefore local entrepreneurs. Appreciating this motivation helps the entrepreneur better understand the local investing style of angels.”
Do you agree or disagree with Bill Payne? What is the farthest away you could be from the company you invested in?
Our FundingUniverse weekly chats are always outstanding. However, this week’s chat may have been one of the most valuable to entrepreneurs.
Many of the business plans on FundingUniverse do not necessarily need capital from angel investors. Our presenter, Brian Harris, discussed other sources of funding. Brian gave details about the information entrepreneurs need in order to apply for each of the following types of funding:
FundingUniverse can help entrepreneurs connect with these other sources of funding. AngelReady members login to your account. Check your archive to listen Brian’s advice. If you are not an AngelReady member, register now so you can learn more finding capital for your business.
