What are mistakes to avoid when pitching your startup to investors?
It is not at all easy to pitch your idea to potential investors. You need to be confident without being too smug and passionate but not too excited. Most investors have been in the game longer than you’ve been alive. You’re not expected to know everything from the very get-go. However, most investors do value certain traits of young entrepreneurs and know how to spot someone with a lot of potential.
Following are the mistakes that you should avoid making while pitching ideas to investors.
Showing up unprepared
Most investors tend to lose interest and cut a meeting short if the entrepreneur is unprepared. At least, you must have a pitch deck which states that you have put actual efforts and didn’t just arrive emptyhanded. Do your homework and go. This will also help you know what it is you wish to accomplish and not make a fool out of yourself in the process.
Know your investor
It is always advisable to know your investor before going for a meeting. Believe it or not, they will know whether you know them or not. Some general knowledge of the investor shows that you are serious about the deal and will go to extents to make the deal happen. Additionally, it is a nice way to boost their ego and let them know that they are important.
Don’t ask Investors are impressed seeing young entrepreneurs take matters in their own hands sometimes. However, you don’t have to wait to raise millions of dollars just to execute ideas and plans. In fact, there are more chances of getting a loan from investors if your plan is already in action.
Always keep in mind that investors are way more than just an ATM machine for your startup. They want to help you grow and see you succeed as much as you do. This is because they benefit from it as well. Thus, do listen to their feedback, especially if they have knowledge in the field.
Confidence is all you need. Once you have done your homework and know what you’re talking about, investors will pick up on those traits and you will outshine from the rest of the crowd.