How to Convince People to Invest in You
In order to be successful, you need to do more than just design a good product. You need to be persuasive.
Entrepreneurship is defined by Harvard Business School professor Howard Stevenson as "the pursuit of opportunity beyond the resources you currently control." Sow what does that mean?
It means that in order to be successful, you need to do more than just design a good product. You need to be persuasive.
In other words, why should I go to the prom with you instead of him?
Three key stakeholder groups are asking you this question: customers, employees and investors. Why are customers better off buying your product? Why are employees better off working for you rather than with an established company? Why should investors part with their money? Is this a real opportunity?
The bottom line, Stevenson tells Big Think, is that entrepreneurs have to be able "to convey a future vision of the world and then help people believe that vision of the world is possible."
So how do you go about this?
Stevenson breaks this down to three things you need to demonstrate.
1. What I am doing is important. I am not just setting up another lemonade stand.
2. I'm not going to waste your money. Investors not only want to make sure their money is well-managed, "they also want to know that the amount of money is sufficient to get you to the next stage, whatever that stage is," Stevenson says.
3. I will show you a good time. By good, Stevenson means a range of things. First and foremost, "if I ever see a sign of somebody that is willing to cheat the government or cheat the customer or cheat their wife or whatever, I want to run away as fast as possible," Stevenson says. So demonstrating a strong moral background is vital.
Morality is also not a simple matter.
Do you have to disclose every aspect of your life, like the kind fo car you drive or what your religion is? Stevenson says you need to be "reasonably forthright about the risks and the opportunities." And while many people gloss this over, "I think credibility comes when you say 'I’ve thought about the risks and here’s the way I will overcome them,'" says Stevenson.
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Meteorologists propose a stunning new explanation for the mysterious events in the Bermuda Triangle.
One of life's great mysteries, the Bermuda Triangle might have finally found an explanation. This strange region, that lies in the North Atlantic Ocean between Bermuda, Miami and San Juan, Puerto Rico, has been the presumed cause of dozens and dozens of mind-boggling disappearances of ships and planes.
Nazi supporters held huge rallies and summer camps for kids throughout the United States in the 1930s.
- During the 1930s, thousands of Americans sympathized with the Nazis, holding huge rallies.
- The rallies were organized by the American German Bund, which wanted to spread Nazi ideology.
- Nazi supporters also organized summer camps for kids to teach them their values.
A Bund parade in New York, October 30, 1939.
Credit: Library of Congress
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Tea and coffee have known health benefits, but now we know they can work together.
Credit: NIKOLAY OSMACHKO from Pexels
- A new study finds drinking large amounts of coffee and tea lowers the risk of death in some adults by nearly two thirds.
- This is the first study to suggest the known benefits of these drinks are additive.
- The findings are great, but only directly apply to certain people.