Richard has now had numerous experiences investing in start-ups and his message that the quality of the idea is not enough really struck with me. Early success does not guarantee the business will be a winner and there is no formula! It’s not like chess it’s more like backgammon. Sometimes external situations and factors have influence way beyond your control.
*There are two types of businesses: those that offer better execution and those that innovate.
*Investors look very closely at the person and whether they have that ‘spark’. They also look at the buy-in i.e. other investment, sales or your own sacrifices.
*Temporary setbacks are learning opportunities.
*Face your fears. When it gets tough it’s very easy to get ‘tunnel vision’, too focused on any one problem. Take time, seek external advice.
*Find out quickly and as cheaply as possible if something is viable. Sometimes you might think it’s a great idea but sometimes it’s just too hard to get people to change!
*In the early stages, you are your business. People are buying into your vision.
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