By Patty DeDominic
Look closer and think
about some alternatives that might enable you to save a huge percent of your
equity. Perhaps the right question
here is WHY DO YOU really need to raise that seed capital? Perhaps the real challenge here would be to
raise ADVISERS who can help you develop your plan for gross revenue increases
and help you leverage your contact base for more creative ways to accomplish
what needs to be done.
You’re a tough,
resourceful and capable entrepreneur.You’re probably known as an expert in your field yet global competition,
technological changes and government regulations all add up to tremendous
pressure and challenges for business owners ready to grow. It’s hard to pick perfect partners. Just
think of the marriages that end in divorce in spite of how great the honeymoon
was. It’s impossible to know it all and none of us has built an empire without
a virtual army of supporters, contractors and subs on our team.
Given that you are a
pro—If you are like most successful small business owners I know—you are also
working hard to please and stay a few steps ahead of demanding clients and an
empowered management team. Add to
that the pressures of your real estate needs, be they physical on main street,
virtual online or on Google’s first page, raising and investing your capital
assets for higher returns and it’s a wonder that you are still standing!
Smart entrepreneurs
know not to make promises they can’t keep, nor can they sustain months of
burning the midnight oil. I just don’t
want you taking on another Master in the form of a hungry investor or business
partner who may not be as passionate about your mission as you are. Sometimes it seems like we are on a
treadmill and it’s impossible to hop off without a catastrophe.
That’s why I think
you need a strong Advisory Board for your growing enterprise if you are going
to SCALE it. But WHO and HOW are you
going to find, recruit and enlist them? I would like you to identify at least one thought leader or futurist in
your field and connect with them. Add to
that your banker or other top CPA or financial brain, a legal brain, a customer
advocate, a people expert and a digital marketing guru. With these skills you can make money and you
just about have your village. Find
wise advisers by referrals. Start with
your banker. Your top local insurance
agents usually have a fabulous Rolodex since so much of their business comes by
formal and informal referral systems and high level networking.
Instead of shopping
for investors, shop for brains and bring
them together to brainstorm innovation and the low hanging fruit that each sees
after you share your mission and vision for your future. I want you to develop a smart, strong and
profitably sustainable company.
When you
do, you will find investors approaching you and the “sales pitch” will have to
be theirs, not yours.
Let me know if you
wish to hear more information on our Advisory Board services.
DeDominic & Associates
does this with teams as small as two and up to 10 “board” members.
Email me at Patty@dedominic.com
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