As an entrepreneur starts meeting with potential investors, you will get a lot of feedback. Some of them will be contradictory with one another. Other feedback will be consistent and start forming a trend to consider relative to your business.
It’s important for the entrepreneur to be well prepared with a compelling vision and substantive details. You need to be a great listener and not be defensive. Nonetheless, the entrepreneur shouldn’t be too willing to mold his pitch to just appease potential investors.
Angel and institutional investors have a pack mentality. They always want to know who else is coming into the deal. They know all the latest business trends and models. But they don’t know what they don’t know.
Investors have selective memories and when a deal takes off, they forget their initial objections. Every Unicorn company had many more rejections by investors than believers. Entrepreneurs disrupt by thinking out of the box. Investors, by and large, rely on a fixed formula.
So, as I raise money for TenPoint7, I will listen to all inputs and think earnestly about all feedback. However, I have a basic core vision that I will steadfastly defend — with an open mind. I will appreciate anyone who can point out any blind or weak spots. But I will also test them for their comprehension of our vision and our marketplace.
Entrepreneurs must believe to the core their vision. That sturdy confidence, in the long run, will attract investors.