Thanks to the The Business Post for their continued support and coverage of The Entrepreneur Experience.
24 hours of raw honest engagement from Irelands most exciting entrepreneurs, amidst the backdrop of Ballymoloe house. The event is in a league of its own.
Article Available here07bm2017-04-02...
Why not win today!
Every month Broadlake will post a series of quick winning tips to bring you closer to your goals, whatever they may be! We all need triggers to keep us focused and moving forward. Find words or phrases that work for you, stick them on a post-it on your computer and remind yourself each time you log-on to resume driving towards your goals. Here’s 3 ways to win in May from the Broadlake team!
1. Be a Detective: Keep asking questions
“The important thing is not to stop questioning.” – Albert Einstein
Don’t let the inquisitive kid inside disappear. As a kid, you were a sponge of information, learning at an unimaginable pace.People are sometimes afraid to ask questions out of fear of seeming “stupid.” And yet the smartest people on the planet are often the ones who ask the most questions. Humans learn by asking questions. We innovate, gain deeper insights and identify problems by asking questions. If you stop asking, you stop learning.
2. Be a Creator: Create every Day
“Everything you want is on the other side of fear.” – Jack Canfield
Try. Fear is self-sabotage. It stops you creating, engaging and succeeding. The only true failure is not trying. The measure of success is how we cope with disappointment or failure. How you get back up, learn from past errors and drive forward clearly without fear.
3. Be Bold: Put ideas into motion
Over the next four years, we will be bold. We will be willing to experiment. We will not fear failure.” -Matt Blunt
Believe in yourself. Dedicate yourself to getting your goals done. Drive forward with purpose, plan well and build momentum to make your ideas a reality.
With Every Investment or Partnership we enter, We’re looking for the same ingredients.
As investors we look beyond the business itself. We search for entrepreneurs we can work with. Success to many investors goes beyond a return on investment, and looks to the growth achieved by collaborating, creating, innovating and contributing as a result of the business partnership. A good partnership goes beyond reaching an end goal, it is encapsulated by the journey of getting there. That shared drive and collaboration that enabled the business to reach that point.. We look to 5 simple things when evaluating a company to invest in:
A Top-Tier Team
An entrepreneur needs an army. Our evaluation doesn’t begin and end with the entrepreneur, instead it looks at the team you have and how they’re positioned to make your business prosper and become a leading player on the market. We’re looking for a team that has the necessary domain expertise to guide you to the top. Does your team provide a knowledge base boasting skills in sales, marketing, product development and general operations? Is there a level of chemistry and trust established that empowers the team to move forward in sync? A strong team provides a strong platform to execute, if you nurture and empower yours investors will take notice.
Show you’re business has a proven business model. Investors are in a game of risk. You make an investors job far easier if you can de-risk the opportunity at hand and show that you’ve taken action and began building a business. Show data that supports your claims, show progress that backs up your ambitious pitch and provide an exhaustive amount of research and insights on the market that reflects your commitment and initiative to make this business succeed.
The Right Fit
Broadlake don’t just invest in any enticing business. Most investors have criteria established for the types of companies they look for. We look at the stage of your company, the industry and market attractiveness, the entrepreneur and the genetic makeup of the company. It has to be the right fit, for the entrepreneur, for the investor and for the company to succeed. At Broadlake we may look at 50 opportunities a year but we may only choose just one. If just one is right then one is the right number to do.
Trust is vital. It’s difficult to measure and harder to build but it remains the single most important thing in any investor relationship. Without trust, we spend the entire relationship looking over our shoulder, walking on eggshells and second-guessing everything. This relationship isn’t healthy, it corrodes morale and can destroy your business.
Trust is a two way street in any investment. The investor must trust the entrepreneur and the entrepreneur must trust the investor. The partnership must be built upon this. When entering a business partnership use your intuition, get a sense of whether you can walk together in the same direction to achieve your business potential.
Your story sets you apart. It provokes connection and resonance with those you speak to. When faced with an investor, your story paves the way to their heart and mind. When telling your story be honest and candid.Stories inspire when they’re based in authenticity, don’t oversell and exaggerate, or be somebody you’re not. We want an insight into who you are, and how far you’ve travelled on your journey, the challenges you’ve faced and how you’ve overcome them.
These 5 ingredients help instil trust and confidence in what you’re presenting to investors. Whilst different investors will likely place different weights on each component, their importance is universal. Before you meet with a potential investor be ready to discuss these aspects in detail, with confidence and honesty. Build a relationship that builds a business.
Check out what Pete has to say on what entrepreneurs need to consider before seeking investment on episode 1 of SketchLabs below!