How Fundraising is like fishing
I meet a great number of entrepreneurs and have seen numerous approaches to raising funding.\xa0Some approach it as an opportunity to meet new people and explore another part of the entrepreneur ecosystem.\xa0Others see it as a chore that distracts from the real business such as product development, closing sales, creating the next unicorn (take your pick).\xa0\xa0 Some bring their sales skills to the process and are quite good at meeting investors, listening to their concerns, and closing the deal. Others expect the investor to be bowled over by the idea, the pitch deck, the rock-star team (again take your pick). When that doesn\u2019t happen they look at it as a failed meeting. The key is to bring your best game to the meeting and treat it as you would fishing.\xa0 In fishing you have to set the bait and be patient for the right fish to come along.\xa0\xa0 Just like you can't rush a fish to take the hook so you can\u2019t rush an investor. If you don\u2019t get a bite in one place you can move to another location or you can stay where you are and change the bait. I see entrepreneurs setting specific time schedules for their raise.\xa0 This is the same as casting the line and then saying \u201cBy 3:25 we will have our first fish\u201d.\xa0The fish rarely work on your schedule. Investors won\u2019t either. While a fisherman can throw a stick of dynamite into the waters to expedite the process, this is where the analogy ends as you can\u2019t do that with Investors. Fundraising is like fishing.\xa0It can be a joyful experience or a terrible one.\xa0It takes the right place with the right bait and patience. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today!