As an emerging business seeking funding, these are some of the key factors to keep in mind:
- A concise statement of how your business will generate revenue and make profit.
- What advantages does your company bring to the market so that it will be successful in competing. In other words, what is your company’s value proposition?
- How does your company leverage innovation in its business so that it will be distinctive?
- A leadership team with experience, successful track record and specific expertise. A Leadership Team refers not only to the management team but its Board of Directors and/or Advisory Board.
Although particularly important when trying to obtain funding, a leadership team is one of the most critical components of successful companies and should not be underestimated.
When people think of the most successful companies, such as Microsoft, IBM, Apple, etc. they tend to think of the person at the top. However, no one person can ever possess all the intelligence, experience, knowledge and brain power to create outstanding achievements in any business or field of endeavor. Each member of the leadership team must be coordinated with each other and function in harmony. It is the coordination of their knowledge and effort that distinguishes a successful leadership team. This doesn’t mean that everyone on the team has to think alike, but their effort, goals and energies must be in harmony with each other and coordinated through concerted, persistent effort.