Today, two investors politely refused

I hold the computer wandering in the north wind Whistling Street, translucent black silk wrapped legs every 5 seconds tremble once, in order to improve the impression points and teeth cold really silly can. The terror of the original loneliness, is even their own to deny their own desolate.

I am not a so-called Internet analyst, and I rarely blend in with the plethora of internet gossip groups. I just hope that by writing this personal experience of the article since self-pity, can be renewed gas morale, the rise and smile to greet more "sorry."

Let me first summarize the 101 reasons why investors reject you.

Reasons for rejection on the table such as: The market is too small (imagine too little space), the target user group is too small, the demand too small frequency too low, the demand is vague, the business model is vague, the business model is not established, the product barrier is not high, the team lacks the execution ability, the team lacks the XX experience talented person, the homogeneity product excessive competition environment is bad, The market takes a long time to nurture, and so on.

And put in the heart of investors to reject the reason, then a lot simpler, summed up a sentence: "Since no other organizations interested, then why do I vote." ”

Well, you are not haha Ha Gan smiled three, is not think I understand the special concise incisive.

I think I am a reliable person, I was very dismissive of those in front of the investors in the rhetoric of their own omnipotent, fabricating a variety of other people's verbal investment intentions, every day to clap their breasts have been photographed chest muscle entrepreneurs. I always feel that their ambition is to cheat a few money, they to cheat money even their real career down, how sad. But now that I'm in this situation, cheat money is also a part of entrepreneurship, like a person in the workplace and in love to reach the success of the way is parallel, there is no shortcut to go, even if you are sitting in Tsinghua Park 100,001 flat properties of the tyrants, and beauty dating when the palms sweating and knives and forks in addition to time is too short, Or will be mercilessly kicked open. In short, financing is a required course for entrepreneurs.

In order to avoid the whole article only spit no dry goods, I am here to organize the next few weeks with the investors to fight the experience, perhaps simple or even ignorant, just want to give the same small partners on the entrepreneurial Road some reference (negative lessons). Or that sentence, the following is purely personal point of view, to attack the criticism of the circle of friends say please don't let me see.

Generally, investors have two criteria for judging a project: Things Are & people.

It is a matter of common meaning:

In the industry's overall market size is incremental, that is, more and more demand, the cake is getting bigger. This increase may come from the growth of the market itself, and more from the subversion and growth of the new economy, which has been replaced by the Internet/mobile Internet in traditional industries. Comment: This condition 99% entrepreneurs are satisfied.

The competition in the industry, can not be too fierce or too cold (human nature, human nature). If it is too intense he has no confidence in your strength, is not intense is your vision has the problem. Comments: The most perfect state for investors, is "foreign just began to have such a pattern, which XXX project has completed the first financing," and then in the heart secretly like to step on the fast hate.

Business model is clear, to be simple, light, not heavy. When the topic goes to the "How to do" question, investors usually want the team to have "give me a lever I can provoke the whole Earth" such a sharp point of entry, in short, the smaller the team the better, the simpler the better the model. And why? Because the internet is not playing 35 of Yinianbanzai, and then make the world around them to turn things! Yes, Google Apple is such a myth, not only to countless cock silk entrepreneurs weave a night to become tyrants dream, but also deeply affect many investors to judge the standard business model, after all, the value of the Internet is to replace the heavy traditional mode, so that information symmetry demand docking, process more efficient.

Here I want to go into a personal experience. As for the business model, I was once plunged into deep depression. Talk about ads. They are not stable, said that with the user fees they said you TM reality! It is best not to say that you want to do electricity business, to really do also change the name of individual under the packaging, or please consider retreat a few days seriously reflect on whether to do the electric business. Because in the eyes of many institutional investors, the electric business is not necessarily the business of earning money until the coffin is exhausted. And the complexity of the electrical business, coupled with the fact that Jingdong has not yet been profitable, can imagine how investors are not optimistic. If you do the vertical electric dealer of the sketch class self-financing, that also does not need to look for the investment organization to waste the time.

Early adopters how to get, that is, upfront marketing strategies and traffic access channels. If you are doing a product for the user, then investors naturally care most about the user's access costs. The first thing they want to hear is this: you yourself = target users, you can understand the needs of the target users, access to information and media, social circles and lifestyles, and so on, if you are already a "circle" of opinion leaders that is more perfect. The seed user group is an important part of setting the tone of the product development, while the certainty means failure. So when investors throw out the problem, they actually want to hear if you know enough about the target audience, and if they have enough confidence to make a product that makes them clap and scream.

The key question: How much money can you make? Some investors have a very "pure" financial background, graduated from prestigious institutions directly into the investment bank, belong to the computer can subtraction 7 digits above the heterogeneous. Talking to them is a game of mental arithmetic. There was an investor who looked me in the eye and said, "Honey, with your ability, why don't you do some jewelry or a car sale?" If you want to sell the car, I'll give you the money! "It's really a fight against weakness. Comments: When you encounter digital problems may be unavoidable Gao, but should not draw the pie to draw the pancake, you are an apple to sell the level of shouting that to sell Apple Computer, investors are not fools. The reason I have been rejected by several investors is the question of how much money to make. Alas, the original honesty is wrong, conservative is wrong, modesty is also wrong. (Turn around and wipe the tears)

Wrote here to realize how the code so many words! Sure enough nonsense is a mishap, I'm sorry everyone, next I bring high efficiency!

The people in the investor's eye are reliable, usually referring to:

Background of the founder and core team. Like the halo of a big corporate Director-level position, once a successful project experience (continuous entrepreneurs will often add points, when working as a reliable product will also add points), on the target market industry knowledge accumulation and rooted degree, even including Master's MBA education abroad background, etc. are counted the strength of the category. However, the word strength is in fact the most ironic, about big company executives out of business fiasco cases countless, in the high level of the general will inevitably puny. Some of the investors I think are reliable, will be the "strength" of this matter, interpreted as a team overall learning/grasp the ability of new things, the future trend of the sense of smell and judgment, collaboration and execution ability, whether the fastest speed trial and error, whether the ability of the next heart to the product and experience to achieve the ultimate.

The founder's self-cultivation, conversation and social skills. I'm not going to start talking about this, in the previous PM version of the paper I mentioned that the product manager's own self-cultivation and force level will determine the product's genes, user audiences, community atmosphere, and modifiable else. Investors in the face of the entrepreneur, you can determine whether the person is the best person to do this, temperament determines the height of the product, the gas field determines the strength of leadership. In short, the founder of the best is a clever and passionate, both good at words and humble honest, both experienced big storms and willing to start from scratch for the young. Speaking of which, can you understand why I wear the black silk thigh curve in the cold?

Ability to manage and control the team. That's why the executives at the top of the listed companies, or above, once they announce their business, the investment crowd queues up to the North Bund. If you are young and have no experience in managing a team of more than 30 people, this is a disadvantage. Then you say it's not fair, young people are more passionate and understand the market, those who are accustomed to the first class and star hotel in the big guys can be more grounded than you! I can only stretched to tell you, seriously you lose.

Above, I have roughly finished. If you think you've got a perfect score for each item, go back to the 101th argument above: If you don't get any term sheet (investment letter of Intent), the full mark is useless. Investment industry is the rhythm of Renlaifeng, you are not anxious I am not anxious, you are anxious I will be more urgent. Anyway, hurry up!

Finally, I would like to say that, because they are rookie's sake, about financing there are too many vomit, although the slot useless:

Some investors are talking to you and making very detailed notes, wishing to write down every word. Why, because he is unfamiliar with your field and takes notes. Since unfamiliar, that is to say, the possibility of casting you is not high, so do not wait for their phone to wake up AH Hello!

Each organization has its own investment style, before meeting may investigate the enemy. For example, some institutions like to cast turtles, some like to make quick money, some of the taste is a mishap, some only follow the bandwagon never lead, some people silly money like adventure, some often bullying good at the price, some are only willing to devote energy to "the next Billion dollar Company" is not you anyway.

Almost every investor will meet to say "we make decisions quickly", "Your early project is open to discussion" and so on, and in fact, even if the amount of investment of hundreds of thousands of yuan, from oral offer to cash to the account, enough to let the teenager wait until white head. In short, never let their rhythm to dominate you, it is necessary to exert pressure on them.

Do not need to become good friends with investment managers, they sell you the possibility than to help you melt to much higher than the money, do not think that with the "industry" nightly gossip sleeve near the success of nearly a step, wake up, ni think they sell Amway Ah!

One of the classic dialogues on the negotiating table: "x Total, my project has been introduced, do you have any questions?" X always looked at the PPT for 30 seconds and said: "How are you talking to xx organization?" ”

Investors are most concerned about the way and the amount of exit, although they do not recognize the face, like to talk about what ideals ah, social development Ah, human progress ah, but at the very best promote everyone's progress is money AH money! If your project goal is not tens, or billion-dollar deal, then I'm sorry, you will be labeled "Angel Project", "small but the United States" such a label, become institutional investors dispensable spare tire. At this point, it may be that individual and small angel investment funds are more suitable for you, because they do not expect you to go public, as long as the second round of the sale even if the success of the money will not be less.

Rei said he looked at the project to see the team, focus on the most important, to be able to calm down to the user a certain demand service to the extreme. To tell you the truth, I agree with you, if it weren't for a stubborn lunatic, how could it be an epoch-making event? However, focus and the small audience is only feather, such as my innocent and foolish venture beginner, has been all the way investors slashing poured cold water.

Confidence vs negotiation skills, in fact, as long as you have enough self-confidence, negotiation skills, because your gas field is so strong that the other people feel that you are not a good bully, you are not a must. Imagine the love of playing hard to get, play the coquettish cool, ah, you can certainly!