Today is the first day 2011 Chinese New Year and here is one of the most important tips when you are building your online business:
1.) Get to know as many VC as possible even if you dont want to raise any money.
2.) Get an appointment whether casually for a cup of coffee or as a former business meeting to show them your business plans and introduce your business.
3.) Ask them for their honest and direct opinion + advice.
Good VC can provide critical feedback to your business and helps you refine your business model. Dont take a defensive stand for any bad comments instead reevaluate the comments to see if it fits. Sometimes even the best business plan can have some small foul. So keep an open mind and just remember the final decision is still just yours.
Good VC have seen many business models in and out daily and their results, so they do can give some really comments and facts. Some business is good to make money but it cant become another IPO success story. I have had many such small biz plans along my career in China, all of whom can make damn good money but never a another Baidu or Taobao. My VC friends are the one that pointed these to me and it got me to refine my biz models and business acumen.
*However it is good if you have a business that can make good money even if it can go IPO maybe there can be an M&A opportunity as well.
Usually if you meet the right VC it can help you perfect not just your business plan but also your pitch and presentation. Most of the time when I m presenting to them ... I dont really need their money but just wanted more feedbacks and comments. I hit the Jackpot with 2 of my business plans and it got funded from day one because they just fell in love with the business which i had angel incubated it. This is one method that I had always use to perfect my business plan and to see which business I should put my money into. A BIG THANKS to all the VC that had helped me along the way.
*ANGEL INCUBATION will be another Tip I will be talking more about next.
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