Articles

How to wield influence during a meeting

From the entrepreneur’s standpoint influence is effectively demonstrated through the application of:

1.    Calm self assurance
2.    At least a working knowledge of the topic in hand
3.    A positive manner, positive attitude and . . .
4.    The ability to listen to every other person (the potential investor might be there with advisors) who wishes to voice an opinion.

Similarly you, as the entrepreneur  have a perfect right to expect others to listen to you in a dignified, calm and mature way.

You don’t have the right to expect their agreement.

However, you do have the right to expect respect.

You can tell the potential investor that you don’t feel you’ve been given a fair hearing but be certain of your facts re this. Be prepared to show evidence.

One of your obligations is not to interrupt the potential investor unnecessarily. Another is to give everyone (the potential investor and their advisors) the opportunity to complete their statement, however tedious it might be. It’s polite and constructive not to interrupt somebody.

Politeness is not an outdated view and never should be, regardless of age or experience for both entrepreneur and investor.

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As an entrepreneur, what does the term ‘active participation’ really mean in a practical sense?

Active participation by the entrepreneur is crucial. Without this, the meeting is useless and both time and money are wasted. I’d class that as a feeble meeting. Avoid feebleness at all costs. Otherwise the memory will be so negative that the potential investor will be reluctant to attend in future. Moreover if obliged to attend, they will be as uncommunicative as previously. Possibly even more so. All in all, negative reinforcement.

So does this mean that a business meeting needs to be entertaining in order to succeed?

Certainly not! Effective participation means that both the entrepreneur and potential investor felt valued. This is demonstrated by their contributions being appreciated by each other. Sounds good on paper, but what about the practical reality?

The most effective, and fortunately uncomplicated, way is through your actions The most important being that the potential investor’s opinions are not met with derision. This is easily achieved by listening patiently. Note patiently, not endlessly!

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How to tell which business angels are an appropriate funding source for your company

The simple answer is ‘use your intuition’. Although simple, it is relevant – but it’s far from the whole story. Intuition can be an unreliable friend. So don’t rely on it entirely. There are other aspects to consider.

An angel investor might be a great opportunity to gain an advisor. So do your research. Is this person looking to just invest cash without any hands-on involvement – or can they contribute significant experience, knowledge, and networking opportunities, as well as the cash you need to grow your business and help you the entrepreneur?

Ideally you’d want both. Practically though, you might not get both in one individual. Fair enough. Under such circumstances you might want a suite of investors: some who contribute both cash and expertise, and others who contribute just the cash. You can never have too much cash, whereas it is possible you can have a surfeit of advice.

Advice is ideal if it is relevant, of course, but can be problematic for you the entrepreneur, if there is disagreement on advice between two or more of your business angel investors. Sooner or later you’ll end up being a referee, and that way you are bound to upset one of them, or all of them.

So to reiterate, ideally you want more that one business angel. Both provide cash and one provides expertise.