7/9/2021 Tip: How & Why to Boost Your Credibility | Growthink

7/9/2021 Tip: How & Why to Boost Your Credibility

Today’s Quote

“Successful people are always looking for opportunities to help others.  Unsuccessful people are asking, ‘What’s in it for me?’”
~ Brian Tracy

 

Today’s Tip

Skeptical and pessimistic people (including venture capitalists) are skeptical of grand claims. Hence why you should avoid superlatives (e.g., we have the world’s best management team) when speaking with them.

But you should also avoid other grand claims and bolster your credibility wherever possible.

For example, having a financial model that shows you are going to grow from $0 to $100 million in revenues in 3 years is generally going to be frowned upon. Since achieving such a feat is extremely rare.

Conversely, by researching the growth profile of similar firms, you can come up with more credible forecasts that will escape skepticism and show investors you really understand the business and its potential.

Likewise, you can boost credibility by getting customers. One of a VCs greatest concerns is whether you’ll be able to acquire enough customers. Proving this early on significantly enhances your positioning and chances of raising VC dollars. Even if you don’t have a product or service that’s ready for customers, there are things you can do. For example, you can get alpha or beta customers. Or, at the least, you could survey customers and show VCs survey results and testimonials from customers saying they are seeking the precise solution you are building.

 

Today’s Resource

Why 91.2% of Companies Fail to Raise Venture Capital

Do you need funding to grow your business?

On this page, I reveal my proven strategy to raise $1 million (or more) from venture capitalists.

When you go there, you’ll learn why the old way of raising venture capital no longer works and most companies fail to raise VC funding.

And more importantly, I’ll show you what IS working today.

How to Raise Venture Capital <– 

 

Trivia

Today’s Question: In 1996 what overtook Coca-Cola as being the most well-known brand name in the world?

Previous Question: Which drink was named by its inventor after rejecting the first six names that were suggested?

Answer: 7-Up was the final name after the inventor rejected the first 6, which included “Bib-Label Lithiated Lemon-Lime Sodas” and later “7 Up Lithiated Lemon-Lime.”   

Fortunately, the inventor, Charles Leiper Grigg, kept going until he knew he had the right one.

 

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