1. Making ASSumptions
It’s true, assumptions make an a** out of you and me. Knowing your investor and your details will help you avoid assumptions. Having a little humility will, too. If you are like me, you don’t like looking like you don’t know what’s going on. Sometimes it seems better to make something up rather than admit that I don’t know. But, in the end it’s always better to say “That’s a great question. I will find out and get back to you.”
Tip: I actively look for those little things that I can follow up on. When an investor asks me for something that will give me an open door for another conversation, I take it! No harm, no foul and I will get another chance to build an even deeper relationship with my investor.
2. Making promises you won’t keep
If you end up having to get back to your investor on a few details or something as simple as following up to set the next meeting time, jump on it and over deliver. Over promising and under delivering is a big red flag for most of us. Imagine how bad that looks to an investor who is wondering if you will be able to deliver on your proposed business deal.
Tip: Practice under promising and over delivering in the small areas of life then it will come more naturally when you are live with the investor. As a bonus, your other relationships will appreciate it too. 🙂
3. Talking too much
We all get very passionate when we talk about our new businesses. Your passion is a really good thing. Its part of being an entrepreneur. Don’t lose it or abuse it! Sometimes my passion can become overwhelming to the person I’m talking to. Especially if I forget that they have things to say and ask. Just remember to be careful and listen more than you talk. Like my Grandma said, “God gave me two ears and only one mouth for a reason.”
Tip: Listen. I mean, REALLY listen! Your investor meetings are about your investor, not you. This is your time to listen and learn what motivates them. If you can understand what they need, you will have a much easier time building a mutually beneficial partnership.