Do I Need A Business Angel?
You need a business angel if you need some money to invest in your business and if you think you could do with a mentor. Generally Business Angels will not invest in your company if they believe the company has no future and is a bad idea. If however they think your business is an innovative idea and has great marketing potential and selling ability then your are on to a good start. If you have an already established business and are looking to expand over seas for instance then a business angel might be just what you are looking for. They can come up with the finance for your and help with the expansion. Business start ups are also another area where business angels can help.
What is a business angel? Business Angels are people that have successfully demonstrated entrepreneurial flair and who are willing to help others with there money and advice. Of course this help comes at a cost and they will expect something in return. They are not stupid and would not give out money willy nilly. They will expect a stake in the business and will only invest in companies they see as worthy. Business Angels and mentors form part of a growing investment community in this fast moving and constantly changing society.
What is the difference between a Business Angel and a Venture Capitalists? Venture Capitalists usually make much larger investments than business angels. Business Angels generally will invest between £10,000 and £250,000 but will not invest regularly. Venture Capitalists usually make much larger investments generally a minimum of £2 million and they don’t often help start-ups. The type of input you get with a Venture Capitalist is more formal and more hands off but a Business Angels will take a on hands on role in management. What steps should I take to become a successful entrepreneur? • If you are starting up a business, do not do it for money, do it for the love of it. Businesses take time to set up so make sure you are enjoying what you are doing. • Make sure you know about the business you are setting up. • Be persistent – a successful business takes lots of time and hard work. • Learn from your mistakes, do not be afraid of them • Use your common sense. • Ensure the people you work with like you and you like them.
• Be self-disciplined. • Get a mentor and listen to their advice What does entrepreneur actually mean? Well the work comes from Old French meaning ‘to undertake’. However in the Oxford English Dictionary the meaning is ‘One who undertakes an enterprise; one who owns and manages business; a person who takes the risk of profit and loss’. The important things to take note of are ‘undertake’, ‘risk’ and ‘enterprise’. How do I know if I have a good business start-up idea? The key ingredients of a good business start-up idea are a great innovative idea, the right marketing opportunity, good selling ability, a realistic finance strategy, a team of experienced people and lots and lots of time. If you have all of these then you are on to a winning formula. All you will need now is a Business Angel to get the finance needed and the expert advice.
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