At its most basic, these are the three things that any investor wants to get answered before they will consider investing in your enterprise. Unfortunately, most entrepreneurs only address one of them.
This is what most entrepreneurs focus on. Their idea. The product. The business plan. The marketing strategy. The sales channel. Manufacturing. Pricing. The website. The blog. Social media. Intellectual property protection. All critical things. And must be done right. But most people understand that, so let’s move on.
Timing is everything. Are you the first player in an unproven market? Are you the last entrant in a crowded market with an undifferentiated solution? Being too early is just as bad as being too late. Is the market truly ready for your solution? How can you prove it? As they say, “you can’t time timing.”
This my be the single most important piece of the puzzle. Why are you and your team the right group to pull off this business? Just because you thought of the idea, or are passionate about it is not enough. Do you have the ability to design the product, build the product, sell the product? Do you have domain experience in the market you’re going after? Can you be trusted with someone else’s money? Do you know what it really takes to run a startup company?
Think through these questions from an investor’s point of view. Make sure you are just as compelling on the timing and the team as you are on the product, and maybe you will be attractive to outside capital.