Navigating the Investment Landscape: Strategies for Entrepreneurs

Summary

In the 'Let's Get Entrepreneurial' podcast, hosts Professor Gary Palin and entrepreneur Ryan Button explore investor strategies for startups. They discuss the importance of understanding different types of investors, such as angel investors and venture capitalists, their expectations, and the value they bring. The episode also covers the significance of due diligence, the art of pitching, and managing investor relationships post-investment. The hosts stress the importance of selecting the right investor over the amount of money, highlighting the concept of 'good money' and 'bad money' in the entrepreneurial journey.

Takeaways

• 🚀 Understanding investor strategies is crucial for entrepreneurs seeking to attract and engage with investors effectively.
• 💡 There are typically two main types of investors for startups: Angel Investors, who invest their own funds, and Venture Capitalists, who manage a pool of investments from others.
• 🔍 Angel Investors prefer early-stage investments, often seek personal connections, and are typically involved in the industry they invest in, which can provide valuable experience and connections.
• 💼 Venture Capitalists look for scalable business models and expect a return on investment within a specific timeframe, often involving significant investments and a detailed governance structure.
• 🔑 Angel groups are a trend where individual investors come together to share resources and make collective investment decisions, offering a more formal approach to angel investing.
• 🏢 Private Equity firms and Strategic investors are less common for startups, focusing on proven revenue streams, detailed growth strategies, and often requiring significant equity stakes and control.
• 📈 Valuation is key in understanding how much equity to offer in exchange for investment, and it's important for entrepreneurs to research or seek guidance to avoid unfavorable deals.
• 📑 A strong business model and a compelling elevator pitch are essential for attracting investors, and these should be well-documented and clearly communicated.
• 🕵️‍♂️ Due diligence is a two-way street; entrepreneurs should research potential investors as thoroughly as they expect to be researched, ensuring alignment and avoiding wasted efforts.
• 🤝 Leveraging networks for introductions can ease the process of connecting with investors, as trust is a fundamental aspect of investment relationships.
• 📝 Post-investment, managing investor relationships is vital, as it can involve significant preparation and adjustments to meet investor expectations and maintain a healthy partnership.
• ⚠️ There is a concept of 'good money' and 'bad money' in investing; it's more important to consider the source of the investment than just the amount, as the wrong investment can be detrimental to the business.

Q & A

What is the main focus of the 'Let's Get Entrepreneurial' podcast?

The 'Let's Get Entrepreneurial' podcast focuses on providing insights and strategies for navigating the world of entrepreneurship, including attracting and engaging with investors.

Who are the two hosts of the 'Let's Get Entrepreneurial' podcast?

The two hosts are Professor Gary Palin and serial entrepreneur Ryan Button.

Why is understanding investor strategy important for entrepreneurs?

Understanding investor strategy is pivotal for entrepreneurs who need financial investment to ignite their entrepreneurial spirit and transform their ideas into viable businesses.

What are the two basic types of investors typically seen in startups?

The two basic types of investors typically seen in startups are Angel Investors and Venture Capitalists.

What is the primary difference between Angel Investors and Venture Capitalists?

Angel Investors invest their own funds and often seek personal connections and high returns with heavy involvement, while Venture Capitalists manage a pool of funds from various investors and focus on scalable business models with a focus on returns within a specific period.

Why do Angel Investors usually prefer to invest in industries they are familiar with?

Angel Investors prefer industries they are familiar with because their experience and connections in the industry can provide strategic benefits and help make informed investment decisions.

What is the significance of Angel groups in the investment world?

Angel groups are informal investment funds where multiple Angel Investors come together to share the opportunity to invest in startups, collaborate on investments, and access a wider range of investable ideas.

Why do Venture Capitalists typically require a higher minimum investment compared to Angel Investors?

Venture Capitalists require a higher minimum investment because they manage larger funds from various investors and seek scalable businesses with a potential for significant returns within a specific timeframe.

What are some key considerations for entrepreneurs when preparing to approach investors?

Key considerations include understanding company valuation, having a compelling elevator pitch, a robust business model, and conducting due diligence on potential investors to ensure alignment with their investment criteria.

How can entrepreneurs leverage their investors' expertise post-investment?

Entrepreneurs can leverage their investors' expertise by utilizing their domain knowledge, network, and experience to guide the business strategy and growth, especially if the investors have a significant equity stake or board seat.

What is the importance of managing investor relationships after securing an investment?

Managing investor relationships is crucial to ensure clarity and satisfaction on both sides, prevent misunderstandings, and maintain a healthy long-term partnership, which is essential for the continued growth and success of the business.

What is the concept of 'good money' and 'bad money' in the context of seeking investment?

The concept of 'good money' refers to investment from sources that are a good fit for the business and provide value beyond just capital, while 'bad money' comes from investors who may not align with the business's goals and could potentially cause problems or even lead to the business's downfall.

Outlines

00:00

🎙️ Introduction to Investor Strategy in Entrepreneurship

The podcast 'Let's Get Entrepreneurial' begins with an introduction to the topic of investor strategy for entrepreneurs. The hosts, Professor Gary Palin and Ryan, discuss the importance of understanding how to attract and engage with investors for those who need financial investment beyond bootstrapping. They outline the two main types of investors typically involved in startups: Angel Investors, who invest their own funds and prefer early-stage ventures with high-return potential and a personal connection, and Venture Capitalists, who manage pooled funds and seek scalable business models with a clear exit strategy. The conversation emphasizes the need for a compelling pitch and a strong business model to secure investment.

05:02

💼 Deep Dive into Angel and Venture Capitalist Investment Criteria

This paragraph delves deeper into the characteristics and criteria of Angel Investors and Venture Capitalists. Angel Investors are often wealthy individuals with industry experience who invest in early-stage companies for potential high returns and prefer a hands-on approach. Venture Capitalists, on the other hand, manage larger funds and invest in businesses with significant growth potential, requiring a detailed governance structure and a clear exit strategy. The emergence of Angel groups is also highlighted, where multiple investors collaborate on decisions and share the benefits of pooled resources. The paragraph underscores the importance of understanding the investor's background and expectations before seeking investment.

10:04

🤝 Understanding Private Equity and Strategic Investors

The script touches on the roles of Private Equity firms and Strategic investors, although they are less common for startups. Private Equity firms typically invest in more mature companies with proven revenue streams, seeking significant growth and detailed spending strategies. They often require a substantial equity stake and may involve active management, which can be a shift for entrepreneurs used to a more entrepreneurial environment. Strategic investors, often major customers or suppliers, invest for long-term partnership and integration opportunities, requiring a strategic fit and alignment with their core business.

15:05

📈 Preparation and Post-Investment Strategies for Entrepreneurs

The final paragraph focuses on the importance of preparation for investors, including understanding valuation, having a compelling elevator pitch, and conducting thorough due diligence on potential investors. It also discusses the importance of managing investor relationships post-investment, emphasizing clarity and communication to ensure both parties are satisfied. The paragraph concludes with advice on leveraging investor expertise and a cautionary note on the importance of choosing the right type of investor, as the source of funding can be as critical as the amount invested.

Keywords

💡Entrepreneurship

Entrepreneurship refers to the process of designing, launching, and running a new business, which typically involves risks and requires innovation. In the video's theme, it is the central concept around which the entire discussion revolves, highlighting the importance of understanding investor strategies for those who wish to venture into this domain. The script mentions 'igniting your entrepreneurial spirit' and 'skyrocketing your entrepreneurial dreams,' emphasizing the role of entrepreneurship in realizing one's business aspirations.

💡Investor Strategy

Investor strategy in this context refers to the methods and approaches used by entrepreneurs to attract and engage with investors for financial support. The video delves into understanding different types of investors and how to effectively approach them. For instance, the script discusses strategies for dealing with angel investors and venture capitalists, highlighting the need for a clear understanding of their expectations and investment criteria.

💡Angel Investors

Angel investors are private individuals who invest their personal funds into startups or small businesses in exchange for equity or debt. They are often motivated by the potential for high returns and are typically the first external investors involved. The script mentions that angel investors prefer early-stage investments, have a personal connection to the venture, and often seek a hands-on role, which is crucial for entrepreneurs seeking seed capital.

💡Venture Capitalists

Venture capitalists are professionals who invest other people's money, usually from a pool of funds, into startups with high growth potential. They are looking for scalable business models and are more likely to invest larger sums compared to angel investors. The script explains that venture capitalists have a higher investment threshold, often requiring a detailed governance structure and a clear exit strategy, which is essential for entrepreneurs to consider when seeking substantial funding.

💡Bootstrapping

Bootstrapping is a method of funding a business initially using the founder's own money or the company's revenue, rather than seeking external investments. The script suggests that entrepreneurs should review a previous episode on bootstrapping to determine if they truly need investment, indicating that not all businesses require external funding and that self-funding can be a viable option.

💡Private Equity Firms

Private equity firms are investment firms that pool capital from various investors to purchase other companies or financial assets. They are typically not involved in early-stage startups but rather invest in more mature ventures with proven revenue streams. The script briefly touches on private equity firms, indicating that they look for serious growth trajectories and detailed investment strategies, often resulting in significant equity stakes and active management.

💡Strategic Investors

Strategic investors are companies that invest in other businesses to further their own strategic goals, often in the form of vertical integration or long-term partnerships. The script mentions that strategic investors are rare in the startup phase but can occur organically in the course of business, requiring a strategic fit and alignment with the core business of both the investor and the company.

💡Valuation

Valuation in the context of the video refers to the process of determining the economic value of a business or an investment. It is crucial for entrepreneurs to understand valuation to avoid being undervalued when seeking investment. The script emphasizes the importance of having a clear understanding of valuation or seeking guidance from experienced individuals to ensure a fair deal.

💡Due Diligence

Due diligence is the process of thoroughly investigating and verifying a potential investment to confirm its value and potential risks. The script advises entrepreneurs to understand the due diligence process, not only in terms of what investors will do to evaluate the business but also to perform due diligence on the investors themselves to ensure they are a good fit.

💡Elevator Pitch

An elevator pitch is a short, persuasive speech that outlines the value proposition of a business and is typically used to quickly and effectively communicate the business concept to potential investors or partners. The script highlights the importance of having a compelling elevator pitch as part of the preparation for investors, as it serves as the initial introduction and can set the tone for further discussions.

💡Investor Relations

Investor relations refer to the interactions and communication between a company and its investors. The script discusses the importance of managing investor relationships post-investment, emphasizing the need for clarity and effective communication to ensure both the entrepreneur and the investor are satisfied and informed about the business's progress and direction.

Highlights

Understanding investor strategies is pivotal for entrepreneurs seeking to attract and engage with investors.

Bootstrapping may not be viable for all; financial investment might be necessary for some startups.

Angel Investors are private investors who typically invest their own funds and prefer early-stage investments.

Venture capitalists manage a pool of funds and seek scalable business models with a focus on high returns within a specific timeframe.

Strategic investors, often major companies, may invest in startups for pre-acquisition deals or strategic partnerships.

Angel Investors usually have industry experience and can provide valuable connections and strategic input.

Investment criteria for Angel Investors often include early-stage potential and a significant equity stake.

Venture capitalists may replace the founding team with more experienced individuals for better operational management.

Private Equity firms and strategic investors are less common for startups and prefer proven revenue streams and growth potential.

Investors expect a clear exit strategy and detailed governance structures in their investment terms.

Networking and building relationships are crucial for gaining introductions and building trust with investors.

Due diligence is essential for both entrepreneurs and investors to ensure a good fit and avoid potential issues.

A compelling elevator pitch and a robust business model are essential for attracting investors.

Legal representation is important during negotiations to protect the entrepreneur's interests.

Managing investor relationships post-investment is crucial for maintaining trust and clarity.

Leveraging investor expertise can provide significant advantages in business growth and industry navigation.

It's vital to differentiate between 'good money' and 'bad money' when seeking investment, as the source can impact the business's success.

Transcripts

[Music]

welcome to the let's get entrepreneurial

podcast your go-to resource for

navigating the world of Entrepreneurship

in today's episode we delve into the

world of investor strategy in

entrepreneurship whether you're just

starting out or looking to expand

understanding how to effectively attract

and engage with investors is pivotal if

you're looking to ignite your

entrepreneurial spirit and transform

your ideas into

we invite you to follow our

podcast the let's get entrepreneurial

podcast is your ultimate Launchpad for

igniting ideas and skyrocketing your

entrepreneurial dreams tune in buckle up

and let's unleash the entrepreneurial

Spirit within your Two Hosts will be

Professor Gary Palin and serial

entrepreneur Ryan

button hello Ryan how are you doing I'm

doing brilliantly what about you

Professor Palin do doing very well I

understand you've got a busy day in

front of you I certainly do uh big

on-site with the client that we're

introducing to the development team so

it's exciting days over here all right

well let's do this episode and we'll let

you get back to the real world there we

go today we wanted to talk about

investor strategy now we've covered

investor components in different angles

but this is specifically truly

understanding the investors and the

strategies with approaching them and

negotiating Etc

it's good to dive more deeply into this

topic as you said we've approached it in

a couple different ways through

different podcasts we'll take this

opportunity to really flesh it out for

people assuming that bootstrapping is

not a viable component for you that you

need financing and I would recommend

anyone that hasn't listened to our

bootstrap episode to go back and review

that to see if you really need

investment but let's assume you've done

that and you need financial investment

for whatever reason there's two basic

types of in investors you will typically

be using and then there's two that

typically we don't see startups if ever

using them as more developed Ventures

but we'll touch on those also so the two

that typically you see are Angel

Investors which are private investors

they're investing basically their own

funds and venture capitalist which they

pull together a venture capital pool the

other two are private Equity firms and

strategic investors we'll touch on those

strategic investors for someone who's

not familiar with it is very often a

major company will invest in a startup

usually it's a pre-acquisition type of

deal with Angel Investors probably the

most common their expectations are they

like to have a personal connection

there's very often a passion they like

to see because it's an early investment

typically they like to see the potential

for high returns and they like a heavy

involvement in the

Venture this is a wealthy individual

that really wants to deploy their

capital in a creative way and they're

typically the ones that lead into this I

would say another typical thing of these

Angel Investors is experience in the

industry so if you're in healthcare

these people are typically retired

Healthcare Executives if you in the

music industry they've typically had a

career in music I don't often see and

I'm not saying it never happens people

investing in industries that they don't

have a very close familiarity with

Warren Buffett one of his major theories

in Investments he never invest in a

company that he doesn't

understand that's a pretty good one

someone that has experien not just the

experience but the connections in the

industry are a major benefit that's one

of the things I look for it's not a

absolute requirement but definitely it's

icing on the cake a lot of times they

can be a very strategic investor right

they can bring you into a lot of rooms

through their experience in that

industry or make connections for you the

investment criteria for Angel Investors

usually it's early stage potential

so they are the one of the first if not

the first to get in external outside of

your family friends and fools and with

that because it's a higher risk you're

usually giving a serious Equity stake

with those Angel Investors and the terms

can vary widely it's very

negotiable the terms can be huge and not

only are you giving them an equity stake

as you put it earlier typically their

involvement maybe not day-to-day but

definitely week to week is a lot higher

than other

investors Angel Investors usually

usually their investment is lower than

the barriers for venture capitalist you

might get an angel investor of 25,000

50,000 you'll see them on the high end

but typically you're not seeing them in

the million two million though it can

happen it definitely can happen but

you're right that's a rarity they're

coming in with that first money to get

viability for the company if you need

quite a serious infusion of capital and

you set your minimum too low say at 25k

be careful of not having 10 15 20 Angel

Investors because your full-time job

would be managing the angel investors

you definitely don't want to get stuck

in that

position with Venture capitalists they

will typically have a much higher dollar

amount lower threshold used to be

typically around a million but it can

creep up to two million and up it's not

their money what they've done is they've

accumulated a venture fund from either

wealthy investors or institutional

investors their job is to invest that

and provide a return to those that

invested in their fund they have a

responsibility to someone else or an

angel investor it's their money I'll

I'll add another caveat to the angel

investor group before we totally move on

and that's the Advent of Angel groups

I'm seeing this a lot more in the

investment world where instead of

dealing with one single angel investor

so an individual again investing their

own money a lot of these people are

coming together so that they can get a

higher access to investable ideas or in

investable companies and they're calling

themselves Angel groups it's a informal

investment fund if you will where they

get to hear pitches hear the ideas and

make investment decisions together and

often collaborate on those

Investments with the Venture capitalists

they very much want scalable business

models they don't want incremental

growth they're looking for a return on

their investment within a specific

period of time because again they're

answering to other people that have

invested in the fund and the patience

tends not to be as long

and their reporting is high they have to

prove a track record it's not investing

your own Capital you're hoping for a

return on the schedule of course but

they actually are responsible for kpis

how much did they invest what was the

return and what is the exact timeline

that that took place over and they also

would like to see an experienced

management team in the companies that

they're investing in and if you're a

nent entrepreneur looking at venture

capitalist you're the CEO or president

of the company

you ultimately may get replaced by

someone with more experience from their

group of people they've dealt with over

years I've never dealt with that

personally but you do hear and see that

happen quite often where the founding

team will get phased out and a more

mature team will get put in somebody

that's done that type of operation over

and over again but that's usually good

news because that means you're very very

successful and you still have equity in

the company so you're bringing more

experience people and the theory of

would you rather have a large piece of a

small pie or a small piece of a very

large pie that's the the theory behind

that so it's good news if you get

replaced and there are plenty of stories

out there of your job role changing for

the better instead of being the person

on the shopping block the CEO you're

often moved into the head Visionary role

or a role where your long-term vision

for the company is now your focus and

the day-to-day operations get handed to

somebody that's done it before and also

with venture capitalist they wanton a

very serious exit strategy Where Angels

like exit strategies but it's not as

hyperfocused as with VCS they want to

know when they're getting their money

back yes on an exact timeline often

their investment criteria are the growth

potential they make significant

Investments and there's usually a very

detailed governance structure in their

terms and often times they are available

for further Investments as well so

there's somebody to keep in mind that

this is going to be a longterm

relationship quite often and not a

shortterm burn Insurance

strategy the other two private Equity

firms and strategic investors we'll just

touch on them quickly because it's not

very applicable to most of our audience

from my gathering of our interactions

private Equity firms they're almost

acting like a very sophisticated

investment backer and oftentimes they do

fulfill that role for the fund they are

the investment banker per se for the

fund that they're representing yeah and

then not going to get involved in

startups they want to see proven revenue

streams they want to see potential for

improvement so you should have a very

serious track record of growth but you

also want to show them how that's going

to keep that trajectory growing forward

not to move flat they tend to look in

the longer investment

Horizon they also want a much more

detailed and this is not the other

investors don't but a much more detailed

how this money is going to get spent

strategy upgrading a piece of equipment

that has a very definite purpose or

increasing a sales team by this exact

number of people and maybe even the

salary ranges they're going to go into I

also understand that very often you're

going to give a very significant Equity

stake when you're going to a private

Equity Firm this is not in small single

digit

percentages yes often times as well as

some control of the company whether that

actual Equity State comes along with it

or whether it's a board seat something

along those ones there's definitely

active management and at that time a lot

of entrepreneurs are uncomfortable

because you're moving from more an

entrepreneurial EV venture to more ofel

corporate structure you probably are

that's a good way of putting it a lot of

entrepreneurs that are uncomfortable

with that and they would like to exit at

that point which is fine because you

still own your Equity so you're getting

your return at that point

for those who aspire to go higher in

their entrepreneurial Journey we got

something just for you coming up

next are you ready to unlock your

entrepreneurial potential introducing

the Janice entrepreneurial report your

personalized road map to success in just

minutes discover your unique strengths

and areas for growth whether you're a

season business pro or just starting out

the Janice entrepreneurial report will

help you identify and leverage your

entrepreneurial Tendencies don't wait

visit prosper.com and start your journey

to success

today now let's dive back into our

journey of entrepreneurial

insights strategic investors are

somewhat rare but if you have say a

major customer that's utilizing your

firms very often they will invest in

your company to help with the growth

there has to be a strategic fit it's

usually a long-term partner ship and

it's integration

opportunities that is typically where I

see it is it's vertical integration so

it's somebody that you're supplying

getting supplies from that you're really

closely tied into and they see the

opportunity so this is typically brought

up organically in the course of business

and a lot less going out and seeking

these opportunities and there definitely

has to be an alignment with the core

business with the Strategic investor and

the company they're investing in without

a doubt you're going to be not only

investing in that company But continuing

to work with them on a daily or weekly

or monthly basis preparing for an

investment is something I wanted to talk

about you have to understand valuation

if you're not familiar with valuation of

companies I would do a deep dive in

research understanding valuations and or

bring in someone with experience that

can help guide you through the valuation

if it's the first time

around understanding that is a good way

to not get rip off not saying that

anybody's out there to rip you off but

just having an understanding is a great

litness test for what a good deal is an

okay deal isn't a great dealers there's

so many nuances on that if you're a

newbie if you will those nuances can go

right over your head that could be

disaster down the road also you want to

be very cognizant of having a very

compelling elevator pitch when you're

preparing for the investors and you want

to have a very robust strong business

model with without a doubt and to be

able to show that business model so it

documented somewhere not only in your

head where you know how the systems and

processes work but actually written down

and can be communicated very clearly

very often the pitch deck is sent to the

investors before you ever get a chance

to meet with them that's the opening

line that's the digital elevator pitch

because I've know we've done an episode

on elevator

pitches approaching investors you have

to understand the due diligence process

so understand they're going to be doing

due diligence on you but you should do

it on them do a deep dive into who these

people are that you're approaching

before you approach them you want to

make sure you're targeting the correct

investors for example if there's a

venture firm that doesn't touch early

stage Ventures well you're wasting your

time connecting with them is they are

not going to invest in you do research

on them on what type of Investments some

just do technology some deal in just in

healthcare understand what their history

is I see that as a huge one actually

because quite often there are many

Gatekeepers if you will before you

actually get to talk to somebody that

can make a decision on investing or not

investing and those Gatekeepers don't

typically answer really any questions

doing your due diligence on just as you

said this is a healthc care investor I'm

not in the healthcare industry this is

not a worthwhile conversation is really

on you I can't tell you how many

startups I've dealt with that have

wasted quite a lot of time and effort to

get to that first conversation and it's

like slamming the brakes of the car

they're really excited the energy is out

they feel like they're pitching and the

second their business structure gets

laid out it's oh I'm sorry we don't

invest in your industry exactly we have

spoken quite a bit about networking and

building relationships as you're

developing your business this is where

there really is a payoff where cold

calling is not impossible with investors

it's much more difficult or I say it's

an easier path if you have your network

that can give you an introduction it's

all about trust nobody's going to give

you an investment if you haven't built

that trust up and being referred is a

very easy way to come in with a little

bit of trust already built yes and it's

securing the deal you want to have

developed your negotiation tactics and

or bring someone in that has experience

with this because there is a lot of

landmines that can be laid out that

you're not even where you're stepping

into that's exactly right I've actually

had the privilege of doing that for

multiple startups as well when they get

to that point coming in and helping

present their technology in a way that

can be easily understood by the investor

so that we can create Clarity on that

with securing the deal whether you

understand that or not I would say make

sure you have legal representation

someone that has tremendous amount of

experience in dealing with the

legalities of these structures and have

your own representation don't use the

Venture capital's legal repres

presentation right the post investment

strategies I want to touch very quickly

is managing investor

relationships I had a former student

that I was speaking with he was telling

me that was the most difficult part his

thought was he had the quarterly

meetings with the investors ahead board

seats and he said he spent a month

preparing for the meeting and then a

month recovering from the meeting trying

to implement what they asked him to do

and he said he had very little time to

actually run the business because of of

this so you want to get very clear on

what the managing relationships are it's

not something you want just to take for

granted right and that goes two ways you

might be the one that's having to do

this stressful month before and

stressful month after because of

implementation and expectations but you

want to make sure that that investor is

happy as well so that they're not the

one feeling like they don't know what's

going on or you're bombarding them with

information Clarity is key in that

process an unhappy investor is not a

good thing no it's not especially if

you're continuing to grow yes and if

they have a very large Equity position

you have a problem that's right the flip

side of that though is with post

investment strategies if you've

identified your investors properly that

have domain expertise leverage that

investor expertise don't be afraid to

use that because that's one of the big

assets that they bring to the table so

utilize that after the fact after the de

is done often times that's the reason

that you should be picking your

investors is because they have that

expertise and you're able to leverage

their years of experience or their

Network or their expertise in what

you're doing that should be a serious

criteria you're considering before you

get to the point where you're thinking

about can you leverage it or not are

there any final thoughts you have before

we wrap up regarding investor strategies

I have one very clear final thought and

and I say this from a point of view

where I didn't take this seriously early

on in my career and I not that I regret

it but it definitely made a difficult

time for me and that is when you're in

the place that you're seeking money it

seems like there's no money out there

and that you need to grasp at whatever

is available and I will tell you from

experience that there is plenty of money

out there and it is far more important

where it comes from than how much comes

in it's more important who gives it to

you than how much they're giving yeah I

recall when you were in college having

this conversation with you and I defined

it as there is good money and there is

bad money that is a concept that's very

foreign to people but bad money is

coming from someone that is not a good

investor they're going to be very

problematic and it could be the demise

of your business if you take money from

the wrong person or people without a

doubt please keep that in mind if you're

listening to this on that note let's get

entrepreneurial

let's get

entrepreneurial as we wrap up another

episode of the let's get entrepreneurial

podcast we extend our gratitude for your

presence and attention your dedication

to the entrepreneurial Spirit fuels our

passion for creating this podcast check

out profs docomo resources and courses

designed specifically for innovators

like you stay on The Cutting Edge by

following us on Spotify at Apple podcast

YouTube and other platforms as it is

released until then keep the

entrepreneurial flame burning

[Music]