Market Forces & Access to Capital

  1. Need to have an incredible product or service. This is number 1 for a reason! Without this you have nothing. It’s the honest truth.
  2. Market validation is key. This helps to make your product, service and business tangible for validation and to increase credibility. Utilize customers, opinion leaders, partners, networks, stories and blogs.
  3. Understand Risk & Return. This is a trade off! You need to know the difference between a homerun vs. a blow up. Ultimately it’s hard to deal with multiple unknowns.
  4. Do you have someone to build and sell it? These two are the keys to longevity in your market. You will need to decide if you need to raise capital or find partners and/or investors.
  5. Hard to sell and position change. This is never easy to do. It’s best to over prepare. Industries, markets and investors need to be convinced that change will be substantial and long lasting.
  6. Utilize those online blogs and product reviews. These are your best critics and a free focus group. This mainly relates to technology companies and products, but blogs can act as an influencer.
  7. Networking is paramount. This is the best and easiest way to obtain guidance and learn from expertise and industry leaders.
  8. Nothing beats knocking on doors and making phone calls. Get out there and ‘pound the pavement.’ No one is going to find you customers, partners or investors, but yourself!
  9. An idea is worth nothing unless it can be commercialized. This is the cold, hard business truth.
  10. Execution is greater than strategy. The business needs to run efficiently and effectively.
  11. Sales and financial stability is needed to gain investors or to raise capital. Financial statements, sales forecasts and market assessments are required to raise capital or receive funding.

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