If you’re a startup founder, then there’s a good chance that now or sometime in the near future you’ll be approaching angel investors. Of course these investors want to see your passion, your drive, and your integrity. They’re also going to want to see these specific essential qualities in your work and your team before they’ll begin to think about making an investment.
If you don’t really know what you’re doing, then this tells the angel investor that they’re going to be doing most of the legwork on the pitched project. This is why almost all angels want to support experienced entrepreneurs who have already walked this journey and know what obstacles to expect along the way.
If someone is “coachable” in modern terminology, this means they are willing to listen to critical feedback. It means they are willing to acknowledge their mistakes instead of covering them up. It means they are willing to stop for a moment, learn from an experience, and then apply that knowledge to future situations. Angels who have their questions interrupted or don’t receive complete answers are not likely to make an investment.
3. Team Players
Angel investors like to build teams. Sure – it’s fun to be bootstrapping it as a solo entrepreneur, but how much success can honestly come from that? Being a team player means you know how to work smarter instead of working harder sometimes. It also means you’re placing the customer on a pillar to know what it is that they want.
If the founders of a business don’t really believe that they can succeed, then why should the angel investors who have been approached? An authentic faith in the outcome of the business can go a long way toward establishing confidence in an idea and this helps to establish the hope of a bright future for all parties involved.
Maybe there isn’t a college degree hanging on the wall. Sometimes the best entrepreneurs haven’t even graduated from high school. Yet education is also a deciding factor for an angel investor because it is evidence of commitment.
There are always exceptions to these rules, but the average angel investor isn’t going to gamble with their cash. They’ll play the odds and look for these specific qualities. Why? Because it’s the best chance to limit risk while receiving a return.
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