The Great White Shark
When trying to get funding for your business, you are dealing with a Great White Shark. The Great White Shark is someone who will come in and invest the money while taking equity, but doesn’t want to do a lot of work. You have to be careful with Great White Sharks so they don’t take too big of a bite of your company. Ask yourself, “On top of the money, what else do they bring to the table, what is their expertise? Where do they addvalue?” Money alone isn’t enough to create a successfulbusiness model.
As Richard Branson says, “Investors need to bring more than just money.” When looking at investors, Branson suggests looking at what the investor is going to bring to the table and what level of input into decision making they will require. The last thing you want in your business is to have an investor with different or conflicting values than yours. You need someone who will give you the freedom to run your business without questioning your decisions. Branson suggests you ask yourself, “Will this person or group give us the space and time we need to build a great business?”
When you meet with a Great White Shark, you need to bring your “A” game. You need to be highly confident, agile, ready for anything, and extremely nimble. The Shark may put you on the spot in the most unusual way. Not because they can but because he wants to see how you react. Your reaction determines your overall style in business. If you are radical, panic or freeze, it shows how you will react under extreme pressure. Be yourself and be on your game. Confidence is the key with the Great White Shark as there often is no right or wrong answer, only your answer.