hi I’m Evan Carmichael and welcome to a special edition of ask Evan normally I
special edition of ask Evan normally I
special edition of ask Evan normally I shoot these videos in my hometown of
shoot these videos in my hometown of
shoot these videos in my hometown of Toronto Ontario but today we’re in seat
Toronto Ontario but today we’re in seat
Toronto Ontario but today we’re in seat John New Brunswick for a special edition
John New Brunswick for a special edition
John New Brunswick for a special edition this video is brought to you by American
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in the past please go check out their site I’m gonna include the link below
site I’m gonna include the link below
site I’m gonna include the link below today I’m going to answer question from
today I’m going to answer question from
today I’m going to answer question from one of our readers minutes who is asking
one of our readers minutes who is asking
one of our readers minutes who is asking about how to raise capital how to write
about how to raise capital how to write
about how to raise capital how to write a business plan and how to convince
a business plan and how to convince
a business plan and how to convince investors to put money into your
investors to put money into your
investors to put money into your business so vintage specific question
business so vintage specific question
business so vintage specific question was D reven the problem for me is that
was D reven the problem for me is that
was D reven the problem for me is that I’m an undergraduate and my total
I’m an undergraduate and my total
I’m an undergraduate and my total experience is approximately 24 months
experience is approximately 24 months
experience is approximately 24 months the biggest problem for me is to make a
the biggest problem for me is to make a
the biggest problem for me is to make a business plan for investors and then
business plan for investors and then
business plan for investors and then convince them about my capability have a
convince them about my capability have a
convince them about my capability have a great day and thanks again for the
great day and thanks again for the
great day and thanks again for the information regards vinit so thanks that
information regards vinit so thanks that
information regards vinit so thanks that much and VIN it here are my thoughts for
much and VIN it here are my thoughts for
much and VIN it here are my thoughts for you
you
you number one get some sales before I
number one get some sales before I
number one get some sales before I started on my car Michael calm I was in
started on my car Michael calm I was in
started on my car Michael calm I was in the venture capital business and looked
the venture capital business and looked
the venture capital business and looked up more business plans than I can
up more business plans than I can
up more business plans than I can remember most business plans get
remember most business plans get
remember most business plans get rejected right on the spot and you don’t
rejected right on the spot and you don’t
rejected right on the spot and you don’t get a chance to even come in and present
get a chance to even come in and present
get a chance to even come in and present your case these plans might have been
your case these plans might have been
your case these plans might have been fully written the idea might have been
fully written the idea might have been
fully written the idea might have been interesting enough but we had serious
interesting enough but we had serious
interesting enough but we had serious doubts about the entrepreneurs
doubts about the entrepreneurs
doubts about the entrepreneurs capability of being able to make this a
capability of being able to make this a
capability of being able to make this a success one of the best ways to stand
success one of the best ways to stand
success one of the best ways to stand out from everyone else is to achieve
out from everyone else is to achieve
out from everyone else is to achieve sales just get one person to buy from
sales just get one person to buy from
sales just get one person to buy from you and show investors that people are
you and show investors that people are
you and show investors that people are willing to actually pay you for what you
willing to actually pay you for what you
willing to actually pay you for what you do and you’ll separate yourself from
do and you’ll separate yourself from
do and you’ll separate yourself from ninety percent of the other
ninety percent of the other
ninety percent of the other entrepreneurs who are pitching their
entrepreneurs who are pitching their
entrepreneurs who are pitching their ideas you don’t have to be making a lot
ideas you don’t have to be making a lot
ideas you don’t have to be making a lot of money but proof that someone is
of money but proof that someone is
of money but proof that someone is willing to buy your products or services
willing to buy your products or services
willing to buy your products or services is a great first step to establishing
is a great first step to establishing
is a great first step to establishing credibility with potential investors
credibility with potential investors
credibility with potential investors number to build an advisory board after
number to build an advisory board after
number to build an advisory board after the executive summary one of the first
the executive summary one of the first
the executive summary one of the first places and investor will turn to in your
places and investor will turn to in your
places and investor will turn to in your business plan is your management team
business plan is your management team
business plan is your management team they want to know who they are
they want to know who they are
they want to know who they are potentially investing in and what kind
potentially investing in and what kind
potentially investing in and what kind of experience you have the less
of experience you have the less
of experience you have the less experienced you and your team have the
experienced you and your team have the
experienced you and your team have the harder it will be to convince investors
harder it will be to convince investors
harder it will be to convince investors to give you money one way around this is
to give you money one way around this is
to give you money one way around this is to build an advisory board talk to
to build an advisory board talk to
to build an advisory board talk to people who do have experience and ask
people who do have experience and ask
people who do have experience and ask them if they’d be willing to be your
them if they’d be willing to be your
them if they’d be willing to be your advisors they’re not liable like they
advisors they’re not liable like they
advisors they’re not liable like they would be if they were on your board of
would be if they were on your board of
would be if they were on your board of directors and the compensation for their
directors and the compensation for their
directors and the compensation for their advice is up to you often advisers are
advice is up to you often advisers are
advice is up to you often advisers are willing to join because they are excited
willing to join because they are excited
willing to join because they are excited about the future of your company and
about the future of your company and
about the future of your company and they don’t ask for any immediate
they don’t ask for any immediate
they don’t ask for any immediate compensation being able to show that you
compensation being able to show that you
compensation being able to show that you have a solid team advisors will go a
have a solid team advisors will go a
have a solid team advisors will go a long way to boost in your credibility
long way to boost in your credibility
long way to boost in your credibility and increase the chances of you getting
and increase the chances of you getting
and increase the chances of you getting the money you’re looking for
the money you’re looking for
the money you’re looking for number three pass the grandmother test
number three pass the grandmother test
number three pass the grandmother test there’s an expression within the venture
there’s an expression within the venture
there’s an expression within the venture capital industry around if your
capital industry around if your
capital industry around if your executive summary and business plan
executive summary and business plan
executive summary and business plan passes the grandmother test in other
passes the grandmother test in other
passes the grandmother test in other words would your grandmother understand
words would your grandmother understand
words would your grandmother understand the opportunity if you gave your
the opportunity if you gave your
the opportunity if you gave your business plan to her remember that most
business plan to her remember that most
business plan to her remember that most inventors are generalists they’ll know a
inventors are generalists they’ll know a
inventors are generalists they’ll know a little bit about your industry but they
little bit about your industry but they
little bit about your industry but they won’t know it as well as you do too many
won’t know it as well as you do too many
won’t know it as well as you do too many entrepreneurs fill their business plans
entrepreneurs fill their business plans
entrepreneurs fill their business plans with jargon complex industry terms and
with jargon complex industry terms and
with jargon complex industry terms and text speak so much so that investors
text speak so much so that investors
text speak so much so that investors have a hard time understanding what
have a hard time understanding what
have a hard time understanding what their companies are all about if an
their companies are all about if an
their companies are all about if an investor can’t read your executive
investor can’t read your executive
investor can’t read your executive summary once and immediately understand
summary once and immediately understand
summary once and immediately understand what the opportunity is then your
what the opportunity is then your
what the opportunity is then your business plan is going straight into the
business plan is going straight into the
business plan is going straight into the garbage and they’re moving on to the
garbage and they’re moving on to the
garbage and they’re moving on to the next opportunity make sure you show your
next opportunity make sure you show your
next opportunity make sure you show your plan the people who do not know your
plan the people who do not know your
plan the people who do not know your market and see if they can understand it
market and see if they can understand it
market and see if they can understand it before you start Christian investors
before you start Christian investors
before you start Christian investors pass the grandmother test I hope that
pass the grandmother test I hope that
pass the grandmother test I hope that helps VIN it remember if you want to
helps VIN it remember if you want to
helps VIN it remember if you want to improve the chances of investors putting
improve the chances of investors putting
improve the chances of investors putting money into your business and improve
money into your business and improve
money into your business and improve your credibility with them go get some
your credibility with them go get some
your credibility with them go get some sales build the advisory board and pass
sales build the advisory board and pass
sales build the advisory board and pass the grandmother tests if you guys liked
the grandmother tests if you guys liked
the grandmother tests if you guys liked the video please remember what’s brought
the video please remember what’s brought
the video please remember what’s brought to you by i’m extra business canada’s
to you by i’m extra business canada’s
to you by i’m extra business canada’s facebook page check it out include a
facebook page check it out include a
facebook page check it out include a link below I’d also love to hear your
link below I’d also love to hear your
link below I’d also love to hear your thoughts and feedback if you want to
thoughts and feedback if you want to
thoughts and feedback if you want to leave a comment below the video and stay
leave a comment below the video and stay
leave a comment below the video and stay tuned to the next episode
”
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