Raising money has always been a burden for anyone looking to embark on a new business venture….and inventors are no exception. After talking to thousands of inventors, it is clear that raising money is the most difficult task followed by selling their products to major retailers. So, what do these two often dreaded activities have in common? Both require that you learn to sell well! Allow me to explain….

When you raise money, you absolutely must come up with the gumption to approach people you know and don’t know to ask them for money. Tough job. And, when your product is not yet developed and all you are “selling” is a promise that you will develop the product and sell it for a big profit is tough for many people to swallow. Big risk..especially since most people fail with a new business. So, getting that money will not be easy. Many inventors are afraid to approach family and friends due to the awkwardness of it and the fear that if they fail they will have to face those people who can be hard to avoid (parents, siblings, close friends, etc) and that is down right scary! The other option is approaching strangers, or angels, you have the means but will scrutinize your business plan to ensure you are a good risk. Without a great business plan people that don’t know you will only go by what you present to them…but be clear that learning how to sell yourself and your business venture is critical and often the only way you can raise that money. Your family and friends will be less judgmental initially as more than likely they are investing in you and not so much the particular product you are looking to develop.

Learn to sell…..learn to speak up with knowledge of your product and your industry. Don’t tell everyone you will make a billion dollars with it since no one ever does. Keep your emotions in check but your passion high. Be realistic…and show people how they can benefit truly… just like a good salesperson does….!!