Dollar for a Cup of Coffee?

Have you ever wondered about what the best approach to use when asking for money is? Is there one sure fire approach you can use or is it a hit or miss affair? It doesn’t matter if you are an entrepreneur looking for a few million, a college student asking for gas money for the month from your parents, or the homeless guy on the corner trying to get a cup of coffee, it all boils down to the presentation. I found this interesting post entitled How To Ask For Money (And Avoid Chinese Math) under the entrepreneurial section on www.businesspundit.com. In it, Rob writes about his experiences at a venture club in Louisville and shares his insight on “How to Ask for Money (and Avoid Chinese Math)”. Below are his main tips but the entire article is definitely worth reading to get the full explanation of these points.

1. Be prepared. Have clear slides and be direct.

2. Don’t avoid talking about the competition.

3. Be concise about what you want in terms of investment. A specific amount from a specific type of investor for a specific purpose.

~ by Josh Green on February 7, 2007.