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How To Find The Best Investors For Your New Product

How To Find The Best Investors For Your New Product

So you have an idea for a great new product. Now what? Believe it or not, there are plenty of other ways to find investors for your product besides facing the sharp-tongued panelists of the ‘Shark Tank’. If you need start-up capital to begin manufacturing your product but don’t know where to start, then this article is for you.

There are many successful business people out there with deep pockets who are willing and eager to fund promising ventures. If you have a promising product and something to offer a potential investor, then many will offer you the investment you need to get your new product into the consumers’ hands. Here is how to find investors for your new product:

The first step to finding investors for your new product is to know the types of investors that are out there. The main types of investors include angel investors, banks, peers and personal investors. Here’s the breakdown on each of these types of investors:

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Angel investors:

Angel investors are the private, high net-worth individuals who generally are past entrepreneurs. In exchange for their initial investment, an angel investor may want a percentage of return on his investment or he may ask for partial ownership in the company and a say in management decisions. It’s all up to the initial investment contract.

Business loans:

Many entrepreneurs choose to acquire their investment capital from a bank in the form of a loan. A bank will require the entrepreneur to describe her business and present a business plan, and then will decide whether or not to provide the loan.

Peer-to-peer lending:

Peer-to-peer lending is another type of investment situation in which investors and small business owners are brought together via an investment website. Entrepreneurs create a profile and post their business plan on the peer-to-peer lending website, and potential investors bid on investing in the business.

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The product owner and the investor, who is usually a private individual, negotiate the interest rate for the investment, and then the lender supplies the funds to the entrepreneur.

Personal investors:

When family and friends invest in your product or start-up, they’re considered personal investors. As with any investment, it’s important to use an investment contract that outlines the size of the investment, the rate of return and any ownership agreements that may be established when dealing with personal investors.

Now that you know the types of investors that are out there, you have to take a look at your product and your financial situation in order to decide the type of investor that would be right for you.

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When the time comes to approach an investor with your product, it’s vital you know how to present to investors. Your product presentation will make or break the future of your product.

You should be thoroughly prepared for your presentation and ready to wow investors. When you present to investors, you should:

– Be confident.
– Be ready to answer questions and explain facts, figures and numbers.
– Have a visual representation or prototype of your product ready.
– Get to the product demonstration quickly to keep audience engaged.
– Use anecdotes to serves as real-life customer testimonials.
– Explain to investors how their investment will benefit them and provide a return on their investment (ROI).

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With an investor backing you, you can start to manufacture your product and secure a distribution agreement. An independent distributor network like Mr.Checkout Distributors will introduce your product to over 1,000 independent distributors and help launch it into a network of more than 35,000 retail locations.

Finding an investor who believes in your product is the first step to nationwide retail success!

Featured photo credit: Marc Puig via flickr.com

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Joel Goldstein

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Last Updated on July 16, 2019

7 Powerful Habits To Win In Office Politics

7 Powerful Habits To Win In Office Politics

Office politics – a taboo word for some people. It’s a pervasive thing at the workplace.

In its simplest form, workplace politics is simply about the differences between people at work; differences in opinions, conflicts of interests are often manifested as office politics. It all goes down to human communications and relationships.

There is no need to be afraid of office politics. Top performers are those who have mastered the art of winning in office politics. Below are 7 good habits to help you win at the workplace:

1. Be Aware You Have a Choice

The most common reactions to politics at work are either fight or flight. It’s normal human reaction for survival in the wild, back in the prehistoric days when we were still hunter-gatherers.

Sure, the office is a modern jungle, but it takes more than just instinctive reactions to win in office politics. Instinctive fight reactions will only cause more resistance to whatever you are trying to achieve; while instinctive flight reactions only label you as a pushover that people can easily take for granted. Neither options are appealing for healthy career growth.

Winning requires you to consciously choose your reactions to the situation. Recognize that no matter how bad the circumstances, you have a choice in choosing how you feel and react. So how do you choose? This bring us to the next point…

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2. Know What You Are Trying to Achieve

When conflicts happen, it’s very easy to be sucked into tunnel-vision and focus on immediate differences. That’s a self-defeating approach. Chances are, you’ll only invite more resistance by focusing on differences in people’s positions or opinions.

The way to mitigate this without looking like you’re fighting to emerge as a winner in this conflict is to focus on the business objectives. In the light of what’s best for the business, discuss the pros and cons of each option. Eventually, everyone wants the business to be successful; if the business don’t win, then nobody in the organization wins.

It’s much easier for one to eat the humble pie and back off when they realize the chosen approach is best for the business.

By learning to steer the discussion in this direction, you will learn to disengage from petty differences and position yourself as someone who is interested in getting things done. Your boss will also come to appreciate you as someone who is mature, strategic and can be entrusted with bigger responsibilities.

3. Focus on Your Circle of Influence

At work, there are often issues which we have very little control over. It’s not uncommon to find corporate policies, client demands or boss mandates which affects your personal interests.

Gossiping and complaining are common responses to these events that we cannot control. But think about it, other than that short term emotional outlet, what tangible results do gossiping really accomplish? In most instances, none.

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Instead of feeling victimized and angry about the situation, focus on the things that you can do to influence the situation — your circle of influence. This is a very empowering technique to overcome the feeling of helplessness. It removes the victimized feeling and also allows others to see you as someone who knows how to operate within given constraints.

You may not be able to change or decide on the eventual outcome but, you can walk away knowing that you have done the best within the given circumstances.

Constraints are all around in the workplace; with this approach, your boss will also come to appreciate you as someone who is understanding and positive.

4. Don’t Take Sides

In office politics, it is possible to find yourself stuck in between two power figures who are at odds with each other. You find yourself being thrown around while they try to outwit each other and defend their own position; all at the expense of you getting the job done. You can’t get them to agree on a common decision for a project, and neither of them want to take ownership of issues; they’re too afraid they’ll get stabbed in the back for any mishaps.

In cases like this, focus on the business objectives and don’t take side with either of them – even if you like one better than the other. Place them on a common communication platform and ensure open communications among all parties, so that no one can claim “I didn’t say that”.

By not taking sides, you’ll help to direct conflict resolution in an objective manner. You’ll also build trust with both parties. That’ll help to keep the engagements constructive and focus on business objectives.

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5. Don’t Get Personal

In office politics, you’ll get angry with people. It happens. There will be times when you feel the urge to give that person a piece of your mind and teach him a lesson. Don’t.

People tend to remember moments when they were humiliated or insulted. Even if you win this argument and get to feel really good about it for now, you’ll pay the price later when you need help from this person. What goes around comes around, especially at the workplace.

To win in the office, you’ll want to build a network of allies which you can tap into. The last thing you want during a crisis or an opportunity is to have someone screw you up because they harbor ill-intentions towards you – all because you’d enjoyed a brief moment of emotional outburst at their expense.

Another reason to hold back your temper is your career advancement. Increasingly, organizations are using 360 degree reviews to promote someone. Even if you are a star performer, your boss will have to fight a political uphill battle if other managers or peers see you as someone who is difficult to work with. The last thing you’ll want is to make it difficult for your boss to champion you for a promotion.

6. Seek to Understand, Before Being Understood

The reason people feel unjustified is because they felt misunderstood. Instinctively, we are more interested in getting the others to understand us than to understand them first. Top people managers and business leaders have learned to suppress this urge.

Surprisingly, seeking to understand is a very disarming technique. Once the other party feels that you understand where he/she is coming from, they will feel less defensive and be open to understand you in return. This sets the stage for open communications to arrive at a solution that both parties can accept.

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Trying to arrive at a solution without first having this understanding is very difficult – there’s little trust and too much second-guessing.

7. Think Win-Win

As mentioned upfront, political conflicts happen because of conflicting interests. Perhaps due to our schooling, we are taught that to win, someone else needs to lose. Conversely, we are afraid to let someone else win, because it implies losing for us.

In business and work, that doesn’t have to be the case.

Learn to think in terms of “how can we both win out of this situation?” This requires that you first understand the other party’s perspective and what’s in it for him.

Next, understand what’s in it for you. Strive to seek out a resolution that is acceptable and beneficial to both parties. Doing this will ensure that everyone truly commit to the agreed resolution and will not pay only lip-service to it.

People simply don’t like to lose. You may get away with win-lose tactics once or twice but very soon, you’ll find yourself without allies in the workplace.

Thinking win-win is an enduring strategy that builds allies and help you win in the long term.

Featured photo credit: Unsplash via unsplash.com

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