Episode 20: Grace Gong - Plan Your Venture So You Can Get The Capital

Gold Nuggets in this Episode: "If you never ask the question, the answer will always be 'no', and if you never knock on the door, it will never open." If you're looking for a venture capitalist or an investor, it's important to not only focus on the monetary side of what they can offer you, but also the resources in their network that could add to your business. Grace tells us the three things that investors look for in a business. If you're a good entrepreneur, the idea doesn't matter as much as the team that will be executing that idea. If you have an A-Level team and a B-Level idea, you have a better chance of executing that idea well than if it was the other way around. Too often, entrepreneurs fall in love with a product or service, without considering whether their service solves a problem that is a real problem. People often want to help, but you also need to demonstrate why they should be helping you. If you want to achieve a certain level of growth, you need to learn from someone who has already done so. It's difficult, if not impossible, to know what the world is going to need in 10 years' time. But what we'll always need are people providing value. You have to understand what you're trying to do instead of just creating a business for profit. Steve likes the idea of "Smarter Man". Juliet does not. So, the show's name will not be changing. "An investment in knowledge always pays the best interest." – Benjamin Franklin Our guest is Grace Gong, former Investment Manager, and host of the Smart Venture Podcast. She's helping investors and businesses by sharing what she has learnt from some of the top investors in Silicon Valley.   Song by Adam Vitovsky / CC BY 3.0