FINANCIAL PARTNER ON BOARD WOULD SAVE INTERESTS

BITTEN BY THE ENTREPRENEURSHIP BUG - 4

FINANCIAL PARTNER ON BOARD WOULD SAVE INTERESTS

(Continued from: LIKEMINDED TEAM WINS HALF THE BATTLE)

Half the battle is won, with an awesome idea and a convinced team. The next step is to organize financial support for the idea because till day the idea was on paper and now it needs to migrate as a real time application. Here there are two ways of reaching the goal, one is identifying some seed investors.

However, I personally feel a financial partner with accounting and auditing background would be an asset to the company. In addition to the involvement, the new member must also be like-minded like the rest of the board members. Of course, I should admit that a person with desired traits is a rare commodity, but if you could rope in one such member, then your work becomes easy in the long run.

What do you think should be the qualities of this finance partner are discussed below, for your consideration. Agreement with amiable conditions that do not allow the newcomer to swallow a large piece of the cake are to be evaluated even before considering induction. The role would fit an affluential co-student at the campus, who is from an accounting background.

A sincere advice is always think well before discussing the project with a financial partner before letting the intellectual property at stake.

  1. Is he a good friend and the team must be known to the newcomer
  2. Trust on the project plays as a booster to the investor
  3. Document the discussions as an agreement and try to make a good bargain which should not affect the morale of the others in long run
  4. Is the new comer willing to learn the nuances of accounting and auditing to establish reports of the new organization. Remember there is no place for a sitting duck in a live-wire environment
  5. The newcomer must be friendly without attitude, at the same time must be strict on his terms for the benefit of the entity

Now the entire foundation structure is ready and the ship needs to start sailing. Ensuring these steps with always having a backup plan, success is not far away. This is part of the series of articles published by Way2World for your benefits. Pl share your experiences to grajkishan@gmail.com, to serve you better. Rajkishan

(To be continued: BITTEN BY THE ENTREPRENEURSHIP BUG – 5)