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7 TIPS TO HELP YOU WITH YOUR BUSINESS AUDITION



1. Prepare yourself, not just your idea. Investors invest first in the entrepreneur not in the business plan. It's important that the investor and entrepreneur can get along. The judges will want to see that you are presentable, thoughtful and efficient.

2. Capture the essentials. The judges care more about the presentation than the business plan. Can you, in less than five minutes, explain the project/idea, the return on investment and the growth strategy?

3. What level of research have you done on your products? How well do you know your industry or idea? An elevator pitch is vital. lengthy explanations might not impress the judges, and most likely will turn them off. Present your business in a manner that's short, sweet and to the point.

4. Investors need to be confident that your business will attract and retain customers. If they don't grasp your concept in a short time span, they may presume that customers won't understand it either.Inspire confidence with facts, not fiction.

5. Most investors seek out low-risk businesses with proven managers that are as close to guarantees as possible. A company with cash flow, a track record and real-world experience has a better chance of getting investors than a business plan forecasting large returns.

6. Turn your idea into a functional business before you seek investment (imagine it like an operating business). This will help you foresee the challenges and deal with such questions if asked

7. Base each model/idea on facts, past and present performance data, industry and competitors analyses and a series of well-thought-out analogies, and use defendable assumptions.

We wish you all the best at the audition

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