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direct and indirect competition, to foreseeing internal and external threats, to addressing the weaknesses of the company.

To have a sound business plan all the way through you must do intense research, especially on the market analysis. If you don't perform your due diligence it will show when the investors begin to ask the tough questions.

Investors love IP

If you are at an Angel networking event shopping your idea to potential investors, most likely they are going to be looking for any secured intellectual property that you possess. This may not be the case with small individual investors, but you can be sure it is the case with Angels and VCs.

Obviously intellectual property has value, especially if you're entering industries like the life sciences, IT, advanced manufacturing, electronics, or telecommunications. If high-value IP is not in your company's repertoire, that's okay but it is important to secure some IP. Start with getting a trademark on your company's name and any logos or product names that you feel are important to own exclusively. Also, purchasing a domain name, copyrighting any slogans, or getting patent protection or trade secret protection for any novel inventions, formulas, or processes are other forms of adding IP to your company. There are numerous forms of intellectual property, but the extent to which you seek to file for IP depends greatly on your business and your industry.

Your character is huge

In the business world character is everything. You may have heard of the 5 C's that a loan officer assesses when deciding whether to grant someone a loan. Believe it or not, the most important factor is CHARACTER not collateral. This should be able to invoke confidence in anyone who is feeling doubtful about their chances of wooing an investor. You could have a better shot at securing an investment than someone with a ton of assets, and it happens all the time. There are several ways to ensure that you are regarded as someone with a high character value.

1. Remain professional at all times. Be confident but not cocky.

2. Articulate well and familiarize yourself with business terms, especially those dealing with financials.

3. Never say you have no competition. There is always competition of some form. Eyes will roll, heads will shake, and your credibility will be lost.

4. Never say you are marketing to everyone. Know who your target market is and understand how to effectively segment your market. Don't say everyone has a need for your product

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