The home based business of network marketing to create residual income can be mirrored to what an entrepreneur does when seeking venture capital.
Amber May wrote an article about a TV show where entrepreneur compete for venture capital. Here are some of the pointers:
1)KNOW YOUR NUMBERS-its critical that you understand how much cash is coming in and out of the business. Passion only gets u so far-numbers tell the real story [and show your potential business partners that in your MLM opportunity.].
2) BE A GREAT MARKETER-yup, the CEO needs to shoot from the front
3) BE HUMBLE-what do u lose?
4) UNDERSTAND GOOD TIMING-There are good and bad times to ask for investment money. Do u believe a tough economy is a good or bad time to sponsor new distributors? How about those seeking extra income in that very tough economy?
5) HAVE A GOOD STORY-the struggle, the turning point and the present situation. Your business partners would like to relate seeing themselves getting to where u have gotten or even better.
6) BE PREPARED TO WALK.you are not a charity, you are a businessperson.
7)BE PERSONABLE- have a winning personality. No one wants to do business with somebody who is unlikeable. As Shark Barbara Corcoran said in a tweet ” All the entrepreneurs i’ve invested in have an amazing personalities-no regrets”
The home based business of network marketing to create residual income can be mirrored to what happens when an entreprenuer seeks venture capital