Four Things Every Business Needs
Assuming you already have the three things every entrepreneur needs, your company will need the following four things in order to grow well. You'll definitely need them as you tell your story to potential investors or major partners. Be sure you can address each of these areas before walking into that big pitch meeting.
Who's on your side? A co-founder? A smart tech person? Who makes up your board and who have been your angel investors? Having the right people backing you and working with you means a lot if you're looking to find investment capital. It also helps you out as the entrepreneur so that you can focus on the things you're great at while others can fill specific, much-needed niche roles.
A business model
Quite simply, how will you make money? What are you selling and what are the margins? If you don't have a way to earn income, not only will no one want to invest in your idea, you also won't have a way to earn a living. Make sure your business model is sound.
How will you grow? How will potential customers hear about your product or service and how will you work to convert them into loyal paying clients? Each industry has different growth rates, but every business must have a strategy for growth, no matter how rapid it may be.
Consider it the secret sauce. How will your company gain momentum? How can you demonstrate that you're moving forward? No one is interested in the train stalled on the tracks; they want to climb aboard the jetliner mid-flight as it's reaching its cruising altitude. Showing that you can gain momentum in your industry (assuming you also have the other three things above) will attract interest in what you're doing quickly.
Does your company have all four of these? If not, spend time working to make sure you can tell the story of each of these, especially if you're looking to court investors.
What else would you add?
In your experience, is there something else companies need to grow well to to attract larger, strategic partners? If so, leave it as a comment below so we can crowd-source a great list.