I was talking to a client this morning about where she was in her capital raising program, and she replied that she felt a little “ill-equipped”.

She is in the early stages, with a one-pager and a convertible promissory note, but without a business plan or a completed equity offering. She felt like she needed to have a completed business plan to be successful and asked if that was true.

I told her “it is true if you think it is true!”

If you really believe that people can and should invest in you right where you are, in your stage development, then you will find them. If you believe you need to have a completed business plan and equity offering, or any one of a dozen other things (patent, packaging, branding, additional team members, etc.) to be successful, then that is likely to be true, too.

Up to a point.

At some point in time, you have to be able to look an investor in the eye and tell him or her that you have made progress with the money you have raised. You will need to demonstrate to today’s investors that you made good use of the money you raised yesterday.

And that’s the most important thing of all: the confidence that comes from being able to demonstrate progress.

Questions: What is holding you back? Do you really need to have those things, or are you just lacking in self-confidence? Are you making progress with the money you have raised?

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