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為企業(yè)尋找資金時(shí)，創(chuàng)業(yè)者往往會(huì)把經(jīng)營(yíng)的基本原則拋在腦后。他們以為什么樣的資金都能用，慢慢地，失敗的種子就埋下了。

創(chuàng)業(yè)者在找資金時(shí)應(yīng)該銘記以下十大核心原則：

1. 并非所有初創(chuàng)公司都適合股權(quán)融資。

股權(quán)融資通常只適合高成長(zhǎng)企業(yè)，尤其是十年內(nèi)有望通過(guò)并購(gòu)或上市實(shí)現(xiàn)初始投資增值10到20倍的。

2. 請(qǐng)考慮所有可能的融資來(lái)源。

股權(quán)類(lèi)眾籌、基金、商業(yè)計(jì)劃競(jìng)賽、孵化器或加速器、家人或朋友以及潛在客戶(hù)等等都是很不錯(cuò)的非稀釋性資本。還有，潛在客戶(hù)也是早期資金的好來(lái)源，請(qǐng)不要忽視。假如潛在客戶(hù)亟需某種產(chǎn)品，他們可能愿意支付預(yù)付款。

3. 自給自足融資可為未來(lái)成功奠定長(zhǎng)遠(yuǎn)的基石。

如果創(chuàng)業(yè)之初自有資金充沛，能不靠外部投資者最好。因?yàn)橥獠客顿Y者加入后經(jīng)常會(huì)干擾決策，運(yùn)營(yíng)流程變得復(fù)雜，各種進(jìn)度報(bào)告也會(huì)耗費(fèi)創(chuàng)業(yè)者寶貴的時(shí)間。如果在融資前就有進(jìn)展，會(huì)顯示創(chuàng)業(yè)團(tuán)隊(duì)有充分的執(zhí)行力，能創(chuàng)造出看得見(jiàn)摸得著的價(jià)值，從而降低外部投資的風(fēng)險(xiǎn)。創(chuàng)業(yè)團(tuán)隊(duì)早期自力更生也有助于與投資者保持力量平衡，今后討論融資條件時(shí)會(huì)更有成效，也方便雙方建立長(zhǎng)期的合作關(guān)系。

4. 沒(méi)有千篇一律的投資者。

鎖定適合的投資者至關(guān)重要。投資人最好有豐富的投資經(jīng)驗(yàn)、相關(guān)行業(yè)的專(zhuān)業(yè)知識(shí)、實(shí)用的人脈，而且要能包容創(chuàng)業(yè)初期的起伏。脾氣相投也是很重要的一點(diǎn)——?jiǎng)?chuàng)業(yè)者同投資者交惡往往釀成企業(yè)的災(zāi)難。

5. 熱情的自我介紹很重要。

假如創(chuàng)業(yè)者不主動(dòng)介紹自己，投資人基本上不會(huì)理會(huì)。所以，找到一個(gè)愿意積極把初創(chuàng)公司推銷(xiāo)出去的人很重要，人到位之后還要準(zhǔn)備好一段吸引人的企業(yè)介紹。不要在介紹階段長(zhǎng)篇大論，介紹的目的是抓住和投資人面對(duì)面的機(jī)會(huì)講好公司的故事。

6. 聽(tīng)從不適合的融資建議會(huì)讓融資走上歧途。

向友好的投資人和經(jīng)驗(yàn)豐富的創(chuàng)業(yè)者求助，可以加快融資進(jìn)程。相反，如果向沒(méi)有融過(guò)資，或是沒(méi)有投過(guò)創(chuàng)業(yè)公司的投資人征求融資建議，只會(huì)得到讓人困惑和矛盾的建議。因此，創(chuàng)業(yè)者應(yīng)該結(jié)交曾經(jīng)成功募資的企業(yè)家請(qǐng)教心得。找一些不是你希望融資的主要目標(biāo)的創(chuàng)業(yè)企業(yè)投資人，跟他們非正式地聊聊，讓他們對(duì)創(chuàng)業(yè)計(jì)劃挑挑刺，提點(diǎn)反饋意見(jiàn)。

7. 投資者不是捐款人。

投資人都是期望得到回報(bào)的。所以，清楚說(shuō)明如何獲得回報(bào)就格外重要。拿錢(qián)之前就要想清楚讓投資人獲利退出的可能性，最好跟投資人的預(yù)期相差不大。道理看似簡(jiǎn)單，但我們還是發(fā)現(xiàn)許多創(chuàng)業(yè)者將投資者當(dāng)成捐款的了。投資人之所以愿意投資企業(yè)，就是因?yàn)橄氆@得良好的回報(bào)。企業(yè)的風(fēng)險(xiǎn)越高、所需的融資越多，潛在的投資回報(bào)就應(yīng)該越大。

8. 其實(shí)最關(guān)鍵的就是創(chuàng)業(yè)團(tuán)隊(duì)。

一旦投資人認(rèn)定機(jī)會(huì)不錯(cuò)，最后投資與否就取決于是否相信創(chuàng)業(yè)團(tuán)隊(duì)的執(zhí)行力。對(duì)很多聰明的投資者而言，創(chuàng)業(yè)團(tuán)隊(duì)比創(chuàng)業(yè)“夢(mèng)想”更重要。如果你是第一次創(chuàng)業(yè)，就邀請(qǐng)一些經(jīng)驗(yàn)老道又積極的顧問(wèn)幫助彌補(bǔ)經(jīng)驗(yàn)和技術(shù)不足，增強(qiáng)團(tuán)隊(duì)實(shí)力。

9. 向投資者演示的每一頁(yè)文件對(duì)講好故事來(lái)說(shuō)都很重要。

創(chuàng)業(yè)公司在投資人面前常見(jiàn)的錯(cuò)誤包括：

——“走向市場(chǎng)”的策略過(guò)于簡(jiǎn)單：積極運(yùn)用社交媒體不算贏得客戶(hù)的計(jì)劃，投資者想看到細(xì)節(jié)，想詳細(xì)了解初創(chuàng)公司獲取客戶(hù)的渠道和成本。

——不承認(rèn)存在競(jìng)爭(zhēng)：很少有公司沒(méi)有競(jìng)爭(zhēng)對(duì)手，也很少有問(wèn)題沒(méi)有其他解決方案。假裝競(jìng)爭(zhēng)者不存在實(shí)在太過(guò)天真。投資者希望看到初創(chuàng)公司扎根行業(yè)，不懼競(jìng)爭(zhēng)，充分明白如何調(diào)整企業(yè)定位以獲得成功。

——財(cái)務(wù)目標(biāo)不現(xiàn)實(shí)：投資者都知道創(chuàng)業(yè)初期的企業(yè)財(cái)務(wù)預(yù)期本來(lái)就是不斷修正的假設(shè)。他們期望看到的不是承諾具體的財(cái)務(wù)數(shù)據(jù)，而是合理的模型。投資人會(huì)拒絕那些顯示營(yíng)業(yè)收入前景極為可觀、預(yù)期費(fèi)用又極低的財(cái)務(wù)規(guī)劃。

——不解釋怎樣利用投資，或者未來(lái)到底需要多少資金能實(shí)現(xiàn)退出或是現(xiàn)金流平衡：投資者希望從參與融資最初就能被視為公司的合伙人。如果向投資人隱瞞關(guān)鍵預(yù)期或信息，后果自負(fù)。

10. 投資者拒絕投資未必說(shuō)明商業(yè)計(jì)劃不值一提。

投資者說(shuō)“不”并不一定是說(shuō)初創(chuàng)公司的創(chuàng)意、計(jì)劃或者創(chuàng)業(yè)團(tuán)隊(duì)不值得投資。有時(shí)可能只是因?yàn)轫?xiàng)目不適合某些投資者的投資主題，或者時(shí)機(jī)不合適。競(jìng)爭(zhēng)合作方的興趣、融資回收周期、其他投資機(jī)會(huì)等等變量都會(huì)影響具體投資決策。（財(cái)富中文網(wǎng)）

注：作者伊安·馬什特是波士頓大學(xué)凱斯特羅姆商學(xué)院傳播實(shí)驗(yàn)室BuzzLab負(fù)責(zé)人。

譯者：Pessy

審校：夏林

Entrepreneurs often forget the basics of good business when searching for funds. They think money from any source is good money, and in the process, set themselves up for failure.

Here are 10 core principles entrepreneurs need to keep in mind in their search for funding:

1. Not all startups are suitable for equity financing.

Equity financing usually only makes sense for high-growth businesses that have the potential to return 10-20x the initial investment through an M&A or IPO exit event within 10 years.

2. Consider all potential sources of funding.

Non-equity crowdfunding, grants, business plan competitions, incubators/accelerators, family/friends and potential customers are all great sources of non-dilutive capital. Don’t overlook prospective customers as a source of early capital. If a prospect needs a product badly enough, they may be willing to pay in advance for it.

3. Bootstrapping can set you up for long-term success.

If you are able to raise money from other sources rather than from investors early on, do it. Having investors involved frequently complicates operations by putting another voice at the table and reporting requirements that may consume your valuable time. Making progress before trying to raise money demonstrates that the team can execute, creates tangible business value, and begins to de-risk the investment. This in turn improves the power balance between entrepreneur and investor, and makes for a more productive negotiation of financing terms and the long-term relationship between both parties.

4. All investors are not the same.

Targeting the right investors is critical. The best money comes from experienced investors with relevant industry expertise, useful contacts, and tolerance for the ups and downs and pivots of early-stage ventures. Personality matching is also essential – a poor relationship with an investor is usually a recipe for disaster.

5. Warm introductions are essential.

Investors rarely react to unsolicited pitches. It is important to find someone willing to make a positive introduction and then to arm them with a compelling one-paragraph introduction to the business. Don’t send a lot of information in the introductory exchange. The goal is to get in front of the investor to tell your story.

6. Taking fundraising advice from the wrong people can derail your fundraising.

Testing the pitch with friendly investors and experienced entrepreneurs can accelerate the process. Conversely, taking fundraising advice from anyone who hasn’t raised money or invested in an early-stage company will just lead to confusion and conflicting advice. Network your way to other entrepreneurs who have successfully raised money and ask them about their experience. Have informal meetings with early stage investors who are not your key targets but can look at your investor proposition with a critical eye and provide feedback.

7. Investors are not donors.

Investors expect to see a return on their investment. It is extremely important to clearly articulate a path to a return. Before taking investor money, understand the exit potential of the business and make sure that it is aligned with investor expectations. Although this seems simplistic, we have seen many entrepreneurs who treat their investors as if they are donors. Investors are investing in your business because they want a healthy return on their investment. The greater the risk in the business and funding required, the greater the return potential needs to be.

8. It’s really all about the team.

Once an investor believes in the opportunity, the investment decision comes down to whether they believe your team can execute. For many wise investors, the quality of the team is more important than the quality of the “dream.” If you are a first-time entrepreneur, augment team capabilities with an experienced, active advisory board that fills missing gaps in experience and skills.

9. Every slide in the investor presentation is important and contributes to the story of the business.

Common mistakes in the investor deck include:

– Simplistic “go to market” strategy: Aggressive social media is not a customer acquisition plan. Investors want to see detail around your assumptions related to the channels and cost of acquiring customers.

– No acknowledgement of competition: It is the very rare company that doesn’t have a competitor or alternative solution to the problem it is trying to solve. Pretending that competitors don’t exist is beyond naive. Investors want to see that you have a firm grasp on your industry and competitive ecosystem, and understand how to position your company for success.

– Unrealistic financial plans: Investors understand that early-stage financial projections are a working hypothesis and are looking for a reasonable model rather than concrete commitments. Investors will be dismissive of plans that show extraordinary revenue ——projections with minimal expenses.

– No explanation about how investment funds will be used or how much future capital will be needed to reach a viable exit or cash-flow break-even: Investors need to feel like partners, from the outset. Withhold critical assumptions or information at your own peril.

10. An investor “No” doesn’t always reflect a judgment of the business plan’s quality.

A “no” from an investor does not necessarily mean the idea, plan, or team is not investable. It may simply mean that the opportunity is not a fit for a particular investor’s investment thesis or timeline. A complex set of variables including competing partner interests, fund life cycles, and alternative investment options will impact individual investment decisions.

Ian Mashiter is the director of the BuzzLab at Boston University’s Questrom School of Business.