Tips to make your first million
Obtaining venture capital is a step that many entrepreneurs find daunting or view as unattainable. Several question how they will convince people to invest hundreds of thousands of dollars, even millions, in their company. François Gilbert, President of Anges Québec, agreed to share a few tips.
Is venture capital right for you?
According to François Gilbert, this is the first question you should ask yourself as an entrepreneur when considering venture capital.
“It’s a tool, but not a necessity,” he states. “Several entrepreneurs succeed in developing a solid business without venture capital. It’s an interesting option when entrepreneurs need money quickly to take advantage of an opportunity and are unable to raise the funds themselves.”
You also need to have the appropriate personality to seek venture capital since this means relinquishing a part of your company.
“This is not an option for individuals who want to control everything,” shares the President of Anges Québec. “These entrepreneurs might find it too difficult to have people questioning their key strategic orientations. Those made for venture capital view the arrival of new players in the company as something positive that could push them further.”