Reducing Burn Rate Tip Sheet #3

Most investors want the bang for their buck and you can get a bad rap easy if you are not resourceful or show restraint.

This tip sheet will show you how to be as frugal and resourceful as possible before taking VC funding.

Information Gathering and Idea Testing as a person with an idea you should spend a min of 3 hours a day researching.

Are you qualified to bring your idea into fruition:
Investigate scholarships on skill- set upgrade
Legal, Technical, Basic Skills.

Are you going to trade show events.
Are you going to pitch events to determine market place needs and competition
Recreational events where investors will be more likely to attend.

Personal Downsizing:
Investors like well groomed people; however if you show up in the latest Gucci, Prada, dripping in Chopard diamonds then that sends red signals.

Start extreme couponing:
Women- Fast Causal Clothing Stores, in home mani/pedi at home blowouts
Research free insurance and food stamps programs, many farmers markets take food stamps.
Men- Ask a friend to cut your hair, start a gym at home.
Recreation: If you live in NYC or the LA area then:
Attend a free taping of a TV show
In house day of board games
Museums have trivia night for under $15.00

Schedule: Be a disciplined person from now!
Schedule time for: R&D, Product Design, Future Product Lines and Growth, Investment Allocation, and Legal and Accounting. Keep records of your day with Outlook or Google Calendar.

This not only shows discipline, seriousness, but you are person that will not disrespect the time, talent or money of investors.

Cheers to reducing burn rate!

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