Most entrepreneurs do not think of investors as people. Instead, they think of investors as money – a fatal error.
Private investing is not like picking a stock on NASDAQ. Private investing is personal. Investors have goals, preferences, fears, and problems, just like entrepreneurs. When cut, they bleed. When things go wrong, they worry. So, the relationship you build with investors is essential to obtaining money from them.
In the most simple terms, investors can be put into two categories: Subjective and Objective.
Subjective describes an investor who is some how emotionally connected to the entrepreneur or the company and its product or offering. They know the entrepreneur directly or through a third party so they have a comfort level regarding the entrepreneur’s ability to perform. Or they are familiar with the product or more specifically the need for the product and wish they had thought of it or could have bought one a year ago. Typically, these investors get involved at a very early stage, may be even in the “friends and family” round. They may be accredited, but they may not. Because of the emotional connection, they are...
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