Common Lies VCs Hear
Truth or optimism. VCs hear multiple people talk about their plans, their business and they toe the line of sometimes being overly optimistic that it could be a lie. Here is what not to say, or how to frame it differently next time.
Some Lies/ Points Covered in This Episode Include:
- Saying your market is a huge number/ some ridonculous billion $ industry, but the fact is you dont know whats the sub sector or specific part of the market you are targeting
- All we need is get 3% of the market
- Our contract with a “big company” is going to be signed ANYTIME NOW.But the truth is that the process is much longer. So over committing your investors is no good. Play low key when talking about accomplishments, and surprise with news
- There is no competition. No one else can do what we can do OR we have the first mover advantage
- They mis- estimate the sales plan. Give an unrealistic time period- 45-90 days of sales cycle
- My projection is conservative. Is it really?
Let us know what are the common lies you have heard? What should we talk about next? Give us a follow and leave us feedback.
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