Steve Hoffman || Step Up Your Game: How To Raise Venture Capital and Crush Your Goals (FMF #24)

Fifteen Minute Friday episode 24 with Steve Hoffman. - It's crucial for business people to identify when a client is not serious about buying to save time and resources. In the venture capital raising process, it's equally important to determine if the investor is the right person with the necessary information to make a decision. Investors who are unsure about investing may keep you on hold, but figuring out if they are a good fit early on saves valuable time and energy. In sales, the likelihood of closing a deal decreases with each meeting after the third. Steve Hoffman, CEO of Founders Space and author of several books, shares the valuable lesson every sales professional should learn to determine if an investor is a good fit and achieve their goal in sales meetings. the first time saves you the time and mental energy of pursuing investors who are not serious. Join the conversation with your host Ben Albert as he interviews Steve Hoffman, the CEO of Founders Space and author of Surviving a Startup, Make Elephants Fly & The Five Forces That Change Everything. Steve discusses the most valuable lesson any professional should learn and how to determine if an investor is a good fit for you. - Quote Of The Day: “If you kiss the same frog three times and it doesn’t turn into your prince charming, it’s just a frog.” ~Steve Hoffman - Timestamp: [00:48] A quick bio of our guest; Steve Hoffman [01:37] Today’s focus; Raising venture capital [02:35] Quote of the day: “If you kiss the same frog three times and it doesn’t turn into your prince charming, it’s just a frog.” ~Steve Hoffman [03:00] Steve’s personal story [04:10] The most valuable lesson any professional should learn [05:44] What should be your goal in the first sales meeting? [06:27] What to do in the second sales meeting [08:35] The third sales meeting [10:18] How to connect with Steve Hoffman;https://www.foundersspace.com/ [10:41] Recommended reading-Surviving a Startup: https://bit.ly/3DQNAV5 [11:23] How to determine if an investor is a good fit for you [13:45] Understanding the psychology of an investor [15:00] Integration assignment [16:00] Quick question to ask a prospective investor/customer before meeting them - Key Takeaways: - When you meet an investor, the most important thing is to find out everything they need to know to make a decision and whether they are the right person to make that decision. [05:00] - If you can figure out an investor is not fit in the first meeting, you have saved yourself a ton of time and a ton of mental energy trying to pursue an investor who is not serious. [05:58] - In venture capital, the chance of closing a deal on the first meeting is very small. But on the second meeting, there is a decent chance of closing a deal if, between the first meeting and the second meeting, you get them everything they need to make a decision. [06:27] - Every meeting you take after the third meeting, the chance of closing the deal starts to decline. [09:19] - When you are doing all the talking, you are not gathering the information you need to make an intelligent decision. Remember, the investor is judging you, and you must also be judging the investor. [11:44] Integration Assignment: Screen out customers and screen out investors. - People Mentioned and Other Resources: Surviving a Startup: Practical Strategies for Starting a Business, Overcoming Obstacles, and Coming Out on Top: https://bit.ly/3DQNAV5 Make Elephants Fly: The Process of Radical Innovation: https://bit.ly/3HNwIj9 The Five Forces That Change Everything: How Technology is Shaping Our Future:https://bit.ly/3Xh6hIr - Keep In Touch with Steve Hoffman: Website: https://www.foundersspace.com/ LinkedIn: https://www.linkedin.com/in/foundersspace/ Instagram: https://www.instagram.com/foundersspace/ Facebook: https://web.facebook.com/groups/foundersspace/ Twitter: https://twitter.com/foundersspace -– FMF is made possible by www://balbertmarketing.com/