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Angels, Dragons and Vultures: How to Tame Your Investors And Not Lose Your Company by Simon Acland

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RELATIVE SUCCESS

One definition of a successful business is a relative one. A business which is beating budget is, by one measure, doing well.

Do you remember your business plan? In Chapter 3 we discussed the tightrope the entrepreneur needs to walk between fact and fiction. Fact does not always get backed, we agreed, but fiction can lead to friction.

In the first financial period after the investment is made, your budget will be drawn directly from your business plan. After all, you can hardly turn round to your new partner the morning after and say: “Thanks for the cash. I’ll now rebudget the plan because, in all honesty, I bigged it up a bit so I could raise money from you.” Your investor will start using worse words than the “oh shit” of ...

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