Hi, sorry if I'm violating any rules of this forum, but I'm sure this place has bunch of guys who are older than me, smarter than me and have a clue about business, hence I need advice.


Long story short: I'm raising funds for a startup, I don't have the money so I contacted my old friend on SPAM, we talked for about 40 minutes, half of the time was spent on my startup, other half on chit-chat about shared memories and pass experience we had together as kids.

At the end of the conversation nothing was decided, other than "we'll stay in touch", and he asked me to send him some statistics and business plan, which I did afterwards. This happened yesterday in the morning.

Question is, should I pursue him? How hard should I press him? Or should I wait it out couple of days?

P.S. He's very rich, don't know his net worth, but to illustrate he's driving an cls, has multiple homes/estates in many different countries, etc.

Thanks for reading,

Cross

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Are you asking for a loan or are you asking him to invest?

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After you answer Rc's question I'm sure he has a more educated response....my initial thoughts would be to give about a week and meet over lunch to discuss

RC, why do you think that's important? We talked about that but I wasnt sure myself, I simply needed the funds.

Neo, we're in seperated country, so dinner's out.

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Uncertainty is the root of all progress and all growth.

Have you done your due diligence? Do you have a solid plan? Or just pitch a cool idea? If your friend has capital funding, he gets hit up as much as any Kate Upton look alike. Real numbers are your pick line here.

Preparedness is your confidence.

Contact when your ready for a serious talk. And your friend should have notice that there is going to be a serious talk.

My 2 cents.

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Solid business plan formated in pdf. format. Anticipated costs, expected revenue, etc. are all written neatly in excel sheet.

So. I'm waiting him to contact me? Otherwise, I'm assuming all day he isn't interested. And it's eating me inside, this waiting.

What should I do?

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Uncertainty is the root of all progress and all growth.

If he truly believed in your plan he would definitely be the one contacting you, as he sees an opportunity to benefit to what was being presented.

Now, if he doesn't believe which you should know based on the level of interest he was showing during the call you will have to be the one pursuing in attempt to further convince him. When you want something you're going to have to go after it. I could show you a number of people who had to beg for months before getting the investment that they're looking for. No one is going to chase you to give YOU money.

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Thanks.

However, take in consideration the fact that we know each other for long time, so there's that 'friendship' factor that might or might not play a role in the whole situation.

He usually takes a part in businesses that are 100-200k or more, mine costs tenth of that in total.

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Uncertainty is the root of all progress and all growth.

A couple of days isnt really enough time to review a business plan and come back with something meaningful. I won't necessarily be worried; you gotta realize he's prob just not gonna read and come back to you. Maybe he wants to do his own research, talk to someone else who has a bit more experience in the industry, think about it. Even a good plan is going to require due diligence to vet properly. A $20k plan is probably not going to be sweet enough as well...sounds more like you want a loan from him, which understandably he wont be running to give you an answer. I'd follow up in a week. If he's not interested, maybe a loan from a bank? If you think your plan is that good, stand behind it

Because there's a difference between loaning 100k that you may or may not see again, and investing 100k that could turn into 500k overtime.

If you want to raise funds you have to talk to people in terms of what they could gain from helping you, and not in terms of what you need from them.

_________________
I know my place. It's me on top of the world.

My in depth texting & dating guide.
There's no such thing as shit-tests.
How to keep a girl.

The loan can be backed with collateral (assets) that the OP will buy to get his business idea going. It can also come with a hefty interest rate to compensate the lender for high default risk.

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Likes attract likes. All comments are geared towards generating lasting attraction for the purpose of a relationship with a well-rounded female (attractive, well educated and cultured, plus knows what she wants in her work and personal life).

Assets are generally a headache.

Anyway, all the more reason it's relevant.

_________________
I know my place. It's me on top of the world.

My in depth texting & dating guide.
There's no such thing as shit-tests.
How to keep a girl.

Thanks.

_________________
Uncertainty is the root of all progress and all growth.