Knowing little or nothing about your competition is evidence that you haven't done your homework. While it may not be fatal blow, it certainly doesn't help your cause.

Legal Entanglements

Investors today are very conscious of potential legal problems that may be lurking around corner. If they have any interest in your plan and business proposal, they will conduct their own due diligence. The time to address any potential legal problems, however, is during plan review. Here are some questions to ask yourself if you're not sure of potential legal issues:

·Was your product developed while you were employed somewhere else ·Are there potential employment contracts or non-compete conflicts ·Is there any possible patent infringement issues ·Are there any disgruntled former employee(s) who could sue your company ·Is there clear ownership of your product or service

If you have doubts about any of above questions, it's probably a good idea to have an attorney review and resolve issue before you meet with an investor. A good rule of thumb is that you want to avoid surprises at all costs.

Assessment of Risks

Risks are different than weaknesses in that they deal with future and are normally outside realm of your business. Are there market forces that could prevent your plan from being successful and if so, what are they. Some common sense should lead you through this exercise. I would, for example, leave out world wars or Armageddon but I would consider possible impact of new technology, e-commerce, changes in consumer demand and a variety of other issues that could negatively impact your business.

Financial Projections

You're sitting across conference room table from your prospective investor. He's read through your plan, asked a lot of tough questions but things have gone reasonably well - so far. Then he turns to financials.

There is a long pause and then he looks at you and asks, "what data do you have to support these projections?"

Dead silence. Sweat is starting to accumulate on your upper lip. You glance over at your finance guy who avoids eye contact but still manages to shrugs his shoulders as if to say "hey, I'm just messenger."

"Well, ah - ah - our projections were based on our analysis of market, competition and what we feel are advantages of our product line."

"Okay, show me your analysis..." Point - set - match.

Here's a tip. First, be prepared for this question because it will come up. The likelihood that anyone will invest in your business based solely on you "best guess" of revenues and net income are pretty remote - even if you're dot-com. There is a very strong correlation between amount of research data that you have to support your projections and likelihood of success in securing funding. This doesn't necessarily mean that you need to spend months and thousands of dollars on focus groups, surveys and market research. What it does mean, however, is that you should have and be able to provide convincing rationale for how your projections were put together

Futurist, Rolf Jensen, director of Copenhagen Institute for Futures Studies. "We are in twilight of a society based on personal communication skills. Society will place new value on language of persuasion."

In a study which polled top executives in fifty-eight of America's largest companies, every single executive named communications skills as major factor in their advancement.

Most of action in which people engage - in business, in marriage - in parenting - are carried out through conversation. But many people speak without intent. They simply say whatever comes to mind. They give little or no thought about content, purpose or objective. They speak out of habit, not purpose.

Therefore real test of character for you will be this question: Are you willing to upgrade your conversation skills to a level that will support your goals and ambitions? If answer is yes following questions will help.

+Do I approach every conversation as a selling opportunity?

+Are my conversations goal achieving or tension relieving?

+Are my conversations directed to a pre-determined outcome?

+Do I express myself with precision and accuracy?

+Do I leave people wondering about my intent.

+Does my language create chaos or clarity?

+Are my conversations interesting, colorful and distinctive?

HOW TO GET AHEAD AND STAY AHEAD

When in past you found yourself in situations outside your control it's because you ran out of conversation before you made your point or won argument. You verbal ammunition fell short. Or when someone spouts insults at you it's only a matter of just right phrase to come out on top without creating an upset or making you look bad. It is now, always been and will be in future a matter of knowing just what to say and how to say it to be victor and get your way with people.

SAY IT WITH THE STYLE THAT REFLECTS YOUR GOOD CHARACTER.