Funding is one of the most vital elements every startup founder needs to pay attention to if they want to boost the business to a higher scale. However, when it comes to getting a business funded from venture capitalists, presenting cool ideas is not enough. There are certain traits venture capitalists look for in their founder. Afterall, no investor wants to spend their money on someone who does not have traits to win.
See also: 4 Warning Signs of Bad Investors
If you are a founder and looking for a fund, make sure you have these traits before presenting your ideas to the investors.
Empirically, it might seem hard to start a business with just one founder. Most of the big success has two or three, said entrepreneur and investor Paul Graham. And the relationship between the founders has to be strong. Therefore, it is important for a founder to have a sense of friendship. Emmett Shear and Justin Kan of Justin.tv are a good example of close friends who work well together. They have known each other since second grade and they can practically read one and another’s mind.
Founders need to develop an out-of-the-box mind and growth mindset to win. Yet, IQ plays a little part when building a startup. What investors really see in their founders than IQ is determination, because there are plenty of challenges a founder must tackle during their journey to be successful. Trait VCs often seek is also those who cannot be the sort of person who gets demoralised easily.
The world of startups is unpredictable that one needs to be able to modify on the fly. Just like in sports, an athlete needs to ”running back” during the competition, have a vision and be able to read any situation, know when to block and when to attack. In a startup, a founder might determine to get downfield, but at any given moment he might need to go sideways or even backwards to finally get on top.
In the startup world, most good ideas seem bad initially. If they are obviously good, someone would already be doing them. This means that it is not so important for a founder to be able to solve predefined problems quickly. What matters most, advised Graham, is to be able to come up with surprising new ideas, especially when new problems or challenges arise.
Graham said that most successful people are usually good ones. They tend to have a piratical gleam in their eyes. They are not Goody Two-Shoes type good. Morally, they care about getting the big questions right, but not about observing properties. Yet, a successful founder might sometimes need to break rules to thrive. This quality might be redundant as it might be implied by imagination.
Read also: Attracting Potential Investors for Your Startup