As a budding entrepreneur – 2

Well, so there I was in Binay’s office, so earlier the previous day we had a very interactive session about all the possible pros and cons that could affect whether or not Mr. Shetty would consider this investment with with buddies I am really grateful to Mohammed Ismael, Fayaz, +Jobbin John ,Salman, +denny john and many other guys. That was possibly the most constructive session I could have had at that point before meeting the Shettys. Initially we decided to ask him for AED 100k, close to about $33k but somehow we got carried away by how awesome my idea was and decided that we would ask him to invest AED 1.5m, close to about $350k!!!

So there we were sitting like nothing could stop us, Binay was very welcoming, very down to earth personality, he invited us to his conference hall. We presented the idea, he was impressed, however when we came down to the figures, I could say, although he never showed it out, he was shocked! Bunch of kids asking him for 1.5m dirhams, for an idea! I like to cycle btw. It was a huge risk from an investor’s perspective. Coming to think about it, I don’t think I myself would have invested in myself if I had the resources, unless I was absolutely certain about the ROI. And these days, nothing is certain. And there ended my story with Binay.

The lesson I learned from this experience is that, it’s absolutely imperative that you ask an investor as little as possible and offer him as much as you possibly can, because at the end of the day he made an investment, you and the investor are partners in what you do. And he being the investor, would make an extra investment once you get the first round of seed fund. There is no way an idea will get exorbitant amounts just for the fact that, although the idea might be the next Facebook, there is no solid statement of ROI unless of course they are either Friends, Family or Fools!