Where Should You Look for Millionaires to Fund Your Projects?

One question I get asked with some frequency is "Where do I find investors for my projects?" The answer is, in most cases, right next door.  Your earliest investors will be your friends and family because they have the most reason to believe in you, and the best chance to hold you accountable.  As you require more funding, you may need to look a little farther afield.

Here are some things that may help you identify those with the money to risk in a new venture and the desire to do so. 

• Entrepreneurs, often having launched one or more businesses of their own.  
• Married, because most millionaires do happen to be married. They have an average of three children, and their wealth tends to increase as the kids become more independent.
• Living in moderately priced homes
• Good social skills & often with the ability to sell or persuade
• Doing something they love
• Somewhat philanthropic
• Infrequent travelers for pleasure
• Smarter than average, but not not universally geniuses
• Happier than average

In fact, most millionaires have a lot in common with most business owners.  This is important to understand for several reasons. Most entrepreneurs searching for funding and investment think they are looking for something exotic.  They imagine millionaires live in large houses, spend weekends in the Caribbean, or shop at the best stores.  Some do. But the majority are "self made" and they live like entrepreneurs.  Their interests have usually become their vocation so they tend to work even though they don't have to.  This is because they love what they do . . . 
One of the reasons I like sharing this information with entrepreneurs is that they find it encouraging.  While not all entrepreneurs are driven by a tremendous desire for wealth, many are driven by a desire to pursue their interests and to be independent enough to pay their bills. They often choose to make a business out of things they really love to do . . . That's a proven path to success.
While not every entrepreneur becomes a millionaire, most millionaires are certainly entrepreneurs.  

For more information on how to start and run a successful business, and to learn how to find, pitch and close investors, visit www.schoolforstartups.co.uk.  We offer new online and face to face events every month.  You can follow us on twitter at @s4s and @s4stv.