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Anyone looking for a business investor must examine their personal goals before looking for funding – different reasons for starting a business mean different ways of finding money.
Venture capitalists classify entrepreneurial businesses into two groups: growth businesses and lifestyle, or legacy, businesses. Only growth businesses will be attractive to venture-capital firms.
Lifestyle businesses are those started by people who want to have control over what they do and how they spend their time. These businesses tend to be focused on a local market, and entrepreneurs expect to own and run the business indefinitely.
Heads of families sometimes start these businesses to provide a legacy that can be passed on to children, ensuring future family security through ownership and employment.
Growth business entrepreneurs are interested in getting rich. Often, this means identifying a national or global market that can be reached with limited personnel from limited locations.
These business owners want to build as much value as they can and sell for a profit. “Serial entrepreneurs” expect to do this repeatedly, turning new deals about every six years.
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