Jeffrey L. Seltzer is Managing Partner of Pierce Yates Ventures & serves on the board of a number of companies as well as the New York Angels. Jeff has over 30 years of experience on Wall Street developing new businesses & products across the capital markets as well as advising entrepreneurs, corporations and government. He is the chairman of the Nassau County Industrial Development Agency & is an Overseer of the University of Pennsylvania.
They need to have a vision though, a clear vision of what they want to do and what they want to build.
They should certainly be someone who is open to advice and willing to act on the advice.
It has to be an iterative process, you have to get that feedback, but ultimately, you should try to stay as true as possible to your end goal.
Are they able to take advice? Are they open to advice? Or are they just looking for money and then to walk away from it?
Entrepreneurs should not be doing things serially, they should be doing things down parallel paths.
I do like to see a business plan because that at least shows me your thought process.
You don't have to be an expert in everything, but clearly you have to know your space.
It shouldn't necessarily just be about the money, there is lots of easy money out there.
A lot of entrepreneurs jump into very crowded markets. I think you should look for something that differentiates yourself.
75% of acquisitions are now under 30 million dollars. Of course, to get the proper return then for an exit of 30 million dollars and under, you have to look at what the right valuation is.
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