Recently I was at a meeting where the question ‘What do most business owners ask for help about?’ was mooted. The obvious issues of marketing and finance were mentioned but the debate took an interesting turn when one of the attendees at the meeting said, “Last week I was asked three times, by firms in three very different sectors, about how to find a business angel”.
That seemed an awfully specific question for three different people to ask but, as it turns out, the ‘word on the small business street’ is that you should try and find a business angel if you need money for your business. Why? Apparently, at this stage of the economic cycle, with the country moving out of a long recession, business owners’ perceptions are that the banks aren’t lending, venture capitalists will take the lion’s share of their business, but a philanthropic business angel will invest time, money and personal support – so that’s a much better avenue to pursue.