These are the wise words of Alan M. Webber Co-founder of Fast company magazine.
In his book 52 Rules of Thumb he tells us about the personal rules he has established over the course of his life.
As a future entrepreneur I dread looking for investors. Why? Many things could go wrong, most importantly – bad investors. This Rule of Thumb “All money is not created equal” says.
It’s true it all spends the same. But who you get it from makes all the difference. Some money is smart and some dumb: some comes untethered and some has strings attached; some is patient and some will frazzle you. Some money comes from people you’re proud to associate with, and some money is associated with people you’d rather not admit you know. There’s strategic money that opens up multiple opportunities, and there’s money that is only money. You need to know the different kinds of money.
Start looking for people that can afford to lose their investment. Investors that think the same way as you, whose credibility will give you credibility and people who have their own circle of influence. You want to gain access to their rolodex.
Readers I ask you, what’s your own personal rule of thumb? Share it with me. And share it on Allan Webber’s website @ http://rulesofthumbbook.blogspot.com/