Can I raise funds even though I don't have a management team?
Finance & Capital mentor Guy Kawasaki responds to this question from an inc.com user: I have spent a lot of time researching and developing my idea and have a clear vision of how it should be executed. But I've heard that I won't be able to raise funds without an experienced management team. What about investing in me, the person who developed the idea and is totally passionate about the vision?
Guy Kawasaki's response: An impassioned entrepreneur, armed with market research and a brilliant idea, will often be able to raise capital from VCs or angel investors. However, investors will most likely want to see other experienced entrepreneurs and managers join your company to help implement your vision. Also, if you can get experienced industry insiders excited about your idea, the investors will more likely be excited as well.
For your business to grow, you will have to build a strong management team. Start now. Take this opportunity to bring on board somebody with a record of success, preferably in your target industry. If you can convince a credible outside executive to join your company, investors will view you more favorably.
Savvy investors don't invest in enthusiasm alone -- they want to see some proof of concept, in the form of a product or signed customer. If you are not in a position to show them either of these things, having an experienced partner who has had tangible successes can be one way to assuage their fears.