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Swimming in Shark-Infested Waters: Avoiding Entrepreneurial Scams

Submitted by Marijuana News on Fri, 05/08/2015 - 08:00

Are you an entrepreneur looking to get your startup funded? Be careful.

I suppose it’s no surprise that hopeful entrepreneurs are good targets. Too often we’re led to believe that getting investment money is the ultimate victory. Supposedly we’re all going to be successful as soon as some investor says “yes” and we get a big check. And that eagerness to get the money makes us vulnerable to sharks.

While you’re probably as alert as anybody to scams involving fake Nigerian royalty, or free weekends in resorts, your normal anti-scam radar can malfunction when you’re in startup mode looking to get financed. Keep your eyes open and stay safe.

Write a business plan. Don’t buy one.

Take, for example, the business plan writers who sell their services using the claim that the look and feel of a written plan will get you investment. That’s just not the case. Investors invest...

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