When it comes time to raise capital for your firm, you should develop a business plan that identifies the most pressing issue facing your business and what you plan to do about it, Peter Cohan writes. You should choose a strategy for success and emphasize to investors the value of the opportunity you are offering them. "Doing that successfully depends on making them feel that not investing in your start-up will cause them to miss out on a big investment return that their peers who do invest will savor," he writes.

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