134: How to Do Due Diligence on People
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After last episode about how to deal with investors we decided this episode should be about how to do due diligence in your company. Due diligence is basically just doing your homework on anyone you are potentially letting into the company. On today’s episode we are going to tell you how to do it and why you should do it.
Doing diligence will save you so many heartaches and headaches down the road.
Here are the topics we discussed today:
- What is due diligence?
- When to do due diligence.
- Why you should talk to previous investments of a potential investor.
- Why you should talk to the investments that had hard experiences with the investor.
- What the references from a potential investor can tell you.
- How to use storytelling and examples to learn more.
- Steli’s “discouragement game” and how that can help with references.
- Why you should focus on investments that have a long history with potential investors.
- The usefulness of background checks.
- How social media can help your decision.
- What happens when you don’t do your due diligence.
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