- Try to study the company that you are dealing business with by searching some information on the internet. If it is a reliable financial firm they must have an official website where their physical address and phone number is visible.
- Search the names of every individual that you are dealing with on the phone to check if he or she is legitimate and is not using an alias or code names.
- Verify that the company is registered with the Better Business Bureau (BBB) or to some other Business Bureau Monitoring services. You can also search for more information about the company through the Federal Trade Commission (FTC). Legitimate companies are also registered with the Attorney General’s Office.
- If they ask for an advance fee for whatever vague deliverables, do not pay right away. That is the main target of scammers, to get your money. You must be provided with a plan first to accomplish your objective.
- Study carefully all the agreements that you have mutually covered. If you still feel uncomfortable and feel like the agreement is something you do not understand, do not sign and seek for legal guidance. You must have an attorney who can review all the documents that you are signing in.
- Use your instinct! If you have doubts and you think you are engaging in business with a company you feel like it is potentially a scam or fraud, you are probably right. Do not pursue your business partnership with them.
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One must take note that the history of these potential venture capital partners is also essential, and a seasoned financial firm with decades of experience is very much reliable. These investors must also be much known in the world of entrepreneurship where they have done successful business investments and made hefty commissions in return. And lastly, find the best venture capital partners where you are assured of a long term relationship for future business innovations.
