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 Today's advice comes from myFootpath founder and CEO J.T. Allen's interview with Capture Your Flag: "The biggest thing with investors is to give them a vision of where you're going and as best you can lay out the time frame -- and then double it, because it's never going to go like you think it is." Allen, a former consultant at Ernst & Young who launched myFootpath, an online education-based startup, says it's important be conservative when you estimate when you'll meet benchmarks. You need to account for the inevitable holdups, like sick employees or delayed deals with other firms. Giving yourself that wiggle room is important, and helps you best position yourself to answer to your investors. It's also important to consider at the outset just what kind of funders you'd like to see you through your next big innovation, he says. For example, if you oversee a growing business, you're likely to go through many transformations and incarnations. In that case, Allen says, individual or angel investors without a more rigid venture fund to answer to. The big takeaway is to consider the kind of work you're doing, the plans you have (remember to stick to a generous timeline), and plan carefully. That's how you'll find success for yourself, and for your investors, too. Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email.
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