In business as well as seeking funds or investment for your business, honesty and transparency are key elements to hold.
In your proposal or pitching, lay everything bare before funders including potential risks or possible shortfalls and let them decide considering all the positives and negatives.
If a funder later discovers something that was not known at the initial stages, they could possibly withdraw or hold back from further investing in you or your business.
Therefore, it is prudent to be transparent and honest right from the beginning.
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