According to Hoffmann & Donald (1993), venture capital is a risky type of private equity because the new hotel may have a higher failure rate, but investors will be provided the higher return resulting from the capital gain on the sale of the new hotel. Alex and Will need to be well prepared before meeting their investors and presenting a good business proposal. According to Gonnerman (1984), an investor wants to look for a business idea that can yield at least double the investment amount in three years, so developing the business concept is