Abstract
The main focus of this study is to evaluate the decision-making process of business angels and the reasons for which they reject investment opportunities. According to heterogenetic views of business angels, their investment criteria might be different corresponding to their knowledge and preferences. The data of nineteen (19) business angels from different cities of Pakistan was collected by face to face interviews, through phone calls, and email interviews. The study confirms that the rejection reasons are mostly related to the management team and entrepreneur. However, they do not predict the reasons for rejection of investment opportunities nor do their characteristics clarify the number of rejection reasons. This could be due to the trend of business angels to join groups of business angels and through shared experiences, for which they behave accordingly. Unlike previous studies, this paper provides guidance to entrepreneurs with reference to Pakistani business angels, about which reasons to be avoided to get investment opportunities. Moreover, it provides actual investment criteria for business angels.
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