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Threat Appetite: If the Entrepreneur's company is a bit more than a notion with zero to small sales, capital received from the Angel should be "flyer" money- in other words. if it doesn't come-back, no people life is ruined. What Lee Hnetinka believe their danger appetite is and what they really can stomach (a 50% stock portfolio drop within one 12 months including) has to be fleshed out in black and white.
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