It never hurts to close a deal over a drink. Tom Lix certainly had that going for him when he was seeking funding for his company, Cleveland Whiskey. In 2009, he was experimenting with whiskey aging methods in the basement of his Cleveland home. The process would allow him to age high-proof whiskey in a matter of days rather than years. Still, even this professor of entrepreneurship at Lake Erie College knew that angel investors wouldn’t give him a dime until he built his credibility and got funds elsewhere.

These angel investors were involved in discussions about product launches, the annual budget and spending decisions, often on a daily basis. “Sometimes one of the hardest things to do is to listen and take advice, but it’s important. You have to be able to do that,” says Lix. “You have to be able to accept ideas that sometimes are better than your own.”