How you communicate is also key. KJ Miller, the co-founder and CEO of Mented Cosmetics, a New York City-based beauty line for women of color, says she used to send out short monthly updates, thinking people didn't want to read lengthy communiqués. But she would often get back questions from investors, asking for information she could have easily provided up front. So she switched to bulleted emails, which would provide more information but be easier to digest. Her investors "actually do love data," Miller laughs. "The more I can give them, the happier they are. But doing it in a bulleted manner keeps it from seeming like they need to read a novel every time I email them."

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