Fortunately the milestones needed for a successful financing are 100% aligned with the milestones needed to build a successful company.
Focus is crucial. This one question produces focus, and alignment across all departments. And if answered correctly, it ensures that your startup will survive by not running out of cash. If there is any initiative in the company that doesn’t align with answering this question positively, it very likely shouldn’t belong on the agenda.
This question then leads to a series of other questions, that make it clear what the company has to do, first to survive, and secondly to be successful. Those questions might look like this:
- What are the milestones needed for a successful fund raise?
- What are the most important risks in our plan to reach the milestones? What can we do to mitigate those risks?
- If we are not on track to reach those milestones with the cash available, what can we do to fix that?
“Formal education will make you a living; self-education will make you a fortune.”
Opportunity is missed by most people because it is dressed in overalls and looks like work.