Based on Resolute Adventures: Ascending the Summit....How Mountaineering Prepares for Entrepreneurial success http://tinyurl.com/yfhxfod
Step 7: Getting sponsors/advocates: Relates to investors, supporters and others.
Whether your business requires outside capital to achieve key milestones is an important decision to make early on. Determine what sources of funding should be raised for working and growth capital. Hire seasoned financial experts to help navigate this trail. Understand your desire for control as the amount of control you retain is inversely related to the amount of venture capital you may need to raise. If you are successful in raising money, it is important that you see eye to eye with the venture fund and have the appropriate level and type of involvement from them. The popular complaint from entrepreneurs is that VCs, who don't have true entrepreneurial operating experience rather a MBA and finance background, want to tell them what to do. Entrepreneurs need to be spending more time on managing their business, rather than managing their board and investors.
If your venture is self funded by the founding team/friends and family, a well chosen advisory board can be very valuable. Proven and perhaps semi-retired entrepreneurs who have relevant experience and are interesting in mentoring the newer generation would be an ideal choice. Learn from those who have a healthy combination of failure and success under their belts as much can be learned through the combination. While much can be learned by failure, they need to have reached levels of success in order to help guide you to yours.
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