One question that usually escapes the minds of most entrepreneurs today is: Is there anything else I need to do once I have all the funding and market research that I require before I hit the start button? It so happens that attracting top talent and retaining them through the initial months and years is for sure, one of the true catalysts for ensuring success for your start-up. Why is a strong core team indispensable?
A common mistake most entrepreneurs make is misreading competitive advantage for a business plan. As any failed product / company’s review will quickly reveal, the primary reason for not making it was because of some else’s competitive edge that edged everyone else out eventually. For a start-up seeking to blow away and impress potential investors, a viable or sustainable business advantage or competitive edge is what shines through.
For start-ups, cash is always, well, expensive—and elusive. Early stage investors (HNIs, Angels, friends and family, Seed Funds) who are themselves usually investor-evangelists, need a demonstrated, tested and ‘battle-hardened’ concept before parting with funds. Therefore, start-ups and entrepreneurs need to go beyond their great ideas and get down to figuring out and eventually, walking the talk. A proof of concept (PoC) makes you aware of your challenges and the future road-map, thereby, raising the level of confidence of your potential investors in your business idea and team commitment.
For a start-up looking at funding, be it seed, angel or even equity-based, it is critical to be ready for investment. This is necessary because not only does this help the new business get going with a head-start but it is also necessary for the entrepreneur to see how far his idea can convert to reality in the real practical sense. To get investors interested and ‘locked-in’, deliberating your investor-readiness quotient does make eminent sense.
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