FOR EARLY-STAGE COMPANIES
Before you start selling,
before you talk to a single capital source seriously,
before you will raise any money
you NEED ALL of the above things (at least in iteration #1 or #2).
This is not as hard as it sounds if you have help from others with the right expertise. In fact, it can be done in a week or two in most case if you have already done you market research.
Therefore, you need some time and energy from all 5 key skill sets of business development and launch. This can be an expert in each area with management experience or a CEO level person with high-level experience in managing all these disciplines. Each piece must go through several iterations and be backed up with solid market research that includes conversations with prospective customers and much more. Ideally, these should all be completed before you start a real burn rate (ongoing fixed costs) so that you can take your time without as many money pressures.
Bob Norton is a long-time Serial Entrepreneur and CEO with four exits that returned over $1 billion to investors. He has trained, coached and advised over 1,000 CEOs since 2002. And is Founder of The CEO Boot Camp™ and Entrepreneurship University™. Mr. Norton works with companies to triple their chances of success in launching new companies and products. And helps established companies scale faster using the six AirTight Management™ systems. And helps companies successfully raise capital.
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