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2.10.2011

Three Questions for Entrepreneurs

The other day I was meeting with the leadership team of a startup company brimming with transformational potential. The team had made tremendous progress in a year, going from an idea on a piece of paper to a fully functioning business earning real revenue.

Of course, any new venture is fragile. While revenues are growing, the company hasn't yet hit breakeven. Its current projections suggest that point is still at least six months away. The company has some cash in the bank, but recently began looking for further external investment to help ensure it remains solvent.

..:: Our discussion went something like this ::..

Me: "So, how important is it that you get external funding?"

Team: "It's important, but not critical because we have cash in the bank."

Scott: "How much?"

Team: "A few hundred thousand dollars"

Scott: "What are your current spending projections?"
(I hear a shuffling of paper...)

Team: "30 to 50 thousand a month."

Scott: "Well, that seems pretty urgent to me. You have about six months of life left."

..:: Check the full article at Harvard Business Review

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