The founder's primary job is stretching those first funds to afford a team, a prototype and a marketing plan.
One of my favorite consulting services is advising founders on how to build their startups.
I work with a founder who knows what problem he wants his startup to solve and asked for advice on how to work with potential investors to raise capital.
He has persuaded some investors to write checks and as the money rolls into his bank account, he is turning his attention to using that capital most effectively.
Based on the hundreds of entrepreneurs I have interviewed and the seven in whom I've invested, I know that there are plenty of traps to avoid at this stage. Among the most dangerous is a founder's desire to build what he believes to be the perfect product. But what if he spends every waking moment coding, only to realize that all his seed capital is gone and his startup has no paying customers?
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