Field Guide to the Startup World - Summary
Don’t let the hype about superstar startups lead you down the garden path. There isn’t a shortcut to fame and fortune. Getting your company off the ground will be hard work, so you’ll need to ready yourself for the long haul. If you want to make it, you’ll have to foster transparency and honesty. You should also assess your strengths and weaknesses and carefully consider your funding options. Do that, however, and you’ll be well on your way to success.
What you can do
Consider your funding options carefully.
Venture capital isn’t the only way of funding your company. In fact, its downsides might outweigh its advantages in your particular situation. So rather than jumping on the first offer that comes your way, take some time to carefully consider your options. From micro-VC to bootstrap, angel investment and crowdfunding, there are plenty of funding models out there to pick and choose from.
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I think one of the big downsides of VC funding is the potential change it could bring upon your company culture. Usually in most cases, taking Other People's Money( OPM ) means a lot of the good dies
VC is an option, but definitely considering other options is important
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Do you have a startup?
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I have worked in several and have a couple in the works here in Nigeria. Before raising money, be sure you have a product/service that people actually want and would be willing to pay for. In fact VCs would prefer to fund a startup with a growing customer base since they have a higher chance of getting full ROI in the shortest possible time.
Agreed, what do you think of the Minimum Viable Product (MVP)?
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