Securing financing for your business means taking risks and making mistakes. Growth strategies are often fraught with mistakes and misfires. So what are some of the most common strategic errors I’ve seen fellow entrepreneurs make during my career as a serial entrepreneur, former venture capitalist, and angel investor? Well, you may simply be the wrong executive to pitch a startup. You may have approached the wrong financing source. Or your timing might be wrong to sell via a mass retailer.
Here is my take on how to identify and turn a bad situation aroundI’ve seen the following three real-life scenarios repeated way too many times. (I’ve changed the names of the entrepreneurs in the examples.)
1. Wrong executive to pitch a startup.
Phil wants to finance and launch a media company. His business plan is top-notch, and Phil is a great guy, but he’s been fund-raising for 18 months. He’s only trying to raise $300,000 from angel investors, and he knows a lot of them. He hasn’t brought home a paycheck in two years, and tension is high in his household. Phil has had a spectacular career starting little companies within big...
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