The elixir that lets a startup and an entrepreneur breathe is funding. Funding doesn't always involve only money, it includes mentoring and network of people as well. Entrepreneurs have to understand that getting funded is not the end of the road, it's actually the beginning of a very difficult and challenging journey.
People who invest in a business don't want your promises, they want the performance. There are certain aspects about your business that actually needs you and only you ... like your idea, you have envisioned it and only you know what your concept is capable of. Investors don't think the way you think, they think money and you think innovation. This goes to prove that the money they give you isn't a gift, it's what your idea deserves and now it's your responsibility to make that idea worth every penny of your investors and your customers. But the question rises, how to do it perfectly?
Well, we've got you covered...
"Durable Foundation" is a subjective phrase for every entrepreneur, some might consider their base strong when they have a solid revenue model, and some might think they have a firm base when they look at the interests of investors pouring in. Although, funding will always be valued scale to judge your foundation in the market.
A sensible businessman will execute mature skills after the funding is received, he will prepare for future courses, saving it for emergencies and adding up infrastructural benefits for his employees. Entrepreneurship is nothing short of a classic play, and an entrepreneur is always Julius Caeser, because when in power, he has to become miser and save the kingdom. Someone who just got funded and found partying post that is bound to be doomed and so is his reputation.
Your foundation is as strong as your spending habits and your moves after you've received money. Be careful with it.
Don't depend onfunding (ironic)
There are a number of businessmen who don't actually rely on being funded, but rather have a solid business plan ready for their product. In some cases, entrepreneurs wait for the funding to start in events and roll their business plan to the investors as a shot in the dark, if they get funded, they consider is a gift and upgrade their product and office, if they don't , they move on with a smile.
To explain the specificity of the above paragraph, we coin it into one simple sentence... 'If your business plan depends too much on funding, you are most likely to face a huge risk'.
Revenue model improvement, strong network and better business plan mixed with sensible entrepreneurs is always the recipe for success. Funding is actually a bonus.
Keep your pace
Being an entrepreneur is not easy... at all. It might seem easy when you've got funded, but it gets hard from exactly there. Prepare for the long journey, not a short night of partying and generous spending. Investors don't just give away the money, they are looking for returns as soon as they fund you. Buckle up for a longer journey and keep showing your investors your work in progress, earning with a slower pace is always better than earning rapidly and then fading away.
Again, entrepreneurship is a journey paved on the road of thorns. You better have your best and sensible shoes on before you start running on this road... Actually, walk .. don't run. Keeping the pace wise and steady is profound here.