All new ventures are fragile. Even if revenues are growing (which they should be), chances are your company hasn't yet hit breakeven. To manage through this precarious time, be sure you know these three things:
- How many days does your venture have to live? Businesses fail because they run out of cash. Knowing exactly how many months or days you have to live can help you better manage costs and your funding strategy.
- Why you are doing this? Success requires hard work and constant attention. If you don't know exactly why you should make the effort, neither will your funders.
- What are the top-two critical issues? Be precise about which two issues deserve the highest priority. These may not be the most urgent, but they are the ones that your venture's success depends on.