building a quality business. Investors want their money back--and quickly (usually three
to five years). Long-term sustainability goes out the window when those involved only
want to cash out as soon as they can. Spending other people's money is addictive.
There's nothing easier than spending other people's money. But then you run out and need
to go back for more. And every time you go back, they take more of your company. It's
usually a bad deal. When you're just beginning, you have no leverage. That's a terrible
time to enter into any financial transaction. Customers move down the totem pole. You
wind up building what investors want instead of what customers want. Raising money is
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