Founders shouldn’t necessarily seek investment capital in the early days, which seems counterintuitive because getting funding could lessen financial risk. Lack of capital or cash flow is the number one challenge for small business owners, according to a 2020“Seeking investor capital early on is counterproductive because it gives entrepreneurs an excuse to not hustle, to not acquire skills and play the long game,” says Broom, who started his marketing agency with Farthing with zero capital.
. Knowing that your life savings or nest egg are on the line provides powerful motivation to get customers and generate cash flow.“Startups should hire talent immediately so they can scale the business,” adds Farthing. “Otherwise, the venture becomes a job for a solopreneur. Recruiting employees frees up the founder’s time and allows him/her to focus on growth. You cannot afford not to hire.”
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