It’s not that funding has dried up or gone away during this time, people with money, typically don’t stop investing and now is the time they are looking for deals more than ever.
However, do you need funding or do you really need to execute and grow revenue?
The focus for any startup right now more than ever, is not if you will get short term funding, bridge funding, smart funding or any funding. The question you should ask yourself is do you have a business that is generating revenue and growing right now and do you have the right mentors, advisors, and talent to help you execute?
Perhaps spend time during this period building your board of directors and advisory board, those that can open up doors and grow your network. Seek strategic partners, experienced executives that can help EXECUTE and grow revenue. Build a business first, understand your customers and clients, pivot if you need to but keep your eye on the revenue.
Funding vs Advisors? What is right for you?
It takes months to secure seed or gap funding in most cases, there is also this culture and imaginary badge of honor for how much you have or can raise. Not everyone has the skill or energy to raise funds. The main skill you need to build is the skill of driving revenue, executing and being a business leader. If you can prove that, you will get the funding through revenue and outside investors.
Here are a few goals to think about when you get stuck or feel frustrated trying to raise money.
Help you with an introduction, inspiration, an idea, a connection, a podcast, an interview, just move forward with what you can control without funding. Put actionable steps in motion. Chip away.
If you can focus on how to make money rather than asking for money right now, the doors and clarity will happen. The right mentors, advisors, and investors will be introduced to or made aware of your business by your actions today to grow revenue.
Use this time to recognize what you really need right now, smart funding may come to you in a different way.
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