The challenges of successfully scaling up startups CanadiansInvest
To mitigate this risk, identifying the right capital partner is imperative. While taking this approach might seem like pumping the breaks on traction, it’s worth spending time upfront to find an experienced partner who is philosophically congruent with you and will endure a few missteps along the way. Taking money from anyone willing to back you in the short term may ultimately cost you in the long term.
One common characteristic of entrepreneurs or inventors is that they are inherently bright and often believe they can lead the company all by themselves. Still, launching startups involves navigating past landmines first-time entrepreneurs would likely not foresee since they have never ridden the startup roller coaster before.
Not every business has the benefit of C-suite executives with decades of experience, however. Luckily, corporate advisors can plug these gaps. It’s common for people not to know what they don’t know, so try to be honest with yourself. If you don’t already have a lot of training or experience in a given area – such as legal matters – it’s best to assume that you would strongly benefit from expert advice.
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