Written by Expert Panel
Entrepreneurship is a journey that no one is ever fully prepared to take. No matter how much time you spent researching and learning things before you started, there are always things you’ll wish you had done differently in hindsight.
While you can’t prepare for every possible scenario, you can arm yourself for some common challenges and circumstances by learning from others’ experiences. We asked members of Young Entrepreneur Council what they wished they knew before they launched their businesses and what difference they think it would have made. Ten of them shared their insights below.
1. Raising Capital Is Harder Than It Looks
Raising capital looks so easy, as big rounds of capital seem to flow to almost every startup company, right? Wrong. Knowing that Silicon Valley and global investment firms are painfully critical and difficult to work with would have been helpful. Most give you 20 minutes to pitch them with a junior associate. Some take your business model and share it with other holding companies they have previously invested in. So be careful who you share the details of your business with. A better option is to start slow and work to get to profitability as quickly as possible. It will decrease your stress and give you a larger valuation when you actually want to raise a round of funding to speed up growth. – Tom Finn, LeggUP Inc.
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