Take time to think two steps ahead.
Starting a business is an exciting time in anyone’s life. And often when we’re in those “early moments,” we make decisions that have unintended consequences in the future. This is particularly true when it comes to finance and partnership decisions – which are often extremely difficult to unwind.
It’s important to slow down and think ahead. You need to think through how you imagine your business evolving, how quickly, and what your ongoing capital requirements will be. And you need to make sure that you talk about long-term financing issues and possibilities with your partners to make sure that everyone is in sync.
Let me share three true stories to help illustrate the point.