Monday, March 6, 2017

Don't Sink Before You Can Swim: Crucial Steps for Startups to Stay in the Black



People love a good startup story, especially one that chronicles the mishaps of first-time entrepreneurs and their eccentric founding team members. Case in point: HBO’s “Silicon Valley.” The show has been a hit with viewers and critics alike, picking up a Critics’ Choice Award for Best Comedy Series last December and celebrating its renewal for a fourth season.

The show resonates because it offers a hilarious if “close-to-the-bone” take on life at the center of startup culture, but the setbacks portrayed on the show are a lot less humorous when companies encounter them in real life.

Startups are often scrappy and resourceful, two of the best qualities one can find in early-stage companies. But they’re also prone to potentially fatal mistakes. I frequently get calls from entrepreneurs who realize too late that they’ve messed up by skipping critical steps in the development process. By the time they come to me, we need to work miracles to save their companies.