Appropriately managing and planning for growth is one of the most crucial challenges facing a startup founder.
Though each startup is unique, many face similar obstacles that keep them from unlocking a repeatable growth process early on.
I recently gained more insights into some of the issues startups need to focus on, thanks to a podcast interview with David Sanderson, founder of Reelgood, as well as a conversation with Colby Bauer, cofounder of Thread Wallets. The consensus is that by dedicating your energy to solving a few vital challenges in the early days, you can position your startup well to take advantage of smart growth opportunities that come your way in the future.
1. Mastering Your Finances
Your startup won’t be able to grow if you don’t have the financial resources to develop products and services, hire the best talent and so on. How do you get the investments you need to fuel your startup in its early stages?
Most startups require outside funding to grow, but in order to earn that funding, you need to put in the effort first.
For Sanderson, landing his first big investor was the result of a confluence of things. He explains, “The investor had already heard about me and my products from my time working at Facebook. I also came recommended from his friend, and was already demonstrating more than just an idea—I had basic outlines of what I thought the product would actually be.”
Though Sanderson is the first to admit that part of landing this early million-dollar investment was due to luck and timing, there’s no denying that building industry relationships and crafting a strong proof of concept played a central role in securing this initial round of funding.
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This Article first appeared in Forbes