Tue, Jun 17, 2014
Ask any entrepreneur who is currently fundraising, how much money he needs and he will give you a number. Ask him what he will spend the money on, and most of them will give you a decent answer. In case he can’t answer this initial question — game over.
Now ask him the litmus test question: “Great. I give you ten times as much. What do you do?”
“It’s easy to spend money. It’s really hard to spend it effectively and productively.”
You will be surprised how many people can’t give you a good answer to the second question. To answer this question well, you need to have a strong vision, understand what it takes to get there, have figured out the resources needed and the sequencing of your steps. It’s hard. Really hard.
So: What do you do with ten times the amount of money you think you need?