They form a team ready to fight for success.The team prepares the development path and the operating plans.They start as much of the work as possible with little money on hand.
The CEO and other members go on the financial hunt. They need money and seek every possible source. Grants, loans, Friends & Family, and Angels are among the first sources approached. Few will see immediate success, but they will continue the search.
Given the tight money situation and highly competitive environment, the teams will continue but may soon become tired. They may even reconsider their options.
Some of the companies will not survive and will be eaten or die. Many of the entrepreneurs start over at this point with a new company.
Some of the companies get their lucky break. They become re-energized and enthusiastic. They work hard to try to achieve all of the goals they established, hopefully, before the money runs out.
The winners emerge and go on to start new companies or become Angels. They teach others to develop companies and coach or serve as board members.
The road is difficult but the challenge is worth the fight. Entrepreneurs do what they do because they believe they can succeed and want to do something grand. They all are winners but some have more money than others do in the end!
Taffy Williams is the author of: Think Agile: How Smart Entrepreneurs Adapt in Order to Succeed to via Amazon