Venture capitalist Jonathan Murray of Early Stage Partners described the startup process as a series of iterative experiments rather than a linear projection. Rather than writing a business plan with cash flow projections that have little or no basis in reality, Jonathan suggests a more realistic approach- a balance between objectivity and entrepreneurial zeal:

Experiment #1: Can we make a product? The objective of this first series of experiments (seed/pre-seed stage) is to build a prototype and is typically run by the founders with bootstrapped financing from friends, fools and family, personal credit and other non-traditional sources.

Experiment #2: Can we get a few customers to buy the product? Once a prototype is built, the second set of experiments is to get a few “live” customers to purchase the product and provide initial feedback. This (early) stage typically involves the founders working in collaboration with professional managers and may be funded by early stage venture capital or angel investors.

Experiment #3: Can we get a lot of customers to buy the product? Once revenue has been achieved, this third (growth stage) of the startup is typically run entirely by professional managers and is financed by institutional venture capital investors.

While this is an oversimplified and generalized overview, it is one that can shed much light on the process while perhaps eliminating much of the potential for heartache and frustration for all who are involved.

Remember, objectivity is the key.

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Insights, Exploits And Life-Lessons