Raising venture capital for a founder is an exercise in seeing how high the founder’s tolerance for rejection is.  But if success is achieved, survival is assured and the horizons are unlimited.  Maybe grow the company and sell it for a big number.  Maybe even go public.  Maybe even build to a large successful company that is a leader in the industry.  But in the meantime, there is a business to manage, and managing a growing company is a lot more complicated than raising a round of venture capital.  Managing goes on “forever” as long as you own the company.

In the earliest stages the founder has to manage him/her and maybe one or two employees.  Not that hard.  But then success and growth start to happen.  More people, with all the attendant problems they bring are being added to the payroll.  There are hiring and firing decisions to be made, maybe some government regulations (like having to pay taxes, hence having correct records, hence paying attention to the company financials).  You may need new space, with all the time required to find the right space to grow into.  And finally the small matter of always having to make sure that there is enough cash on hand, not to mention constantly focusing on increasing sales and revenue.

When you become a manager you may look back on raising venture capital as a walk in the park.  Now you have to learn to manage, whatever that takes and whatever that is.  Success won’t come without it.

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