It seems many have come to believe that a business can operate on fundraising alone.
I've had the honor of working first-hand with many start-up founders, all passionately endeavoring to build successful ventures. A small percent of the wisest succeed.
Many patterns signal doom. Certain crucial patterns sow success.
Some founders stand confidently behind their assumptions like hypothetical astronauts while they expend capital like rocket fuel. Wiser founders expend capital preciously, like oxygen.
Certainly, a start-up can burn raised funds like a rocket, stage after stage, consuming liquid oxygen / capital in a wildfire of founders' optimism.
Yet in fact, a successful business is a machine that captures revenue in exchange for value delivered.
Do you want to found a start-up, or start a business?