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Element 34. Low Cash Required Before Lau... > Practical Experience—This Deserves t...

Practical Experience—This Deserves the Medium Weight of 2

The longer you can postpone serious cash commitments the more likely you are to fund the venture through its early risk-reducing phases out of your own pocket. In tight financial markets, this may be critical to your success.

I am tempted to report that scale is not as relevant as careful attention to this element of the Scorecard. Can a solo human being with no money of his or her own build a dam across a major river? Sure. However, to succeed, that person will need to keep a roof over his or her head and carefully piece together the partnering commitments prior to the moment when the real, cash-consuming work needs to be done. Christopher Columbus did not underwrite the costs for the ships, equipment, supplies, and people necessary for the voyage to America. He sold the Queen on the idea and she underwrote the trip. He ramped up the project with little or nothing and she paid the big bills when they were due.


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