I’ve noticed that some people would rather spend $100,000 to do it wrong themselves than $10,000 to learn how to do it right from an expert. But the beginning stage is where the right consultant can add the most value.
Especially because if you’re on the wrong path, the longer you go, the more attached you’ll get to not fixing it, throwing good money after bad. The longer you wait the more expensive it is to fix the often-fatal flaws in your system, product, or business model.
The right consultant can help make your idea more robust early and keep you from making wrong critical assumptions, which is surprisingly easy to do.
A well thought-out business plan will survive investor scrutiny, and separate you from the Dunning-Kruger pack. It’s literally worth millions to get it right early, long before your first pitch deck.
Conversely, this chart shows that letting an investor call the shots, “change this, change that,” is going to cost you a bunch of money, maybe even more than he put in. Be very careful of that, make sure they are aligned with your vision.
Ask it over dinner and later after a few drinks. It’s critical to get the right investor, they have a habit of kicking out the founder then running the company into the ground, picking up all the assets for free under their UCC-1. It a Thing. Especially if you’re kicking-in your IP, own it if it all goes south.
Look how a blunder in the early years of Canadian hemp impacted its growth for years. And this chart doesn’t even do it justice, the difference today is orders of magnitude different. It could have so much better, handled properly. Like a business, not a cause.