Managing Risk: Seek Funding Earlier

Nathan Masters, CEO of SimpleShot Shooting Sports in Asheville, says if he knew what he knew now 12 years ago when starting his business, he would've sought funding sooner. He was too focused on mitigating any risk associated with building his business. If he were advising someone in a similar situation, he would recommend seeking outside funding upfront and wrapping things up tight.

If I could know what I know now,
12 years ago when I started the business,
I would have absolutely sought funding.
To take this idea and gone to market,
much bigger than I did, sooner.
Now I have no problems with the fact that
I grew my business really
slowly step by step.
That was up for risk mitigation.
I wanted to make sure my
family was taken care of
as well as the folks
that were supporting me.
But if I were advising someone else,
that was in a similar situation as I was,
with this particular business, and saw
the upside potential I
would probably encourage
them to go ahead and seek outside funding.
And wrap things up tight.
Get your trademarks taken care of,
get your IP squared away,
if that pertains to your business.
And then get out there
and run hard and run fast.
And whatever you're selling,
cover the marketplace as fast as possible.

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