This article was brought to you in partnership with the Consero Group.
Before you pursue any plans into an entrepreneurship track, it’s important that you realize the very real costs of starting a company. Sure, you may have a (possibly) great startup idea, but recognize that in order for your idea to succeed, you need to implement a business model that can ensure a stable cash flow to keep your startup alive. In reality, cash flow concerns are the top challenges that entrepreneurs face.
According to the recent Startup Founder Data Survey from the Consero Group, 75 percent of startup founders reported that cash flow as their top challenge. This was followed by personal financial stress – with 47 percent of surveyed founders admitting to facing the issue. And, considering how closely tied a startup founder’s personal finances are to their company (personal investment in one’s future and whatnot), it make sense that the two are top entrepreneur challenges.
Knowing how to manage startup finances and how to create a smart cash flow strategy are essential to ensuring that your startup will survive. According to CB Insights’s analysis of more than 100 startup failures, running out of cash is the second most prevalent reason behind startup failure; if a startup fails to bring in enough money, then overall failure is inevitable. And this concern is clearly in the mind of startup founders. In the same Consero survey, a majority of respondents (45 percent) wished they had more expertise in finance and accounting. Additionally, 47 percent reported that they found entrepreneurship to be more difficult than they initially expected.
The Consero survey also looked into how entrepreneurs felt about the current funding market – from the available amount of capital out there to thoughts about their individual funding strategies. According to Consero Group founder and CEO, Paul Mandell, in a statement:
“Financing is arguably the most challenging part of entrepreneurship. Startup founders must ensure that they have the right funding and other support in place prior to launch, as this can help ease some of the challenges they face along their journey to building successful ventures.”
You can take a look at the full survey findings here, and learn more about how other entrepreneurs experienced financing in the startup world.
Register to Attend the Consero Startup Acceleration Forum
To further explore these entrepreneur challenges, Consero is welcoming startup founders and high-level executives from all regions of the U.S. to explore their entrepreneurial experiences at the Consero Startup Acceleration Forum. Taking place from June 8-10 at the Marriott Biscayne Bay in Miami, Florida, the forum will allow startup leaders to share their entrepreneurial experiences and learning moments, whether that's raising venture capital, building a motivated team, marketing a product or finding startup success. Register to attend the event here.
Come ready to address hard-hitting entrepreneurial issues, hear from an impressive group of speakers, and gain motivation to propel your business forward.
Tech.Co's Miami Startup Night
Tech.Co has also partnered with Consero to host Tech.Co's Miami Startup Night. After attending the Startup Acceleration Forum, make your way to WeWork – Lincoln Road (Miami) for our Miami Startup Night event on Friday, June 10th.
Come join us for cocktails, snacks and great conversation, while supporting your favorite local startups as we begin our search for the best early-stage startups around. Startups hoping to pitch can apply here. For those who simply want to attend, make sure to register for the event here.