How can entrepreneurs use milestones to attract and secure funding?
Setting and achieving milestones can be a powerful strategy to attract and secure funding. Milestones demonstrate progress and reduce perceived risk for investors. Key milestones might include reaching a certain level of revenue, completing a product prototype, securing a major customer, or achieving regulatory approval. By hitting these milestones, entrepreneurs can build credibility and show that they are capable of executing their business plan. This can make the business more attractive to potential investors and increase the likelihood of securing funding.