Promoters are vital because they bring a vision to life. They are often the driving force behind a start-up's initial momentum. Their importance can be summarized as follows:
1. Vision and Direction: Promoters provide the initial vision and set the strategic direction for the company. 2. Risk-Taking: They are usually the first to take on the financial and personal risks associated with starting a new business. 3. Resource Mobilization: Promoters are adept at mobilizing the necessary resources, be it through bootstrapping or securing venture capital. 4. Stakeholder Engagement: They engage with various stakeholders, building a network that supports the business in its growth phase.