Part Four in a Series of Four
Occasionally, you may have a competitor who is building their business using money they’ve received through venture capital (VC) avenues. How will you know when you have a competitor like this? That’s simple, they’ll send out press releases bragging that they just received their first, or second, or third round of funding for millions of dollars.
I have survived two close encounters with competitors like these during my 27 years in business.
1. The Blowhard
In the mid-90s, a VC-funded competitor tried to partner with me. He encouraged me to come to his operation in Redmond, Washington. He showed me how amazing [he thought] his software was. He tried to impress me with the joint-venture relationship he had with the unbelievably large partner (who was his next-door neighbor). He explained that he had received multiple rounds of funding, so he was flush with cash. And then he wanted to pay me to merge my base of customers into his existing software world.
Written by Mike Kappel. To read the full article, click here. Premier Business Network™ provides Guaranteed Benefits for Small Businesses™. Feel free to join the conversation about small business benefits at #pbnbenefits. For more small business tips or to become a member, visit our website at www.premierbusinessnetwork.com, and follow us everywhere @pbnbenefits.