It's called doing something kinda boring, consistently and doing it well. It's hard to say in software when you really need huge capital if you can start with the following:
1. Some financial understanding of how to invoice, pay taxes and write contracts - the business side
2. Manage people, setting expectations and holding people accountable, while empowering them to be successful in there job as clearly defined when hired
3. Take action to address the immediate. Reds of the customer while always keeping an eye on the longer term needs - always be available and responsive to needs of the customer - email, phone, chat
4. Have a solid foundation in the technical aspects of what you are building and operating
If you have these 4 things and a product that is a good fit in an emerging market than raising capital is probably not necessarily needed because you have the resources and skills to make it happen. I think probably a 5th requirement is you have enough personal capital to pay for your living expenses until the business is making enough money. Also avoid hiring until you can pay for double the salary of the first hire... this way if you are wrong you have some padding and it's proved you can work through hard times. I remember thinking before our first hire that this was way too much stress and it would be so much easier when we have more people. Now at 16 employees, it's an order of magnitude harder but I'm much more prepared than I was back then. The children analogy is good I think. When you first have a child you think this is going to be hard but they grow with you and so it's not so bad it's even kind of fun
1. Some financial understanding of how to invoice, pay taxes and write contracts - the business side
2. Manage people, setting expectations and holding people accountable, while empowering them to be successful in there job as clearly defined when hired
3. Take action to address the immediate. Reds of the customer while always keeping an eye on the longer term needs - always be available and responsive to needs of the customer - email, phone, chat
4. Have a solid foundation in the technical aspects of what you are building and operating
If you have these 4 things and a product that is a good fit in an emerging market than raising capital is probably not necessarily needed because you have the resources and skills to make it happen. I think probably a 5th requirement is you have enough personal capital to pay for your living expenses until the business is making enough money. Also avoid hiring until you can pay for double the salary of the first hire... this way if you are wrong you have some padding and it's proved you can work through hard times. I remember thinking before our first hire that this was way too much stress and it would be so much easier when we have more people. Now at 16 employees, it's an order of magnitude harder but I'm much more prepared than I was back then. The children analogy is good I think. When you first have a child you think this is going to be hard but they grow with you and so it's not so bad it's even kind of fun