As CEO of your company, you have one main job: keep your company going.

At some point in your growth - if not on a daily basis - you will consider raising money to accelerate the growth of your business or to extend your "runway" to keep your business alive.

There are many different opinions on when and how to raise money. I believe that you should only be raising money when:

1. You have a well-defined objective
Not having money in the bank is a logical but poor excuse for raising money. If you're going to approach angel investors or venture capitalists for "investment", you need to be able to demonstrate that you need the money to achieve a specific objective - which will generate a specific outcome.

2. You know exactly how you will use it
You should be able to demonstrate exactly how much money you need, what you will spend it on, and why that's the best way to use somebody else's money. Have a detailed list of what you need, how much it costs, and why it's the best investment.

3. You need it for growth, not for extending your runway
Demonstrate to investors how their investment will fuel growth and you significantly reduce the risk and cost of capital.

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