The article offers advice to new entrepreneurs and start-ups, from eight entrepreneurs who built start-up companies into successful businesses. Among them is Mifsud at number eight, who has taken ScribbleLive from a start-up to a leading content marketing software company.
“There are a lot of startups that burn through cash excessively,” Mifsud told Inc. “Yes, you need money to fuel growth, but if your primary strategy is pure spending, you’re setting yourself up to fail.”
Mifsud warned, once a “team is used to a culture of spending, it’s extremely hard to roll back and put accountability in place.”
He referenced the failure of tech companies in the late 90’s, who went bankrupt when capital markets dissipated, as an example to learn from.
He told Inc., “Be laser focused with your investments instead, especially when it comes to marketing – place bets on content, not ads, and use the proper tools to ensure you’re making data-driven decisions.”