1. Start-up This is the exciting phase when your business concepts are launched. First you must get through the pre-launch by raising enough capital to prove your concept. Then you must design, build, test and hone your product and marketing plan. Then you enter the real market. Here you discover the misconceptions you had regarding what your customer really wants, and what that means to your product, package and pitch. The speed of this early course correction is critical. You must make many expensive changes at a time when you are racing the clock to achieve a positive cash flow. Most studies put the start-up success rate at less than one in seven. The goal of the start-up phase is to prove your concept and achieve positive cash flow before running out of funds — or losing control of the company through subsequent rounds of financing. 2. Build-up Now that you have beaten the odds and achieved a positive cash flow, you must identify and sell a few l