External funding is a tool - not a means to an end

Countless of times, entrepreneurs highlight successful external funding as a victory. Almost as if the funding itself is an end goal.

External funding means pressure. Pressure can be good sometimes, especially when planning for it and making sure you have a good setup once the money is in the bank. And if you have made sure to align the VC's or the angels' expectations in a way that your team is comfortable with early on.

External funding means opportunity. Grow faster. Blitzscale or what you want to call it. But make sure you can see some way that is going to happen. You'll need to spend the money quickly and on what is really growing your business. To win market shares faster than the competition is great! A big opportunity.

External funding means commitment. A founding team needs to be transparent and honest on what the time horizon for their commitment is. Things change along the way, but at least you are starting with the same expectations on how much and for how long you agree to commit. Often times vesting acts as an incentive to stay longer, but that is a mere incentive, not a guarantee.

External funding does not mean that you have made it. It's just a tool to grow faster, no matter at what valuation. But it is not and never will be your end goal.