If you don’t know where you’re going, what chance do you have of getting there? This is the first in a series of episodes on the startup journey and today we’re talking about targeting your destination. Future episodes will deal with other aspects of your journey like generating momentum, gathering your provisions, setting and achieving milestones and selecting your travelling companions. In this series on the startup journey, you’ll learn that you’re most likely to reach your destination if you know exactly where you’re going, you have sufficient fuel to get there, you plan for contingencies, maintain momentum and assemble a winning team. This episode looks at some of the alternative destinations you might want to select for your startup. We’re going to talk about independent survival, where you build a business independent of outside investment, with the goal of generating profitable revenues, for years to come. We’ll talk about IPO, where you build a company that has its shares traded on the public markets. “IPO” stands for “initial public offering”. Then we’ll divide a sale of the company into two types. Cash flow sale is where you sell the company as a profitable going concern. The buyer is getting a cash-flow generating business. The term “asset sale” has a more specific meaning in legal jargon, but for the purpose of our startup journey, we’ll use this to refer to a situation where a buyer acquires your company for your product or technology. In Silicon Valley, there are situations where unprofitable companies are acquired when they have a hot product, or some unique technology or asset that will enhance the buyer’s business. In this episode you get to learn the basics of how venture capital investment funds operate, how they select startups for investment and what types of companies are suitable for venture capital investment. This is an important episode as it provides a foundation for future discussions we will have on this podcast series.