Entrepreneurship can feel like an uphill battle.

This guide for first-time company founders pitching venture capitalists will make it a little easier.

And Patrick McGinnis is the managing director of investment and advisory firm Dirigo Advisors.

And if there's a low-millions ceiling on the revenue your startup can generate or eventual exit price, there's not much incentive for a venture capitalist to write you a check.

In other words, your company may be a "lifestyle startup," which doesn't require venture capital and probably won't ever be worth $1 billion.

Raise capital as late as possible, after you've gotten proof of concept

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