One day in the gym, a trainer told me to fetch my headgear and mouthpiece. Then he asked, "Can you see without those glasses? Indeed not. That first day of sparring, all I saw were my opponents' fists coming at my face, landing more often than not. Most of my punches were swatted away as if they were motes of dust. All that I thought I had learned about footwork, breathing evenly, keeping my chin down, seemed for naught. Each round was an exhausting eternity.
Afterward, my face looked as if I had taken a bad fall. He smiled.
- The Life Coach.
- The Politics of Respectability.
- Stepping into the ring with investors.
My confidence grew. My breathing improved. I could throw my jab with a lot more snap. Most important, my defense was better.
And a good thing, I thought one day as I went against a man much younger and stronger. He landed some jabs on my headgear, but I caught him a few times, too. This is getting easier, I thought. All I have to do is circle to my left and keep my right hand. I can see it now in slow motion. His left arm comes straight out, locking at full extension the instant his fist lands on my chin.
Something goes "click" in my head and my knees feel like jelly. I stay on my feet, barely, and finish the round. Everything in boxing is hard, it seems. The ring is no place for illusions, and I know there are men in my gym who could dispatch me in 10 seconds. I steer clear of soft-spoken young men with crew cuts and tattoos; they're always tough. I know that the supervised sparring I do is nothing like the deadly ballet that is high-stakes boxing. But the blood that occasionally flows from my nose is as red as anyone else's.
I keep at it, knowing that the skill that would have helped me on the playground of my childhood is of no use now, except for conditioning. Here, finally, is the larger truth. To borrow from Joe Louis, I have been running from it, but I can no longer hide.
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I like feeling tougher -- all right, not as tough as Mike Tyson, but maybe tougher than some other office workers on the far side of When I put on the gloves, swallow my fear, step into the ring and get hit, then come back for more, I feel alive. Anyone who wants to can laugh at that. Log In.
As FumbleFingers has all but said, it means 'I will fight for you' which can be interpreted in two ways:. Home Questions Tags Users Unanswered. Asked 6 years ago. Over a five-year period a typical fund raising campaign might go like this:. The founders raise new capital from new investors.
If one investor ends up with a majority stake, the entrepreneurs simply become employees. With each new capital raising, the current shareholders get diluted unless they exercise their preemptive rights and re-invest to maintain their original stake , but the increase in valuation more than compensates for the reduction in equity.
Know Why You’re Stepping into the Ring
As stated previously, the key number is the equity dilution factor. This is the percentage of equity that is owned by the previous holders of equity. A key term in the Terms Sheet is the timing of the investment. The investors may wish to make their investment in stages — known as tranches — with each tranche conditional upon the company achieving certain milestones. While milestone-based funding is a fair approach, it is useful to link payments to a pro rata of milestone achievement.
There is nothing worse than the entrepreneur working hard to reach the milestone and just falling short with the investor using this as a way to punish the entrepreneur with more punitive terms, such as withholding the usually critical funds unless certain actions are taken. By exercising their pre-emptive rights, shareholders will prevent dilution to their shareholding when new shares are issued. Real problems can be encountered when there is a down round — where the price per share is lower than in the previous round.
Those who do not participate financially in the new round suffer dilution as well as seeing their share value decrease. There is nothing that will make shareholders more disgruntled than seeing value stripped from their investment.
Stepping into the ring with investors – Twoeyes
This is where strong leadership from the board — and especially the independent Chairperson, is required. If the company has experienced difficulties, such as milestone slips and is running low on cash, an internal round of funding — by the existing shareholders — might need to be undertaken.
There will be at least three camps in this discussion: those investors willing to invest more, those investors unwilling or unable to invest more and management which needs the cash to run the company. When it comes to making a decision about such a down round, each of the parties will feel tension between their fiduciary duty as directors and the strict interests of the shareholder group they represent.
However, at the board table, fiduciary duty must predominate. The Terms Sheet is perhaps the most important document the entrepreneur can get right. All else falls — or hangs — from it. The Terms Sheet precedes the Shareholders Agreement and sets out the basic framework for the deal.