A common-sense planning and management guide for entrepreneurs, funders and boards of directors

“Running out of runway” is a common term among early and mid-stage companies, who often risk going broke before they can bring a product to market or collect on sales quickly enough once the product hits the market.

Dave Berkus has written a mission-critical book for entrepreneurs, boards, and funding sources alike to help them anticipate and deal with common mistakes that cause companies to crash and burn.

Berkus speaks from the deep experience of a veteran entrepreneur, a veteran angel funder and early-stage venture capitalist, and a veteran pilot. He points out that pilots rarely have the luxury of learning from their own mistakes, and therefore must religiously review and focus on avoiding the mistakes of others. Since business mistakes tend to fall repeatedly into basic categories, readers are strongly encouraged to follow the pilots’ example.

Berkus points out that while cash is the No. 1 resource at risk, relationships, business processes, time and context all require equally close oversight.

He concludes with a checklist of questions and discussion points — itself worth the price of the book — that can help managers and boards evaluate their performance, anticipate potential turbulence and adjust accordingly.

“Extending the Runway” is brief but brims with common sense advice. Had it been available, this book would certainly have served me well in previous entrepreneurial ventures. It should be required reading for anyone thinking of launching or funding a startup venture — as well as those who are already at full throttle and find the end of the runway fast approaching.