Q1 is the easiest quarter to make. If you miss your Q1, regardless of the type of revenue you have, you aren't going to make your revenue plan for the year because your budget process isn't accurate.

If you aren't going to make your revenue plan, it's unlikely you'll make your EBITDA or Net Income plan. You don't even have to get complicated and look at Gross Margin or more derivative metrics - if you are off in Q1 and have any sort of growth expectations , you are going to miss for the year.

If you sell a physical product, you have a lot of Q4 upside and unpredictability, but now you have to manage your cash to get to Q4 so that you can invest in building inventory to over-perform.

Brad Feld Quotes