Without doubt the smartest piece of advice I've read about Start up mentality for some time. Funding is the gasoline to pour on the fire of your idea, but be careful, it goes faster than you think, you can get burnt if the fire gets out of control, and, the guy who sold you the gas is often the Fire Engine driver who will charge you to clean up the mess. Get rich slowly unless your idea has a half life of about 6 months. Your objective is to survive the first two years, then your chances of making it go up big time, by which time you'll know how to run a balance sheet and money will be cheaper when you have recurring revenue and costs under control. Been there, done that the T shirt is now a duster!
Excellent post. It's weirdly comforting to only answer to a spouse or partner when you realize you need to change course quickly.
Excellent article! Encouraging and a great reminder that having financial backing from an outside source is no guarantee of success.
Excellent article! Boot-strapping a start-up company is the fastest way to validate your idea has traction in the real world. There are no excuses in boot-straps, you execute or you close up shop. Your ability to win is determined on how smart and determined you are, not the size of your first or second round of funding. It's much tougher, but far more rewarding.
The best part of a start-up business that NO VC backed company can compete with? You get to run the company exactly how you want. Trust me, that's priceless!
Interesting perspective. While I love your ideals and overall perspective, ultimately the scale in which any start-up wants to achieve determines most, if not all of their 'financial' decisions. If your goal is to churn and burn off a unique idea/service by all means go out and gather as much VC as possible. It's not that hard, feels like 1999. To each their own. Great read!
Great article. And as a start-up looking for funding it was strangely comforting! We turned down some early investment offers - and did not regret it.
Another party's need for their own R.O.I can entirely undermine the integrity inherent in the business you started.
Entrepreneurs are largely driven by passion and often, by their own choice and nature are unemployable - VC's can sometimes result in a boss you never wanted!
This is a great article. I really enjoyed it. I am in the process of bootstrapping a business right now. At times we wish we could get more funding to expand but we love the flexibility of being able to run the business how we want to run it.
We love what we do so if we have to get through a few years of barely getting by it will be worth it in the end.
Great Article and Nice Learning.
And one more thing i would suggest for every start up is to charge for your products.
"If you believe you startup has real world value,
let people pay you. Don’t chicken out by giving it away for free."
As a startup entrepreneur it has helped me lot. IAmJayesh
What an inspirational read! The situation is exactly the same as mine.
I was actually doubting myself before reading the article whether if I am capable or made a right choice funding my own project (MyColorscreen.com). After reading it, I am glad that I started it as I have learned so much in the pass few months. More than my master degree can ever taught.
Thanks for such a great insight.
Thanks for your article and I wonder if you could share more practical tips such as how did you get your first customers?
Thanks a lot for your article. I cherished reading it.
Great article, interesting insight. Too many times the quest for funding takes your eye off the business and the value proposition you are trying to deliver
Enjoyed reading the post! I read the premise as 'you need capital but don't feel too bad if you don't have access to it, because here's what else you have...'
Maybe I am reading it wrong, but if not (i.e.; the startup needs an infusion of cash for valid reasons), then an entrepreneur doing the opposite may be in for worse surprises than giving up control. Since nobody has monopoly over good ideas, executing when you need to, is very often everything.
Very interesting article and somewhat inspiring to that you can be successful starting your own business only with what you got.
Great article. It's so comforting to be reminded that I'm not the only weirdo out there determined to do it "my way." Thanks so much for sharing these worthy insights.
Excellent article - thanks very much. It's nice to have some validation, particularly when the path seems precarious and scary.
It's articles like this that I keep and pull out every so often to remind myself to keep going and not give up!
Excellent article! Encouraging and a great reminder that even if you do don't have the financial backings from top places one can be successful.
I wish to join this but all work in Hindi (Indian Hindi) language, if i could...please advise.
I agree with this article. While this is the less sexy road taken let alone can be tougher to succeed, it is very rewarding in the end. As was said many times before.... ideas are a dime a dozen, execution is everything. This is something that I have been keen to make sure of when releasing <a href="www.jobmuncher.com>JobMuncher..
It's great to read about organic growth when there's much talk about raising capital since investing a lot won't necessarily make a company profitable. It seems the companies who succeed to grow organically also have the best chances of getting profitable. A friend of mine said that the later you raise capital, the better. Do you agree? I for one will prefer organic growth since that appears more sustainable.
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