Beware Raising Money When Starting A Start-Up
Our business is doing well yet again, and by our business I am referring to the Internet industry. As a result, there are numerous great ideas being explored and new companies being created, it seems like every week. But what I find most interesting is how many people are unwilling to bootstrap their ideas, and would rather spend 110% of their time trying to raise money, giving up 90% of their ideas, rather than focusing their attention on building out the core ideas for their business!
Have you noticed how hard people work trying to raise money on a round-the-clock basis to explore their initial concepts and do you, like me, wonder how successful their businesses would be if they focused a portion of that time against the actual business itself? I know many VCs, and I think they’d agree with me that entrepreneurs spend too much time chasing funding and not enough time chasing their own ideas!
Angel money is relatively easy to come by if you need the cash to get jump-started, but there are probably just as many willing and able people to work for prospects and equity as there are people to potentially provide cash.
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