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Only ever take money from people if you are willing to face the possibility that some day you'll tell them, to their face, that it's all gone. That's a very re
by swombat 16y ago
Only ever take money from people if you are willing to face the possibility that some day you'll tell them, to their face, that it's all gone.
That's a very real risk in startups, no matter how optimistic you may be now, so you don't want to take money from people who don't understand that risk and aren't prepared to face it.
- gacba 16y agoLet's say you've gone through that step, step 2 which is just as important, assuming that you're fine with the consequences, is making sure your "investors" are also fine with that particular scenario. Explain that you'll do everything in your power to prevent it, but the fact remains the possibility will always exist. If THEY'RE not fine with it, then it's time to walk away from the deal. They need to understand the risk at the same level you do. Something else you can consider: if they're somewhat comfortable, but not 100%, why not spread the risk out between your father and your other friend?