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Well, next time, don't raise money from Friends and Family. Raise it yourself. Work for a few years, gain experience, live frugally and save. Then bootstrap
by segmondy 13y ago
Well, next time, don't raise money from Friends and Family. Raise it yourself. Work for a few years, gain experience, live frugally and save. Then bootstrap with your own money, starting with your own money will really have you think harder than with other people's money.
- socialist_coder 13y agoI've always suggested this as well. But the truth is, almost everyone is too lazy and doesn't have enough financial discipline to do this. FWIW I've been bootstrapping my startup for the past year and we're finally making a profit.
- a8i 13y agoIf you're a single, early 20s engineer in silicon valley, it's nigh on trivial to sock away ~40 k$ in a year. That's easily a year's runway for yourself, or half a year with a cofounder.
- socialist_coder 13y agoTell that to all the late 20s / early 30s engineers whom I've tried to recruit who have no savings.
- gohrt 13y agoThat's similar to saying "don't get a mortgage, save up and pay cash for a house when you can afford". It is an inefficient way to allocate capital. Proof: Nearly every large (and many/most small!) business in the world started with a loan or investment.