I meet with lots of founders of startups pretty much everyday. The ones that are successful realise that starting a company isn’t about glamour or fun its a seriously difficult thing to so.
I have been involved (either as a founder or investor) in a bunch of startups, there are always highs and a lot of lows. The one thing that is universal is the struggle and difficulty from taking an idea from a discussion in a coffee shop or pub to a self sustaining business that doesn’t require your constant supervision.
A huge amount of entrepreneurs think that funding is the solution to becoming a successful business, but most successful businesses don’t need a vast amount of funding if they have a successful strategy.
Spending time on the strategy and discussing the obstacles around this strategy is much better than working on a funding document and deferring the strategic discussion until there is money in the bank.
Technology has become massively easier over the last decade and building a product or service for the web has virtually no cost apart from time. Trends talk about “product/market fit” as having a product that customers are willing to use and pay money for.
So as a founder – don’t think that raising money is the best use of your time, bootstrapping your business until you have good product market fit is a much better use of your time resource. It has the advantage of keeping the equity pie complete. If you really have no choice than to raise money leave this as late as possible. Focus on the product!Tweet