Startup Capital in the Most Simple Words
Learnt about this from one of an older gentleman who has done a few of his own businesses (successfully), and now in his sixties. I always love to talk to any older men/women, and I always appreciate how they are willing to share and distill their lifelong lessons into a few sentences (and often in the most funniest way).
This is what he said regarding startup capital…
(1) you use your parent’s money to start your first venture. You will be done with the cash really quickly (depending on how deep their pockets are), and then
(2) you try to get the capital from friends and family (in however way you can, most likely by buffing and not telling the utmost truth about your prospect), and once you survive that
(3) you then go somewhere to get real investor money.
And, if you fail in building your first venture with your parental/friends/family money, then his advice is you go back to work as fast as you can. Because you’re not ready, but you will be.
And by the way, he is super pro for “kids” (in his words) starting entrepreneurial ventures these days. This is the age to do so, as he calls it.
Love truly honest, and sometimes slightly brutal, advice always.