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TheFunded.com Advice: The Gift of Not Getting Funded (Early)
Source: TheFunded.com
Nov 04, 2009


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Summary
| Posted by calbin

Initially my business partner and I were so enamored with our idea that we didn't get feedback from our potential cutomers. This lead to a two year journey that should have taken 6 months.



Early on my partner and I said that we were not going to put our families in jeopardy for our venture. No credit cards. No risky loans. No robbing our 401k. We stuck by that and it was a wise choice.



From the outset we received tons of accolades from friends and family so we went to investors who said they liked our idea but couldn't figure out who was going to pay for it. The gift came in two forms 1) Not getting funding early which would have almost certainly been spent on a dead end road and 2) forcing us to make our idea stronger and better.



What our lack of funding made us do is go back to basics. We know we had the seed of a good idea but struggled to come up with a sustainable model. Along with lots of hard work we talked with potential customers and came up with a solid way to generate revenue. Our potential customers are now signing letters of supp

...Read the full article

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