Questions

I am not ready to start selling off chunks of my start up quite yet, but I also don't seem to have means to secure more non-equity funding.... Any recommendations? Thanks!

That's a very good question. As a serial entrepreneur, I've been through that situation several times. Most people don't realize how much pressure is on the entrepreneur founding a company, when success is not immediate… and contrary to popular belief in what is shown in the media: in most cases It takes time to establish traction and a credible business.

My 1st recommendation is to make sure to take care of yourself. This is the opposite of what most people do. Too many entrepreneurs run their companies as if it were sprint, rather than a marathon, and then they run out of gas before they get to the finish line. Forgetting to take care of yourself, results in overly stressing yourself, and often leads to making bad decisions. This means you have to make sure you get enough sleep, and also exercise regularly.

2nd, it's important to have another person that you can confide in to talk issues through. This may not be someone in your startup, because often the CEO has to be a cheerleader and can't express doubt or question whether things will work out or not. So for most people i recommend finding someone outside the company, who can be a sounding board for them. They don't need to be an expert business person: as long as they are a good listener and reasonably intelligent. I had a personal friend who had his little business experience as me (at the time) who helped me immeasurably. When I was feeling overly stressed, she would point it out and enable me to think more clearly, and avoid making poor decisions. If you are so fortunate as to have someone who is a mentor, then this is even better.

Finally, my last piece of advice is to never make big decisions too hastily and always sleep on it. The strategy has saved me from making several foolish decisions.

I wish you the best of success and luck with your startup.


Answered 10 years ago

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