The article discusses the importance of raising startup funds from friends and family in the right way. It emphasizes the need for clear communication about the risks involved and setting realistic expectations, as the majority of startups fail and result in zero returns. The author suggests tailoring pitches to different individuals based on their familiarity with business and startups, and advises against overpromising. Various methods of collecting investments from friends and family are mentioned, such as crowdfunding platforms or private loan agreements. Managing expectations and maintaining regular communication with investors is crucial to preserve relationships and keep everyone informed. The article also highlights the importance of maturing the business towards traditional financing and avoiding excessive reliance on friends and family investments. Finally, it emphasizes the value of experienced friends and family members who can provide guidance and support beyond just financial investment.
Raising Startup Funds Friends and Family By Lewis Hower
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