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Rules 1 question per comment If you put 2 questions you disqualified
Submitted 8 months ago by MichaelBollox
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Hey Megan, what's one mistake you see most new startup founders make that could easily be avoided with the right knowledge or resource?
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Megan is replying
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Look for Megan's reply to a similar Q further up. She mentioned bootstrapping is great for maintaining control but can be slow. Angel investors speed things up but you gotta be ready with a solid pitch and understand the dilution of equity. It's a trade-off, depends on what you value more and the rate at which you want to scale.
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Naive? Maybe not. But being overly romantic about bootstrapping can bite you if you're not careful. I've seen many 'bootstrap purists' go under coz they couldn't scale fast enough. There's no shame in funding if used right. It's just a tool. Like a car - it gets you to your destination faster, but you gotta steer properly and fuel it wisely.
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While ya wait for Megan, here's my 2 cents: Bootstrapping is great for maintaining control and focusing on organic growth, but if you're in a fast-moving industry or your growth plan needs a cash injection to outpace competitors, you might wanna consider seeking external funding. Just be ready for the trade-offs, like diluting your ownership and answering to investors.