My First Million One Question Friday: To Raise or Not To Raise?
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Apr 22, 2022 Sam and Shaan tackle a listener's burning question about whether to raise funds for business growth. They explore the pros and cons of bootstrapping versus seeking external funding. Through a relatable example of a mobile motorboat mechanic, they discuss how different business types require different growth strategies. The conversation offers valuable insights into navigating critical decisions that impact sustainability and success.
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Lifestyle and Business Type
- Consider your desired lifestyle and business type before raising money.
- Ask yourself if you want a "rocket ship" or a "car" business.
Raising Money: Rocket Fuel Analogy
- Raising money is not inherently good or bad; it depends on your goals.
- Some businesses, like social media platforms, benefit from rapid growth fueled by funding.
Identify Bottlenecks
- Determine if your business is a "rocket" or a "car" before deciding on funding.
- Focus on identifying and addressing your business's bottlenecks, which may not always be financial.