Don't Risk Everything

Success Story Podcast # 318 - Jager McConnell - CEO of Crunchbase | Innovation and Adaptability at Crunchbase

I see too many entrepreneurs rushing to raise money from investors before they have proven their product-market fit, their unit economics, their customer acquisition strategy. They think that having more money will solve all their problems and make them successful.

But let me tell you something: raising money is not a badge of honor. It's a liability. It's a debt that you have to pay back with interest. It's a pressure that you have to deal with every day. It's a distraction that takes away your focus from your customers and your vision.

Don't get me wrong: I'm not against raising money when it makes sense. I've invested in many startups myself and I've seen how it can help them scale and grow faster. But I've also seen how it can ruin them if they're not ready for it.

So my advice to you is this: stay scrappy for as long as you can. Bootstrap your business with your own savings, your own revenue, your own hustle. Learn how to do more with less. Learn how to be resourceful and creative. Learn how to validate your assumptions and iterate quickly.

Staying scrappy will make you a better entrepreneur. It will make you more resilient, more adaptable, more customer-centric. It will make you appreciate every dollar that you earn and every customer that you serve.

And when the time comes that you need to raise money, because you have a clear opportunity to grow faster and bigger than ever before, then do it with confidence and conviction. Do it because you want to, not because you need to.

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