I asked him the question.
His answer to that question would help him decide if he should look for an external investor or to bootstrap his startup.
It may seem like a easy question.
But it is not.
Why you want to pursue external investors
Getting external investors is a great affirmation for your startup. It means your startup met the criteria. It means your startup has potential to grow.
That’s all good.
In fact, in today’s rapidly changing landscape, a great idea and the discipline to execute on it isn’t enough.
There are other reasons why you want to pursue external investors, but this is a key decision factor: capture as much of the market in as little time as possible.
If that’s really crucial to the success of your startup, then yes, you should get funding.
Why I will not get funding
My primary reason for wanting to go into business is freedom. Specifically LIFT (location, intellectual, financial, and time) freedom.
Firstly, I love to travel with my family. In fact, the last time we did a long travel was a 365 days travel adventure. Therefore, to be tied down to one specific location isn’t what I’m looking for.
Secondly, life is too short to do something you’re not good at and passionate about. I want to do both.
Thirdly, financial freedom to me is not having to work for money so we can have a certain lifestyle. One reason why we were able to achieve financial freedom was about a deliberate choice of our lifestyle.
Finally, time freedom is probably one of the biggest factor why I went into business for myself. I want to be able to choose to invest time in my work and my family. Most importantly, not to be dictated by someone else’s schedule.
I am so excited because I am so near that stage.
What’s your reason for wanting to start?
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