The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

EXECUTION Don't Try This At Home!

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

D

Deleted50669

Guest
All,

I recently encountered a hiccup in my product development process: lack of funding!

It's a common challenge when bootstrapping product development (that is, not seeking outside investment). Nonetheless, it can cause delays when the cash gets tight, particularly when some of the elements being developed are outsourced (which is my case).

So, how am I dealing with this?

By taking a dangerous gamble.

I just liquidated my 401K from my last employer as a means to fund the rest of the outsourced work.

Risky? Yes.
Ill-advised? Uh huh.
Scary? Yup.

However, what scares me more is not being able to make progress. The faster this little piggy gets to market, the faster this little piggy can assess and adjust. So I am accepting the long-term risk for potential short-term gain.

Progress can't happen if we don't take chances on ourselves, whether it be time, money, or otherwise. I am learning to increase my risk tolerance as time goes, and this is an intense exercise in betting on myself. If I end up living in a wheel-barrel 30 years from now, I can live in my wheel-barrel with dignity.

- Cheers
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Kid

Gold Contributor
Speedway Pass
Mar 1, 2016
1,739
1,656
494
Could you find some investor to offload need for cash? It seems that you have more to show then when you started (i assume).

Having own cash to invest might also show to investor that you are serious and take risk with him (like "i have idea, give me money" vs "i have idea and invest own cash into it".
 

Sponsored Offers

Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Text from today... Muhammad Ali said, "I hated every minute of training", but followed with...
  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
With 300+ students, the method and/or main sources of traffic don't saturate? Seems web design...
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Hi - I sent out some emails with the updates but I'll PM you now also, thanks. The issue is...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

Don't like ads? Remove them while supporting the forum. Subscribe.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom