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by TrackerFF
1094 days ago
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- Have a family that can back / help you out financially. - Have a working spouse that can float you. - Have funding secured BEFORE launching your startup. - Have a solid network of friends, acquaintances, co-workers, business partners, etc. that have enough money to support you. And so on. Not really the best kept secret, but a LOT of startup founders come from social classes where money isn't that difficult to get. And others work in lucrative industries before launching their entrepreneurial careers. For ages there's been this debate on being able to afford (taking) risks, which tends to be strongly correlated with your socioeconomic background. Taking out credit-card loans, mortgaging your house, etc. def isn't the norm. |
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While maybe not a secret it is striking how many startups had initial "friends and family" pre-seed/seed.
I think it's very important to call-out for those like OP where having ready access to five-six figures is one of the main reasons why a lot of founders can "take the leap" while it seems nearly impossible/terrifying for those who don't.
Needless to say if things don't work out those same friends and family can help the failed founder "get back on their feet", repeat for the next one, or keep dumping in cash for runway.
Having ready access to such funds and the safety net these same networks often provide makes a world of difference.