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Funding a business
How to get funding from family
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[QUOTE="Mellorando, post: 207000, member: 37973"] Most entrepreneurs I know are so passionate about their new idea that they are surprised when family and friends don’t line up to invest in their new venture. Yet they tend to ignore this problem, and move on quickly to professional investors. They don’t realize that most Angel investors and venture capitalists will also decline to be first, if you have no commitment from friends and family. The reality is that investors, believe that the entrepreneur is more key to business success than the idea. Thus they look for evidence that people who know you well are willing to bet on you, even before your idea has a chance to show traction. Don’t let your lack of acumen with friends and family spiral your startup into the ground waiting for someone to go first. On the positive side, friends and family probably won’t be as demanding on your financial projections as a professional investor, and they likely will be satisfied with an initial offer of a convertible note (loan with option to convert to equity later), so you don’t have to give away the store before you get started. But they do expect you to take them seriously. [/QUOTE]
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