Struggling entrepreneurs often think that if they can just raise another round of financing, their problems will be solved. But money doesn’t work like that. It can’t solve a fundamentally flawed business model.
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“If your business model isn’t sound, throwing money at it is not going to work. You have to fix the problem first, and then raise the money. Doing it the other way around will only get you in more trouble.”
— Carter Cast, professor of entrepreneurship and innovation at Kellogg School of Management and a venture partner at Pritzker Group Venture Capital.
The path to success
If absolutely no one is willing to invest in your idea, you should perhaps take another careful look at it. Focus on solving a real problem and the money will usually follow.
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Bootstrapping your business is a good idea. The best way to build a sustainable company is to spend as little money as possible up-front and get cashflow-positive as quickly as possible. Depending on funding for survival is risky. What if the money falls through? Create a business that can sustain itself. Rely on funding only for scaling.