Your first section on bootstrapping is really great: Most businesses get stuck. I have this uncle who is a rocket scientist. (Reallya rocket scientistIn the 60s/70s he designed rocket propulsion systems and robotics for handling nuclear material).So in the 80s he decided to raise money for a company for manufacturing robotics. Great idea and businesses do it every daybut he had NO idea how to run it as a profitable business himself. So he went to raise money fromfamily. Dad grudgingly participated (knowing better and loudly complaining in the process) because of the relationship. Almost thirty years later the uncle still sends out investor letters, still takes annual losses that enable him to take fun vacations around the world. No family ever made a dime. Dad passed away years back.
Well, we all very much still love that uncle. Its how we rollDad was smart enough not to expect anything it was a gift for family even if the uncle didnt take it as such. My lesson: NEVER NEVER EVER EVER raise money from family unless youve got some crazy reason to know it is a SURE bet (maybe a contract in hand or product pre-soldmaybe). Because if youre going to familyIts probably because your idea isnt strong enough to show to somebody you dont know as well. So even subconsciously its just not honest and somebody will probably loose because you wanted to play around.
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