I can definitely agree with most of these points. If there is a way for you to gain revenue without funding of any kind, then I would recommend doing it. I understand all the reasons to take funding, including needing to pay the mortgage and eat, but once you have it, you have it and they have you.
7 Reasons Startups Should Not Take VC Funding – Advice from a Serial Entrepreneur
-If you start by selling your concept to potential prospects (rather than stock to VCs), you will either end up with initial customers or a conviction that your idea won’t work. Why raise money and then find out which one it will be?
-Raising money takes time away from understanding your market and potential customers. Often more time than it would take to just go sell something to a customer. Let your customers fund your business through product orders.
-Adding VCs to the mix early gives you an additional set of masters you must serve in addition to your customers. It is always hard to serve two masters, especially in a startup.
-With no money you can’t make a fatal mistake. This is a blessing. Without VC money, you are forced to figure out how to extract funds from your customers for value you deliver. Ultimately that is the only thing that really matters.
