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  1. #1
    Senior Member
    Join Date
    Oct 2016

    Entrepreneurs use personal savings more than any other source of start-up financing.

    According to the SBA, entrepreneurs use personal savings more than any other source of start-up financing.
    Crowdfunding is a new source of capital for founders, but there's a big difference between equity fundraising online, rewards-based crowdfunding and peer-to-peer lending.
    Fledgling businesses rarely command seed or venture funding right out of the gate. But they still need cash to get started.
    Founders with money of their own use personal savings to start a business. Those who come from wealth - or have great connections - can rely on family or friends for a little money or perhaps free rent and Wi-Fi. According to the Small Business Administration, entrepreneurs rely on personal savings more than any other source of capital to fund their businesses.
    Many founders have a day job and use their income to build a product and start a company. Two famous examples: Steve Chen was working at Facebook when he first started tinkering on YouTube, and Markus Persson was at while building the earliest version of Minecraft.
    Airbnb's Brian Chesky admitted to students at Stanford University that he and co-founder Joe Gebbia racked up tens of thousands of dollars in credit card debt to keep the lights on in their early days.

  2. #2
    Junior Member pro_larsen's Avatar
    Join Date
    Jul 2017
    Lewes, USA
    And I think it's a mistake. Good entrepreneur should be hungry And this thing will push them to be active and find new solutions. It's very risky to spend their own money.

  3. #3
    Junior Member
    Join Date
    Jul 2017
    Using your personal savings is part of the entrepreneurial process, but be careful not to be swayed by the legends of entrepreneurs who leveraged all their personal assets to start their businesses. Many of those tall tales were invented by entrepreneurs who had money in the bank all the time!

  4. #4
    Junior Member
    Join Date
    Oct 2017
    This is absolutely true, and an overlooked fact when it comes to the huge number of projects that fail!

  5. #5
    I used my own funds in past businesses. Best investment you can make, if you succeed.

  6. #6
    This is completely true. Good business person ought to be eager And this thing will push them to be dynamic and find new solutions.
    It's exceptionally unsafe to spend their own cash. But as well as you need to spend also if you want success.

  7. #7
    If you can't take risks then you'll never succeed.

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