Truth 23. Personal funds, loans from friends and family, and bootstrapping
The most common source of start-up funds is the founder’s personal savings.[1] This source is closely followed by loans from friends and family and personal sources of debt, such as credit cards and home equity loans. If you’re surprised by these statements, you’re not alone. There is a prevailing belief that most business owners must appeal to bankers or investors to get their businesses off the ground. Some businesses do require bank loans or money from investors to get started, but the majority of business owners rely on personal funds, loans from friends and family, personal sources of debt, and bootstrapping to get started. This Truth focuses on loans from friends ...
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