Family & Friends

October 16, 2023

by an investor from Western State College in Newport Beach, CA, USA

Let’s be honest here. Your family and friends aren’t going to support you.

You just need to get over it.

Sure, they’ll be more than happy to tell you what they think.

However, if they don’t have the life you aspire to, who cares?

In fact, probably doing the exact opposite of their advice, just may be the absolute best decision of your life.

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Reply by a searcher
from IE Business School in Toronto, ON, Canada

Thanks for bringing this up, Tony! Well said. I also believe that the cost of failure if you take money from your family is simply too high and it may not be the best way to proceed with one's venture. I remember at age 19 or 20 when I took a loan from my dad for one of my companies. And as it happens sometimes - my counterparty scammed me and took all the money. I didn't feel pain of losing a partner, all of my money, but rather was ashamed by the fact that my dad used that against me. He opened up this story to the entire family on how his son doesn't listen to the smart elderly generation. Well, after almost 20 years, millions earned and lost, my dad recently told me: "I am ok with giving you the right to manage my funds. You do it better than me". 20 years of learning and continue.

Reply by a professional
from University of California, Berkeley in Tampa, FL, USA

Family no, but friends, yes, if the project is in their area of expertise and they understand what it is you are doing. I have raised "f^3" money in the medical device and biotechnology space from "friends" who knew what I was talking about and/or was passionate about the project.

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