Don't fundraise before answering yes to these 10 statements, honestly.

1. You're committed to building something big.
2. You understand that you may need to pivot multiple times.
3. You're aware that the problem you'll be actually solving down the road, will most likely be completely different than the one you are working on now.
4. You'll be happy running and growing a company that's totally different than what you've envisioned.
5. You're comfortable committing to investors who believe and trust you with their money.
6. You're ok with the fact that quitting will not be an option even when things look bleak.
7. You will be able to stand in front of investors and convince that you're going to win, despite poor results.
8. You're ready to be fully honest with yourself and be open to feedback that may feel like criticism.
9. You're truly ready for a rollercoaster.
10. You're NOT doing this because it's cool to be an entrepreneur or because you're looking for some social status.

These statements reflect the harsh realities of the entrepreneurial journey. Many founders romanticize the startup world, embarking on fundraising without fully understanding the magnitude of the commitment. The reality is that once a founder raised from investors (especially institutional VCs), there's an unwritten commitment to a relentless grind filled with uncertainty, setbacks, and the constant pressure to adapt and survive in order to achieve the end goal - a liquidation event for the investors (exit or IPO).

‍

While investors do invest in ideas, they are first and foremost invest in founders who have the potential to build big companies that can generate the fund's return for its LPs. Founders must understand that their initial vision will undergo significant transformations over the long run and must be comfortable with it. They can't commit to a fixed plan; They are committing to a journey of constant adaptation and evolution. Pivots are inevitable, and they must be prepared to embrace them, even if it means abandoning the original idea. The commitment must be unwavering, even during challenging times, as the founder is accountable for the investor who, in turn, is account able for his or her investors (the LPs).

‍

So the bottom line is this:

With fundraising comes commitment to stay committed at all times and do whatever it takes (legally) to building something big and maximize returns for investors. If you're not fully ready for it, don't fundraise.