What are the Three Fs?
Friends, family, and fools.
Friends and family members may want to help out your business by lending or giving you money. In some cases they may want to invest and/or get equity for helping you out. In short, welcome to crowdsourcing. In crowdsourcing, you collect funds from a larger group of people who have a vested interest in your success. Each year between 35-40% of startup ventures receive capital from friends and family.
Wait, didn’t you say “fools” also? Yep! The reason fools are grouped into this category relates to the risk associated with helping out that friend who has a mind blowing business idea. Best advice: invest if you want to, but make sure your paper work is in place to help lessen the damage, in case that investment doesn’t work out.
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