When I first began to think about starting a business a year ago, I didn't know anything. I didn't know what General Assembly was, and didn't know much about hiring programmers or learning how to code. What I thought I did know was that the only way I was going to launch a business or product was by raising some money, whether it be from family members or angel investors. This was a thought I held in my mind even after I attended Startup Weekend back in June, as the team I was working with was having trouble launching a product. Then the thought donned on me, I don't need to raise any money since I'm a teenager. I have a place to live, don't have to provide for myself, and can invest my own money in getting a product together and paying for hosting. This was compounded when I met Charlie O'Donnell, who is a venture capitalist at First Round Capital and a great guy overall, and had a telephone conversation with him where he stressed as a teen, at least initially I should be focusing on building a profitable business, and then I once I make something that is producing money, I can focus on raising money to grow things faster. It makes so much sense too. If I build something that becomes profitable, then I have a business with a proven model. Once I have a business with a proven model and some traction, raising money shouldn't be too hard. After someone raises money, then super fast growth can come. Teens shouldn't focus on selling a part of their company right away when they don't have a profitable business, they should focus on creating a profitable business, that can then see the benefits of venture capital or angel money. Over the next week I'll write about how teen entrepreneurs can launch a product for no more than $1,000.
You can follow me @kaufman_jack.
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