There is no amount of lipstick that you can put on the problem: You need capital. And if you are like most entrepreneurs, you need capital quickly. It’s the people who have known you the longest who will likely be the first to bet on your success. Nonetheless, it is still tough to put hat in hand and go out and ask friends and family for funding.
In many ways raising capital is much harder than the other aspects of executing your vision of a business. According to Fundable, a popular crowdfunding platform, friends and family invest about $60 billion a year in startups and almost 38 percent of startups receive funding from this source. With only .05 percent of startups backed by venture capitalists in 2013, those in your closest circle are most likely to be the ones writing those early checks.
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