Startup Journal: “Venture capitalists and angel investors may get all the hype. But in the vast majority of cases, a start-up must demonstrate real results, including a solid customer base and sales, before most investors and even bankers will bother with them. ‘Business schools and business-plan competitions give would-be CEOs the incorrect impression they can get formal funding before even opening their doors,’ says William Bygrave, a professor of entrepreneurship at Babson College. Instead, most first-time entrepreneurs have little choice but to use their salaries as seed capital.”
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