Jim was uncomfortable putting up his personal assets for a bank loan. He was not going anywhere with a notable angel investor, Jim decided to figure out what numbers are attractive to angel investors or banks for loans.
Jim reviewed feedback from the banker and the angel investor. The banker had a collateral number in his head. It was way above Jim’s expectation for a loan. The angel investor seemed open to reconsidering if he found a way to profitability and Jim could bring him “something”.
He thought “I could pull the plug, and I would be out money, but the bleeding would stop. I don’t think I could sell it right now and get close to recouping my investment, or I could just shut it.” He considered the time he’d put in, as well as the team’s time investment. “Customers like the product enough to re-purchase and make overwhelmingly positive comments on social media. I’m going to fix it. I’m going to get the sales so high the investor can’t help but put money in.”
Jim’s Choice: Fix it Choice Removed: Wait.
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