The Founder of Pandora shared their beginning struggles below.. Kinda makes you think.. would I have survived this as a new business owner?
I founded Pandora along with two friends at the end of 1999. It was a fantastically exciting time. We were packed into a small studio apartment, white-boarding a business plan, hiring musicians and engineers, inventing a new product, and jumping into the start-up fray.
Then things got rough. We began running out of money and wound up in a long, grueling fight for survival. It took almost 4 years, a few business model changes, and 348 investor pitches before we were able to raise another venture capital round. By the time we got to the closing in March of 2004, we had deferred close to $2 million of salary, racked up massive credit card debt, battled lawsuits and eviction notices, and experienced just about every other imaginable challenge for a young business. It was a wild process that by all measures we should not have survived. As I enjoy the progress of Pandora, those days are never far from my mind.
See the rest of the article here.. The Self-conscious Entrepreneur