Airbnb co-founder Nathan Blecharczyk says entrepreneurs shouldn't shy away from their business ventures just because of an uncertain economic climate.
Y Combinator, in October 2008 that Airbnb got its first round of seed funding in exchange for a stake in the company. By April 2009, Sequoia Capital took a chance on the company – which had only a few thousand listings and 10,000 registered users at the time – with a seed investment of $585,000. In November 2010, the trio raised $7.2 million in Series A funding. Through his business ventures, Blecharczyk said he gained an appreciation for how long it takes to produce revenue.
While working for a startup prior to Airbnb, Blecharczyk watched as his colleagues spent money lavishly with the assumption that they were going to make millions within the first year. The other issue is that entrepreneurs can just as easily spend it on the wrong things. The Airbnb Inc. application is displayed on an Apple iPhone in an arranged photograph taken in Arlington, Virginia, on March 8, 2019
In the first few years of building Airbnb, Blecharczyk said they were given money from friends and family to help them stay afloat, but they spent it too quickly on things that didn't matter.In order to be successful, the entrepreneurs realized that they just needed to think clearly about the right way to approach the problem that they were trying to solve, Blecharczyk said.
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