If you look at all of your capital options, the larger checks that come from Venture Capital Firms and Private Equity firms become far harder to find than the Bootstrap capital options you will start with.
That’s why most entrepreneurs tend to focus on sources of capital that are more probable and accessible first; so that they can build the traction they need in order to become attractive to equity investors later on.
Even Debt options in the form of SBA Loans and Lines of Credit tend to be easier to obtain due to the fact that there are more checks to be written and the process is more linear.
Despite all of these facts, many entrepreneurs will want to move straight to equity investors like Angel Investors and Venture Capital Firms. There are certainly instances where these groups will fund a company in its infancy but that tends to be the exception, not the norm.
If you’re optimizing for the likelihood you will find capital, our recommendation is always to start with Bootstrap capital and then move on to Debt and Equity options as you’ve built some traction in the business. Short of that, your risk of not finding an investor is going to be pretty high.