Each endeavor you undertake will have different hurdles for how to define worthwhile progress. You need to evaluate what you're doing against a the right framework.
To use your example - if you're writing a book as your full time job and, after 12 months, haven't finished the first page of your manuscript, it would make sense to seriously reconsider whether or not you should be writing that book.
I agree with reconsidering whether or not to continue if you're not hitting your milestones. But by raising the minimum amount of money necessary to hit your milestones, you're not giving yourself the ability to reconsider unless you're default alive.
So I guess what I'm saying is that if you're default alive, this strategy makes a lot of sense. But if you're default dead, it seems reckless. E.g. there was nothing structurally wrong with a lot of the companies that got wiped out due to covid, and I'm sure there were lots of founders that would have happily just scaled down for six months or whatever but were locked into agreements that didn't leave them with the ability to do that.
To use your example - if you're writing a book as your full time job and, after 12 months, haven't finished the first page of your manuscript, it would make sense to seriously reconsider whether or not you should be writing that book.
Hopefully no one shows this comment to George RR Martin...
Comments
Each endeavor you undertake will have different hurdles for how to define worthwhile progress. You need to evaluate what you're doing against a the right framework.
To use your example - if you're writing a book as your full time job and, after 12 months, haven't finished the first page of your manuscript, it would make sense to seriously reconsider whether or not you should be writing that book.
I agree with reconsidering whether or not to continue if you're not hitting your milestones. But by raising the minimum amount of money necessary to hit your milestones, you're not giving yourself the ability to reconsider unless you're default alive.
So I guess what I'm saying is that if you're default alive, this strategy makes a lot of sense. But if you're default dead, it seems reckless. E.g. there was nothing structurally wrong with a lot of the companies that got wiped out due to covid, and I'm sure there were lots of founders that would have happily just scaled down for six months or whatever but were locked into agreements that didn't leave them with the ability to do that.
Hopefully no one shows this comment to George RR Martin...