Does "skin in the game" matter in entrepreneurial ventures?
This is often true...
“If I can’t convince a professional investor to come along and fund my venture, then I probably shouldn’t be doing it.”
...but finding a professional investor to come along often takes time.
The key is to limit your commitment up front.
If you don't want to take the time to get a professional investor, at least act like one yourself.
If I was in a hurry, I'd make a small "investment" in myself of $25K or so; if I spent that money, and was unable to make things work, that would be a clear sign to write off the investment.
It's sad to see Schilling, who was a great pitcher and competitor, commit financial suicide.
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You're right, his main sin was not knowing his own limitations.
Still, I love it when someone goes all-in. Shows how committed they are!
There's a fine line between deeply committed... and deeply crazy.
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