Yup.

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.

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.