Last week, I attended the EO Deal Exchange conference in Denver, one of my favorite conferences of the year. During my days there, I met with two entrepreneurs who were in the process of raising money, but as we dug into their situations, there was no apparent reason for them to try to get capital at all right now.
Have you ever gotten involved in an auction on eBay? Often buyers get so engrossed in the hype of the auction that they end up paying more for the product than they would have elsewhere. The same phenomenon is often true in raising money. You think that everyone around you is raising money, and so you need to as well.
Slow down, friends, and ask yourself what you are doing and why.