Podcast Summary: Help Wanted

Episode Title: Should I Bootstrap My Business or Fundraise? Help!
Hosts: Jason Feifer (Editor in Chief, Entrepreneur), Nicole Lapin (Money Expert, Founder of Money News Network)
Guest: Christina Stembel (Founder & CEO, Farmgirl Flowers)
Date: October 14, 2025

Episode Overview

In this candid and deeply personal episode, hosts Jason Feifer and Nicole Lapin bring on Christina Stembel, the self-funded founder of Farmgirl Flowers, to explore the hard realities behind bootstrapping a business versus pursuing outside funding. They discuss the emotional and financial toll of self-funding, the lack of safety net when you’re all-in, how bootstrapping changes a founder’s relationship to their own self-worth, and what it really means to define success and take pride in self-reliance. The conversation is peppered with hard-won wisdom, honest confessions, and practical advice for anyone navigating the world of entrepreneurship without a financial cushion.

Key Discussion Points & Insights

1. The Emotional Stakes of Bootstrapping

• Nicole shares her journey: Nicole opens up about building Money News Network using her own life savings, emphasizing the lack of a safety net and how closely her self-worth is tied to her business.
  • “Self-funding this company has not only affected my net worth, but my self-worth in big ways.” (03:59, Nicole Lapin)
• The founder’s emotional connection: Christina notes the unique emotional weight founders carry. Losing the company often feels like losing a part of oneself.
  • "Your failures as a company definitely impact how you feel about yourself emotionally...there's just no way around. This is my heart and soul." (19:31, Christina Stembel)

2. Christina’s Farmgirl Flowers Story

• Starting with $49,000 in savings: Christina began Farmgirl Flowers at her dining room table, not as a hobby but as a serious business, with $49,000 of personal savings.
  • “That was all my money in the world...” (06:14, Christina Stembel) -Brutal early days: She shares stories about getting down to $411 in her bank account and how small personal sacrifices, like drinking Lipton instead of coffee, stretched every dollar.
  • “I got down to $411 in my bank account at one point, and rent was coming up in a week and a half.” (07:54)

3. Crisis and Adaptability

• Repeated near-bankruptcies: Christina recounts multiple times her company faced extinction, saved sometimes by chasing down unpaid invoices, and other times by radically reinventing the business model.
  • “It wasn't just in the early days...when you're bootstrapped, you never say that you've made it.” (07:54)
• The 2021 pivot: After explosive pandemic growth ($61M in revenue in 2020), Farmgirl Flowers hit a wall when COVID restrictions eased and sales plummeted. With only three weeks of cash left, Christina made an all-or-nothing bet on a new distribution model.
  • “I spent 3 days whiteboarding any idea I could come up with to save the company. Came up with an idea that I thought might work...and it worked, thankfully.” (13:52-14:57)

4. Investor Rejection and Realizations

• Over 100 failed fundraising attempts: Christina faced 104 rejections from investors, which forced her to reframe the definition of success.
  • “The most freeing moment of my life...was the moment I realized that success does not equal funding.” (26:33)
• Why bootstrapping can be a badge of honor: Raising money isn’t always a sign of achievement. Being self-sufficient means retaining control, flexibility, and the ability to make the right decisions for the business.

5. Profit Versus Growth Debate

• Intentional shift to profitability: Christina explains how she chose to scale back her company to focus on profitability over growth, adding 12 points of profit margin by being a smaller, leaner operation.
  • “After that [2021], I decided that I'm going for profit, not growth...we're half the size of company, but we've added 12 points of profit margin.” (17:00)

6. Founders, Self-Care, and Salary

• Neglecting self in pursuit of growth: Christina’s admission: “A mistake I've made is not taking care of myself along the way...pay yourself a living wage.” (17:00)
• Advice to founders: Always pay yourself enough to cover basic expenses; hire slower, work more yourself if needed, but don’t starve personally for the business’s sake.

7. Redefining Success

• The dangers of external validation: Jason warns against hinging self-worth on things you can’t control (e.g., media coverage or industry accolades).
  • "It's crazy to outsource your satisfaction and your goals to things you can't control." (38:52)
• Comparison breeds insecurity: Christina coped by comparing her company’s numbers to those of supposedly “big success” brands, often finding her own margins or trajectory more impressive.

8. Bootstrapping in Today’s Economy

• Shifting the startup narrative: There’s a cultural pushback against over-funded, unsustainable companies (unicorns), with bootstrapping gaining new respect as a viable and honorable path.
  • “There's no list of the best bootstrapped companies out there, and self-funded companies like Jason.” (25:40, Christina Stembel)
• Profitability is ‘back’: Investors now want to see a path to profit, not just runaway growth fueled by endless capital.

9. Practical Bootstrapping Advice

• Keep personal and business accounts separate: While Christina admits she didn’t do this soon enough, she strongly advises new founders to create clear financial boundaries (39:01).
• Hire slower, pay yourself: Work harder yourself, hire fewer people, but ensure you can meet personal expenses. "Hire one less person...a little bit more work for you to be able to pay yourself." (41:04)

Notable Quotes & Memorable Moments

• “Self-funding this company has not only affected my net worth, but my self worth in big ways.” – Nicole Lapin (03:59)
• “When you're bootstrapped, you never say that you've made it...tomorrow could, is another day.” – Christina Stembel (07:54)
• “The most freeing moment of my life since starting Farm Girl was the moment I realized in that 401st pitch that success does not equal funding.” – Christina Stembel (26:33)
• “Intentionality of being smaller...that's just the right decision and you're comfortable because you have a logic behind it and an ultimate goal.” – Jason Feifer (32:08)
• “It's crazy to outsource your satisfaction and your goals to things you can't control.” – Jason Feifer (38:52)
• “Buy generics. Don't splurge as much...but hire one less person." – Christina Stembel (41:04)

Important Segments & Timestamps

• Nicole reveals self-funding struggle (03:11–03:59)
• Christina’s founding story and first $49k investment (05:22–06:14)
• Living on $411 and coping with scarcity (07:54–08:27)
• The 2021 pivot with only 3 weeks of cash left (13:52–15:06)
• Reinvesting profits vs. paying herself—hard financial choices (15:46–17:00)
• Emotional toll and self-care for founders (19:31–21:07)
• The realization that 'success ≠ funding' (26:33–27:30)
• Profitability now more valuable than runaway growth (31:25–32:08)
• Keeping personal and business finances separate (39:01–41:04)

Tone & Language

The episode is raw, real, and sometimes vulnerable, filled with camaraderie and directness from three seasoned entrepreneurs who don’t sugarcoat the challenges of building a business without a financial lifeline. Joked confessions about wine, crying, and anxiety attacks sit alongside hardheaded advice and spreadsheet talk, making this a comforting and practical listen for anyone slogging through the realities of entrepreneurship.

Takeaways for Aspiring Founders

• Bootstrapping is hard and risky, both emotionally and financially, but can become a badge of honor and a better path for many.
• Don’t let investor rejection define your success. In many cases, investors have never run a business themselves.
• Always pay yourself a living wage, even if you have to forgo other expenditures or do more work yourself.
• Compartmentalize your finances early and set boundaries to avoid burning out or risking your personal future.
• Redefine what winning looks like—sometimes sustainability and control are worth more than explosive, VC-driven growth.

For more entrepreneurship advice, email your questions to helpwanted@moneynewsnetwork.com or follow the show on Instagram and TikTok.