If you can use your own resources, then I recommend bootstrapping for as long as possible. Qualtrics waited 10 years and reached a $50M+ run rate before we took a financing round. In that regard we’re probably an outlier, but we did learn some lessons that are applicable to anyone.

When my co-founders and I started our first company, even after getting in the room, many investors barely seemed to pay attention. We were rejected up and down Sand Hill Road. Then we figured out what we were doing wrong, changed our approach, and got 3 term sheets within a couple of weeks.