From http://www.lovemytool.com/blog/2008/06/bootstrapping.html

"My own experience with starting and running startups is that time has indeed changed. I am not saying that time has changed so completely that the old model (using VC money to start companies) does not exist, I am just saying (humbly) that a new model has emerged that allows entrepreneurs to bootstrap meaningful companies achieving sustainable revenues, starting with their own money and their sweat equity (and more precisely, avoid taking VC money).

Entrepreneurship is all about wealth creation and it should be a conscious choice. As entrepreneurs, our goal is to maximize our returns and minimize our risks, and my experience is that ultimate success has a lot to do with impedance matching. Should we match the impedance for the VC's, which means big exit, big risk, big team and big funding? Or should we try to match the impedance for the entrepreneurs, which calls for modest exit, modest risk, modest team and modest funding?"