Here's how I approach it:

• What is the least money I need to generate revenue and never raise again?
• If I have product-market fit, I generally target an 18-month runway, but that is only if I have PMF and am focused on hyper-growth and the next round of funding.
• My primary goal is to raise as little as possible. The fewer investors, the better for us and my mental health.
• If I need to raise money, I sell only 20% of equity every round. If the investors want more, I get more traction for a better valuation.

Feel free to reach out to me if you have any questions!