Burn rate refers to the amount of money a startup spends each month; it's crucial for founders to monitor this to ensure they don't run out of funds, even if they have high revenue.

I had to make tough decisions during a crisis, including shrinking the team and raising funds, which ultimately extended our runway and allowed us to launch successfully despite market challenges.

We went from burning $250,000 a month to ending 2010 with a million in profit, which was an incredible turnaround for us.

We launched our product online, supported it via email, and maintained a frugal, cash-neutral operation while reaching an international market from the start.

Not having a lot of money forced us to innovate and focus on making every dollar count, which ultimately helped us grow faster than competitors who had more funding.

Keep your burn rate low; if you only have enough cash for a few iterations but need many more, it won't work.

We had a $500 a month budget for food, which forced us to cook all our meals and be resourceful as we built the company.

Include burn rate and runway in investor updates; these metrics are crucial for understanding your startup's financial health.

Despite only raising $118,000 throughout our company's life, we achieved returns of over 30,000% upon acquisition, highlighting the potential of lean startups.