How typical is Notehall’s struggle to raise capital? What advice can you give to an entrepreneur such as Sean Conway about raising capital to start a business? Which sources of funding do you recommend and in what sequence? Explain.

While majoring in business at the University of Arizona, Sean Conway, who suffers from attention deficit hyperactivity disorder (ADHD), had difficulty listening to lectures and taking notes simultaneously. Conway noticed that many students experienced the same problem, and he and Justin Miller, a junior at the University of Arizona, recognized a business opportunity. They decided to launch Notehall (www.notehall.com), a Web site that serves as a marketplace for students to buy and sell class notes and study guides, first targeting students on their campus. Their goal, however, was to harness the power of the Web and take the concept to other campuses around the world. Conway and Miller started Notehall with $70,000 from Conway’s inheritance and Miller’s bar mitzvah money.