‘Pulling oneself up by one’s bootstraps.’
Entrepreneurship is an emotion of ambition but sadly due to the recent rhetoric around tech startups, bootstrapping has been discarded for other people’s money.
While raising outside investment from a venture capitalist or an angel may be the sexiest way to go, it’s not right for most businesses. In accepting venture funding as the de facto model for growth, entrepreneurs have handed control to investors with a narrative that encourages a short-term focus and rush to exit, and not a long-term building and learning journey.
So how are you developing your passion and vision through ‘bootstrapping’ a viable startup strategy:
– Find a co-founder
– Develop a business model that generates early cash
– Watch cash like a hawk
– Don’t outsource jobs you can do yourself
– Learn and develop more skills
– Leverage free advice
– Swap and barter
– Be thrifty
– Invest in your web site
– Be discerning when chasing early revenue
What is important is validation from customers willing to pay for your solution. Your key to economic independence isn’t reliance on outside investors, it’s the creation of a customer base that believes in you and your venture.