“Every problem is a gift—without problems we would not grow.”
~ Anthony Robbins
Bootstrapping is the process of running your business with no outside financing.
While you clearly can’t accomplish as much as if you had outside funds, bootstrapping forces you to get creative and to figure out how to do more with less funds.
Importantly, when you bootstrap, you can 1) start to prove that your business will be viable, and 2) prove that you can execute on your venture. Both of these will help you significantly later when you do seek outside funding.
Unfortunately many businesses (e.g., a restaurant) can’t bootstrap as they need too much money to launch. In these cases, look to outside funding earlier to minimize your personal financial risk.
Today’s Live Webclass: $50,000 – $250,000 in Unsecured Funding
Join me in a few hours for a LIVE web class.
You’ll learn from the experts who raised over $600 million in unsecured funding since 2007.
How would $50,000 – $250,000 of unsecured credit affect your business?
Today’s Question: What curious innovation is believed to have been developed by Captain Hanson Gregory in 1847?
Previous Question: More than 1 million children have built their first tool boxes through free Kids Workshops offered by which chain of stores?
Answer: Home Depot
There are probably two key elements to Home Depot’s strategy here. The first is that for kids to attend the workshops, their parents must bring them to the Home Depot store. So, in the short-term, the strategy brings in more customers to its locations.
Longer-term, by teaching the kids, Home Depot is indoctrinating the next generation of builders and do-it-yourself home repair people. As they get older, these kids will probably feel more comfortable buying from Home Depot versus its competitors.
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