Let’s say you have a great idea for a startup and you have the ambition of building a billion dollar company — a Unicorn. Should you look for investors?
Or should you bootstrap this idea to profitability? Is it even possible to bootstrap a Unicorn startup? Has anyone ever bootstrapped one?
I suggest you start by bootstrapping your idea.
That would give you options: you can either bootstrap all the way, or bootstrap first, validate, raise money later. Investors tend to chase validated businesses.
Here is an example of a bootstrapped Unicorn in this 56 second video. Investors have chased this entrepreneur for years and years and years.
If you prefer to read instead of watching a video, read these two case studies. Both of these startups have become billion dollar market cap companies since the stories were captured.
Entrepreneurs, especially first time entrepreneurs, can learn a lot from such case studies.
We had Girish as a guest at our roundtable. Here is the video of that session:
We also had Ratmir as a guest at our roundtable. Here is the video of that session:
Another thing that could help is an experienced mentor who has seen many different Unicorn scenarios, a mentor who can anticipate what can go wrong and help you avert major break downs. Try to get an experienced mentor, if you can.
If you don’t have such a relationship, you can talk to me.
What matters is that you want to be a successful entrepreneur, you have the ambition to build a Unicorn, you are willing to bootstrap it, and you have the tenacity to put in a lot of work.
To learn. To strategize. To execute.
Photo credit: Orin Zebest/Flickr.com.