What Are Some Misconceptions About Bootstrapping A Business?

Big time misconceptions:

1. That bootstrapping is only for losers that can’t get investors.

2. That bootstrapping is a short term band-aid to hold you and your business together.

3. That bootstrapping is always painful and everyone around you must share in that pain.

In reality, bootstrapping is a viable and prudent strategy for most businesses.

For certain businesses it is the only strategy.

With rare exceptions, making a business viable always takes longer than anyone ever expects.

And with proper execution, bootstrapping doesn’t have to be unnecessary painful. In fact, it can be very rewarding, emotionally and financially. Small victories every week can sustain your enthusiasm. The key is to have the proper framework for moving from one winning step to another.

There is also no need to put yourself and your loved ones through a lot of pain. Before you jump into entrepreneurship make sure you have a steady source of income. You’ll need it for much longer than you think. Bootstrapping Using Services and Bootstrapping With A Paycheck are some of the honorable and sustainable long term strategies. Painful stretches of no money are highly unproductive and completely unsustainable.

If you want to discuss your specific situation, come to the 1M/1M Roundtable.