Bootstrapping

Bootstrapping is a term used to describe the process of starting and growing a business, usually with limited external assistance and funding. It means starting something from nothing and relying on your own resources and effort to power progress and success.

Bootstrapping is a way of developing a business without relying heavily on external funding sources. It’s a way of using a combination of your own resources, such as time, money, ambition, skills, and outside assistance, to build something of value and be successful.

Bootstrapping typically relies on a business owner’s own resources that they can access quickly, such as their own savings, income from another job, a small business loan, venture capital, or crowdfunding. It’s also possible to get creative with other resources such as bartering services or finding manufacturers to produce goods. Bootstrapping can also include using free or low-cost software, tools, and other resources to help founders get up and running.

In order to bootstrap, entrepreneurs need to think outside the box and even accept doing some tasks that may be outside their area of expertise or comfort zone. They also often need to sacrifice some luxuries and be okay with grinding it out day after day until they have established a solid foundation for the business.

Take the example of a woman who started a juice company from her kitchen. She put in several hours of research and saved enough money to buy a juicer and the necessary supplies. She bootstrapped her business by relying on her research to make a juice recipe that she’s proud of; bartering some services to get a website built; using her own social media accounts to advertise her product; and working extra hard to ensure that her product met all safety standards. She also took jobs on the side, and put in extensive time to ensure the success of her business.

After several months, her bootstrapped business was up and running. She was able to find success and even investors through her commitment to her startup and hard work.