Episode 14 Can you start a business with no money? Of course! The noble art of bootstrapping. Part 2
In the episode 13 we looked at why entrepreneurs chose to start their business without external investments. Some of these reasons such as not wanting to share the profits with others, and willing to spend time chasing investors are solid reasons of going the bootstrap approach. Others such as not wanting to prepare a business plan, and fear of not having the necessary marketing skills to my mind are less valid. Any start up should have a business plan and you are going to have to market your product at some point.
We also looked at the disadvantages that come with a low investment approach. Primarily the risk of running out of cash,
In the episode I will share the advantages of bootstrapping, an approach that I highly recommend. But there are times when bootstrapping is not the right approach and that is when you need to scale fast because of the business you are launching. We will take a look at businesses that should not be launched by your bootstraps.
Tags: How to grow a business, achieve business success, bootstrapping. bootstrap the successful entrepreneur, business common mistakes. small business start-up; avoid these common mistakes; IBGR.network, Jeremy Gray, Practical Solutions to Difficult Problems
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