I missed this gem of a post from Jeff Cornwall over at The Entrepreneurial Mind the first time around when he put it online in early March.

Jeff relates the advice of successful bootstrapper Charles Hagood, co-founder of The Access Group and Health Performance Partners and a regular guest in Jeff's classes at Belmont University in Nashville.

Compare and contrast Hagood's points with observations made in Guy Kawasaki's "The Art of Bootstrapping" and Greg Gianforte's "Eight reasons why bootstrapping is better than Venture Capital".

They are:

• Cash is King. (Cash is the fuel that feeds the beast. Cash flow, not necessarily profitability at first, is crucial if your business is to live long and prosper.)

• Sometimes Less is More. Having fewer resources can force a business to be more flexible and more resourceful.

• Keep Your Priorities in Order. Never compromise your ethical principles, even when money is tight.

• Enjoy the Ride. Love what you do in your business and enjoy each day.
• Cut Costs, Not Quality.

• Impress Your Customers, Not Yourselves. Don't waste money competing internally (among employees in your company) over who has the best stuff.

• If You Have $1 Left in the Bank, Spend it on Marketing. Even when the market is not buying your product stay in front of them so they will remember you when things pick up.

• Continuously Reassess Your Business for Wasteful Spending. As more cash flows in, the risk of wasteful spending increases as employees take their eye off the need for bootstrapping. Bootstrapping should not just be a part of your start-up.
• Always Look Bigger and Tougher Than You Are.

Jeff also offers "Seven Ways to Make Your Business Look More Professional" from the National Federation of Independent Businesses. They include:

--investing in a "first-class" voice mail system (remember GotVMail and other solutions here and that "first-class" doesn't have to mean most expensive.)
--investing in a toll free number (ditto)
--having custom designed letterhead and envelopes for correspondence
--investing in professional looking business cards
--writing articles for trade publications
--shooting out the occasional press release
--dressing the part (only owners of cyber businesses who never see their customers should work in their pajamas)