Bootstrapping still tops list of business startup tips
Photo courtesy of iStockphoto, Tom England
Here it is again, number two of Seven Formulas for Business Success from Brian tracy:
Bootstrap Your Way to Success
One of the best ways to build a business is to start off on a bootstrap. This means that you start off with very little money and you grow your business with the money that you earn in the business, rather than outside financing, borrowing, loans from friends and so on.
Read more about Tracy's books at the Lucrative Business Group blog or at Tracy's own website.
In a comment on a previous post, Ron McDaniel of Buzoodle suggests another great argument for bootstrapping:
I think another reason is that you can never assume your industry is safe from a downturn. What would happen if you lost half of your customers because a better mouse trap was invented or people stopped using film in their camera? Everyone should try to stay lean and be able to adapt quickly.