How to bootstrap a bakery business (Part 11)
In his explanation of why bootsrapping may be the perfect solution for start-up business, author and entrepreneur Greg Gianforte addresses many of the same issues Rapoport and Powell discovered through their own efforts:
Bootstrappers have more freedom and flexibility. When you take external funding, you become a slave to your business plan and you have to constantly answer to third parties: banks, private investors, grant agencies, etc. This destroys your ability to respond and adapt to unanticipated business challenges, changing market conditions, and unexpected business opportunities. Bootstrappers, on the other hand, aren't hampered by these forces. They can change direction overnight if that's what circumstances call for. This adaptability significantly increases their likelihood of near- and long-term success.
He adds:
Bootstrappers wind up owning much, if not all, of what they create. This is a huge consideration. When Bootstrappers succeed, they get to keep their winnings. Some can even pass them along to their children… You market, sell and serve your customers every day as if the business depended on it-because it does. And that commitment to achieving success by delivering value is really at the heart of the American business dream.