Ingredients vary for bootstrapping success (Part 2)

Filed in archive Bootstrapper Tips on July 13, 2008

Photo courtesy of iStockphoto, Dan Bachman


CONTINUED FROM PREVIOUS POST

Here are more ingredients for bootstrapping success from Thomas Frey at Impact Lab:

• Transition to your business. Start with something simple. Consulting would be Frey's suggestion. Blogging is certainly one option for sharing knowledge and selling yourself while seeking to develop relationships and revenue.
• Micromanage. Like Frey's second recommendation, this one implies knowing every aspect of your company intimately. This doesn't mean that as you grow you won't have a need to bring in experts who can do things you can't, but understanding how all the components of your business function is critical.
• Amass credit early. Another controversial piece of advice, it runs counter to what some bootstrappers might argue is the heart of the approach. But credit may be necessary to fill the gaps in cash flow, the true life blood of any business, early on. It's also worked for some bootstrappers!
• Search for mentors. The social aspect of entrepreneurship is often discussed and is the basis behind groups like the Bootstrap Network. Groups like SCORE are dedicated to the concept of mentoring. Blogging can be a great way of finding the other entrepreneurs out there if you don't live in a community where many can be found.
• Remember the two R's. Frey argues bootstrappers are Reckless and relentless. They prize getting things done over doing things right and drive and determination above intelligence.

The key to bootstrapping, no matter what advice you follow, is to move your business from idea to reality. Approach is less important than accomplishment. Focus on what works and discard the rest when creating your bootstrap entrée.