Lack of capital shouldn’t stop bootstrappers
Among the "7 lies that keep your great idea from being a real business" is the need for capital to make it happen, says Greg Go of WiseBread.
Greg mentions a couple of other great bootstrapping tips and resources in this post via Internet Redux including:
• Boiling down your business plan. Greg suggests replacing the 100-page business plan with a couple of key questions like "Who are your customers?", "What is your product or service?", "How much money will it cost to make your product or provide your service?" and "How much do you have to charge to earn a profit?"
• Focusing on sales. In the end it's just exchanging a product or service for money, Greg argues, and should be about telling others about your business not about high pressure sales
• Spending some time. Like money no bootstrapper has enough. Greg suggests finding ways to spend the time it takes to get your business started and forgetting about the excuses.
• Taking the next step. Worrying that you don't have an MBA, know nothing about business or don't have sufficient funds is a waste of time. Just focus on what you can do today to get your business started, Greg recommends. The future will take care of itself.
Photo Credit: Dani Simmonds, MorgueFile
October 7th, 2009 at 5:04 am
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