Live to fight another day
So what happens when your business endeavor doesn't go well?
The late Robert Heinmiller was co-founder and vice president of Omnet Inc., a company that enjoyed a second run after the $3.5 million business providing online services to academic and government clients was forced to fold with the Internet revolution and free access.
Heinmiller insisted bootstrapping techniques could be used even when planning for the worst allowing your company to live to fight another day.
Here are some of his suggestions:
• Store cash away
• Cultivate frugal habits which will serve you well in lean times
• When facing the inevitable, downsize and consolidate quickly
• Get expert advice for the downsizing phase
• Be flexible: consider a new location where the money goes further Be hard-nosed about evaluating your needs
For more on preparing for the possibility of failure, the dark side of entrepreneurship but non-the-less a needed consideration read "Surviving the Lean Years" from the Kauffman Foundation bootstrapping resource page.