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Link: Bootstrapping with Media Lizzy

1. There are going to be people who discover you.-Entrepreneurs can be kind of like budding garage bands. They are expecting some deep pocketed big shot to come along and be so impressed with their idea that he'll shower the necessary money on them transforming them instantly into a household name. What Lizzy seems to be implying here, however, is that discovery is an ongoing process-one partner, one advisor, one customer at a time.

2. Be discerning and careful with whom you correspond.-Guess I've been guilty of ignoring this little tidbit of wisdom too.

3. There is no such thing as total privacy.-In fact, an entrepreneur is often the best promoter for his/her product since hopefully it evolved from a personal passion. To get others to share that passion often requires putting yourself out there warts and all.

4. Sometimes, it takes an 18 hour work day to respond to email. And you have to respond - even if it's a no!-A hard piece of advise to follow and a hard lesson to learn.

5. Keep an open mind.-Important, even when it comes to your precious business model. If it doesn't work, it's got to change.

6. Be not afraid, Google has the answers you seek.-I had a very similar suggestion planned for a future post on the bootstrapping revolution advising prospective entrepreneurs not to spend a lot of money on business books. There's a hell of a lot of information on the Internet. I own a lot of books, but I'm more likely these days to do a search than to run to Borders.

7. No, you aren't crazy.-Even though SBA advisors, investment advisors and even some of the readers of your blog may think you are. Stay in there. Keep punching.

8. Yes, your idea can work - and be profitable.-Though you may have a hard time at first coming up with exact earning projections until you can get a bit more earning history behind what you're doing. Lizzy claims to have done a lot more planning than some bootstrappers, but in the end, with a new product there is no shortcut or secret formula that will tell you how your business model will work. Or even if it will work.

9. No, you do not owe anyone an explanation.-That's why you're not working through a venture capital firm or some other big investor, remember?

10. For every dollar you invest, you will want to invest five more. Be patient, eventually you will achieve the goal. If you fail, it's okay. Re-adjust the plan.-(See again commentary on # 5 when it comes to readjusting your plan.) In a comment to a post following up on observations by fellow blogger Pelle Braendgaard, one reader suggested getting to a point where planning and re-planning becomes second nature.

11. And, most importantly: Never justify your dreams - just pursue them.-This ties in to # 9. In fact, it may be pretty much the same idea as # 9. See also Dane Carlson's "20 Things Not To Do Before Starting A Business" paying particular attention to # 8 on Dane's list. Eventually, your business model will either work or it won't and your ability to explain your idea at a family picnic or cocktail party will do absolutely nothing to improve its profitability.

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