Bootstrapping is the mean by which over 80% of startups are initiated. Because less than 1% of startups are funded, entrepreneurs are left to compete for a small pool of funds. Pitching ideas is no longer the norm. To get a chance at raising a portion of the total available funding, entrepreneurs must build and show startup value through personal investments, which doesn’t necessarily have to be money but mainly by doing the “right things” do define a problem worth solving and propose solutions worth paying for.

Luckily for the entrepreneurs of today, it costs less than $5,000 to launch a startup as compared to $5 million less than 2 decades ago. By leveraging open source software and cloud-based tools, a startup team can make significant progress through existing resources.

Furthermore, entrepreneurs with cash needs, can earn their money by selling services. Whether it is logo design, social media management or consulting, it is advised to generate funds through a side project which can be tied to the startup product for killing two birds with one stone.

Assuming no upfront startup investment, in fact even with an initial investment, entrepreneurs are highly encouraged to pre-sell not only to fund their startups using customers’ money but also because the strongest degree of validation is when people are willing to pull money out of their pockets.

Finally, using non-scalable resources to offer the service is another way bootstrapped entrepreneurs can go to market fast and lean. This can be accomplished through hollow MVPs, using app development without code platforms, selling physical versions of digital products and repurposing existing platforms. The generated revenue is to be invested in the most valuable asset in a startup, team, who will build a scalable version of the product.

 

Send me all the bonus files

  • This field is for validation purposes and should be left unchanged.
We do not use your email for spam. With this download, you’ll also get our latest on startups and online businesses.

If you haven’t yet, download the diagram with a step by step process for launching and growing profitable startup ventures with higher success predictability.

If you haven’t yet, download the diagram with a step by step process for launching and growing profitable startup ventures with higher success predictability.

The diagram will come with summaries to help you implement the steps to move your ideas or startup forward whether your current focus is validating your ideas quickly, acquiring the first or next 100 paying customers, building an MVP or the next versions of the product. You’ll find examples and case studies. 

Got it! Please check your email for confirmation and the diagram will be on its way.

Pin It on Pinterest

Share This