Its not Rembrandt but Business is an Art
Previously, I mentioned how, over time, I’d come to perceive business as an art-form. Today, I thought I’d elaborate on that point, more specifically from a ‘bootstrapping’ perspective. In addition, for all those aspiring entrepreneurs, I’ll touch on how money is not the be-all and end- all to the successful start of a business, take it from experience.
What is bootstrapping?
Although I couldn’t tell you where the term was originally coined, bootstrapping refers to starting a business with little to no financial resources. How? By using unconventional methods to develop, promote / market or sell your product / service. As a bootstrapper, you are essentially doing everything yourself. The key is making the little you have go as far as possible, to the best possible effect.
The art in bootstrapping a business lies in the ability to bring together the resources to make a venture happen regardless of the resources in your current control – creativity at its best.
Its a shame, I’ve lost count of the number of individuals I have encountered who have aspired to take ideas forward but have been put off by the money involved at onset. It all comes back to the stigma that starting a business requires large sums of money. Whilst I won’t deny it doesn’t involve money in some respect, I assure you its not all about money.
Let me dig deeper, it may be that you do not have a lot of capital for the business or, alternatively, feel uncomfortable risking your capital. Its understandable, however, I stress that if the latter is your concern then you need shake that off as soon as possible. If you believe in your idea / concept then follow the talk by walking the walk. You HAVE to believe – it is only natural you will be hesitant if there is even an ounce of doubt in your mind.
Bootstrapping involves work (lots of it) as well as imagination. It comes as no surprise then that bootstrappers are often referred to as dreamers. For example, we’re not blessed with deep pockets here at BiWhizz but we know exactly what our money or next capital injection (wherever that comes from) is going towards.
All our future plans and strategies are mapped out months in advance; we work independently and are very serious with what we do and how capital is used. On some occasions we’ve had to learn the hard way, I say this without shame however, the key is learning from this – it forms part of the experience of becoming a successful entrepreneur. We are dreamers that believe we will soon achieve what we dream of and this alone keeps us motivated.
Generally, you money will be used for product development purposes, potentially marketing too. Make sure you understand the reason behind the use of your money. Ask yourself whether this being carried out in the most efficient and cost-effective manner? The biggest mistake you can make as a bootstrapper is not doing your homework with regards to cost vs. quality vs. necessity.
As I started saying, bootstrapping requires a lot or work but also dedication. How badly do you want it? The buck stops with you at all times. Depending on your state of mind this can seem like a daunting thought or one of beauty and serenity. Which is it?
You don’t need huge sums of capital to start your business. Surround yourself with good knowledge sources and advice. Speak to individuals with experience; don’t feel embarrassed they can assist and educate you.
Starting a business, as a bootstrapper especially, is like a serious emotional rollercoaster at the best of times. You will experience a myriad of feelings from fun and happiness to disappointment and stress. Roll with the punches and stick with it because at the end of the day, as daunting as it may seem, it is such a rewarding experience.
Tags: BiWhizz, Bootstrapping, Entrepreneur, Growth
