Chapter 12: Bootstrapping
for Resources questions and
answers
Notable quote about not waiting for funding -
answer "waiting until you get funding for all your
ideas can be compared with taking the chances of
getting struck by lightning while you are standing
at the deep end of a swimming pool on a very
sunny day"
What is bootstrapping? - answer start with the
eight components of entrepreneurship
Eight components of entrepreneurship - answer 1.
reflect on your desired impact on the world
2. start with means at hand
3. describe the idea today
4. calculate affordable loss
5. take small action
6. network and enroll others in your journey
7. build on what you learn
8. reflect and be honest with yourself
, Bootstrapping defined - answer bootstrapping is
the process of building or starting a business with
very little funding or capital or virtually nothing at
all
Common bootstrapping strategies - answer - work
from home to save on renting an office; or if you
need an office, use co-working spaces instead
- never buy new what you can borrow, lease, or get
for free; for example, borrow or lease office
equipment such as computers, printers, and so on
- take as little salary for yourself for as long as
possible
- use your network of friends and family to get
what you need at a reduced rate or for free
- educate yourself on basic legal and accountancy
matters before paying high fees to a lawyer or
accountant
- reimburse advisers and consultants with equity
and goodwill where possible
- be frugal with your travel - drive rather than fly,
and choose cheap accommodation
- hire help if you need it, but keep in mind that
some employees may agree to work temporarily for
an equity share in the business rather than a cash
payment
- attend every possible networking event to make
connections and get introductions to people who
for Resources questions and
answers
Notable quote about not waiting for funding -
answer "waiting until you get funding for all your
ideas can be compared with taking the chances of
getting struck by lightning while you are standing
at the deep end of a swimming pool on a very
sunny day"
What is bootstrapping? - answer start with the
eight components of entrepreneurship
Eight components of entrepreneurship - answer 1.
reflect on your desired impact on the world
2. start with means at hand
3. describe the idea today
4. calculate affordable loss
5. take small action
6. network and enroll others in your journey
7. build on what you learn
8. reflect and be honest with yourself
, Bootstrapping defined - answer bootstrapping is
the process of building or starting a business with
very little funding or capital or virtually nothing at
all
Common bootstrapping strategies - answer - work
from home to save on renting an office; or if you
need an office, use co-working spaces instead
- never buy new what you can borrow, lease, or get
for free; for example, borrow or lease office
equipment such as computers, printers, and so on
- take as little salary for yourself for as long as
possible
- use your network of friends and family to get
what you need at a reduced rate or for free
- educate yourself on basic legal and accountancy
matters before paying high fees to a lawyer or
accountant
- reimburse advisers and consultants with equity
and goodwill where possible
- be frugal with your travel - drive rather than fly,
and choose cheap accommodation
- hire help if you need it, but keep in mind that
some employees may agree to work temporarily for
an equity share in the business rather than a cash
payment
- attend every possible networking event to make
connections and get introductions to people who
