Latest posts by Hudson Ojiambo (see all)
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Have you ever asked yourself what really is bootstrapping and how does it help our business?
Bootstrapping is basically getting yourself into or out of a situation using existing resources. A start up, especially one based with minimal resources and successfully achieving its target is a perfect example of bootstrapping. Thus, Its more of using one’s own resources rather than external help.
When you want to grow your business big, you need learn to how to bootstrap, and avoid reliance on the external help as this creates independence, We all know raising money for a startup is easy. Building a profitable, successful, and sustainable business is the hardest thing. A winning entrepreneur is that one that practices bootstrapping.
Getting financial help from sponsors and investors is always a noble and best way of staying afloat, but what you don’t know is that bootstrapping is the surest and most effective way of maintaining full control of your company.
It is very advantageous and important in that, it helps you to stay in business and to realize talents you may not know, it can also help attract the right talent for you therefore giving you the right partners to work with. Sometimes what you need is to think outside the box and make use of the available resources to finance and grow your business.
Bootstrapping is very much recommended for startups because it forces you to get creative with your strategy and come up with solutions you would never have thought of, it allows you to think big and use the limited resourced that you have to run your business smoothly. For Instance, you as a start up, you don’t need much finances to put an advert on a national television, in order to compete with already established brands, they will automatically out do you because of their financial muscles. But what if you get hold of social media platforms, make use of them perfectly to market your products, Social media can do wonders for you if used correctly and they can make you give the established brands a run for their money.
Learning to improvise and sing the available resources like that is essential to startup success, and bootstrapping just help you realize that.
Most companies and start ups that bootstrap probably don’t have enough finances to attract and hire the much needed talent, and thus, this helps them be creative, that’s why bootstrapping come in handy. And this helps most organization to attract people, not because they have finances, but because they attract people who are creative and are much willing to bet on themselves, Bootstrapping helps you get people who are passion oriented at the expense of monetary values and this is a first step towards your success.
The kinds of people you attract via bootstrapping are very important because they believe they can turn an idea into a billion-dollar business with fewer available resources. And this creates a huge competitive advantage. This is advantages to you because it allows you to compete favorably with limited resources
Bootstrapping is all about independence and good management of your business and your associates. If you believe you can do it, why go for the external help, you don’t all the resources to successfully run your business. Creative mind, available resources, passionate staff and a target is all you need to grow your start up into a global brand. Take time to grow your business by yourself. The available resources is what you need. Most businesses actually grow first, before seeking for further financial help and partnership. A company that bootstraps is a winning company.