Bootstrap
Candlefocus EditorBootstrapping can also employ a wide range of tactics to save costs in the startup process. These tactics range from cutting back operations to more creative solutions such as bartering and bartering services. Business owners trying to fund their operations may also seek out alternate sources of financing such as friends and family, government grants, and crowdfunding.
Though the thought of bootstrapping can be daunting, many of the technology giants of today started with humble beginnings. GoPro, Facebook, and Amazon are examples of such companies. Each of these companies began as tiny startups, running on a shoestring budget, and managed to become world-renowned powerhouses. Amazon’s founder, Jeff Bezos didn’t even have a printer to fax documents when he started his business.
Bootstrapping unlocks the potential for startups to become corporate powerhouses, but the road can be long and hard. Bootstrapping requires a significant amount of dedication payment, and the success of a company’s bootstrapping is usually highly dependent on the strategies used. The key is using creative solutions and finding alternative sources of financing to come up with the capital necessary to keep operations running. With enough grit and ambition, companies can leverage bootstrapping to grow into corporate giants.