A pair of boots with one bootstrap visible.
BootStrapMe: Tips for the serious bootstrapper.
Just in case you’re not familiar with the term, Wikipedia to the rescue: bootstrapping or booting which began as a leather strap evolved into a group of metaphors that share a common meaning, to better oneself by one’s own unaided efforts, or a series of self-sustaining processes that proceed without external help.
Sound familiar? If it sounds very familiar, you may be a bootstrapper. I have bootstrapped a number of businesses so it’s a very familiar term to me.
Shawn Hessinger, who is a bootstrapper himself, is also a blogger and journalist who spent years covering business issues. Then he decided to dive off the deep end, become an entrepreneur and blog about his adventures. He shares some hard won knowledge, which might be helpful to you, if you are considering bootstrapping or are already in the thick of it.
“Once the wave of exuberance over starting a new bootstrap business passes giving way to a lot of hard work accompanied by occasional disappointment, it’s time to take some serious stock…
• Take criticism seriously. Though it’s the part that NOBODY wants to deal with, the fact is criticism can be your best friend, if you learn to read it correctly. Learn to draw inspiration from your customers’ complaints to build a better product by knowing the difference between things you can change, things you can’t and what requests are just unreasonable.
• Treat your startup like a job. You would think this would be obvious to anyone. But, if the reason you became an entrepreneur is so you wouldn’t have to do it, it’s time for some unpleasant facts. Behind all the supposed glamour that comes with owning your own business, there’s just a lot of plain old fashioned effort. Think of it this way. The only difference between work you do for your startup and what you do for an employer is the person who owns what is built by that labor in the end.
• Reinvent yourself daily. There will be things that don’t work and paths that lead to no where. The benefit of bootstrapping is that while you have no money, you also have no constraints. With no one looking over your shoulder to tell you, ‘That’s not how you do it,’ finding the right equation may be easier.
• Focus on problem solving. Most business goals can be better seen as a series of challenges to overcome or problems to be solved than as the pursuit of a single and constant goal. Break your startup into challenges and set priorities for what must be done. With each problem you solve you will find others arising. Keep the process going and you will slowly inch toward your goal…often almost without realizing.
• Never give up. Never surrender. … There are days you will feel like throwing in the towel. Remember, very few things are an immediate success. Persistence is key in the end.”
To read this entire post or more of Shawn’s blogging, go to BootStrapMe: Tips for the serious bootstrapper.
You may also want to consider these suggestions by
Esther Dyson, who gave some advice to Bambi Francisco CEO, co-founder , Vator TV, Inc. (Owner) in Esther Dyson: Feign smarts by listening more
Dyson is “widely regarded as an Internet/high-tech luminary, thought leader, and respectable investor, having put money in some of the hottest startups, such as Flickr and del.icio.us (both part of Yahoo), and more recently 23andMe, which is backed by Google.
In this “Lessons learned” segment, Esther offers her advice to entrepreneurs and lessons learned to investors.
Her first is to listen. “Whatever the context, people will think you’re smarter,” she said.
The second is to be focused and not be distracted. “More companies die of indigestion,” she said. “Pick one opportunity and do it well, rather than do five or six things badly… opportunities will always be there.”
The third one is “always make new mistakes.”
Hopefully, we can all focus in, listen to Dyson, and try to only make new mistakes
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