Having the next brilliant idea for a product or a service is just one, very small, aspect of being an entrepreneur. The real work actually comes when you want to turn that idea into something that not only benefits customers, but also brings in revenue. Some startup founders turn to accelerators or angel investors for guidance and financial backing, but with this comes the sacrifice of independence and equity.
An increasing number of entrepreneurs are choosing to max out their credit cards, turn their homes into workspaces and hunker down for a long, often painful – but sometimes blissfully rewarding – foray into starting their own business. Bootstrapping, as it has been dubbed, isn’t easy and more often than not, startups do not succeed. However, those with a true passion for their business are able to persevere, and with each obstacle encountered, they grow.
For more personal insight into what it’s like to bootstrap your startup, here’s some advice from startup founders who have gone through the gauntlet and survived.
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“It is very important that startup founder consider not only the costs of creating their product, but also all the external costs, so that there will there be enough runway to take on investors. When a bootstrapped startup decides to take on investors, it should be for the right reasons, such as expanding their business, or receiving mentorship and guidance. Startup founders should never put themselves in the position where they have to take on investors because they are on the verge of bankruptcy and don’t have a choice.”