Control is the ultimate quality that a strapper has. Control play a role in all the other seven features because without it, a founder would not have 100 percent capability to make decisions, experiment and so on.
Control is about having a grasp on the business and its functions. With no outside vendors, angels that have legal stakes and a multitude of other possible stakeholders, control ultimately lies in the strapper’s hands.
This is a great thing when it comes to frugally building the business as the business can prosper with a credit card, checking and saving accounts and bank loans, if need be.
Retaining control of the business is an integral part to maintaining the integrity of it. When outside forces are involved, other opinions need to be taken into consideration. This can breakdown the vision of the founder and the original goals and reasonings for going into business for themselves be it for autonomy as a professional or providing a great service/product.
Control can be lost or it can be spread out if stakeholders want another founder or a different one. There can be more influence from other forces wanting to drive the business in a different direction.
Bootstrapping will require a founder to be lean, frugal, crafty and innovative to build a profitable and sustainable business. It can certainly be done and it offers control over all elements of the business. But, in the early stages, it might seem the founder is not in control as business needs compound out of nowhere. This scenario can make a founder feel as if things are out of control, but these intangible problems are easy to take back the reins than from investors and other people.
Frugal, lean, crafty and innovative are traits or characteristics. They simply describe a scenario, event or someone’s actions. These adjectives are intangible and can be altered by people. A strapper is in control of these elements; they can seem as if they are overtaking a business at some point in time if business events get out of hand. But, they can be solved by the control of the strapper. The strapper just needs to regain themselves and become craftier, be more innovative, be more lean, be more frugal. Or he/she can be the opposite and dial back the frugality as profit margins rise, don’t be too innovative if the market does not need it right now and maybe at some point hire another person or barter for resources.
A strapper is a resourceful individual willing to take the good, bag and the ugly of the business being built and forging a way forward for prosperity on their own terms.
If having control over operations of your business is a main component to becoming an entrepreneur, consider bootstrapping. It offers flexibility, freedom and of course control, however, the path to building it up is not easy and straightforward. But if there is desire to find challenging work, have intimate relationships with all aspects of the business and customers this is an alternative to take the bull by the horns. Becoming a strapper is a nugget to consider.
This is an opportunity to consider if there is a business idea not on the market in a certain way and one that gives the founder control, purpose and some challenges.