Inspreneur is a hub of resources, anecdotes and guidance for those needing a “how to” about bootstrapping that budding business idea. You’ll find inspiration to keep motivated, to get started and to understand the early stages of entrepreneurship.
What is Bootstrapping?
In a nutshell, bootstrapping is when someone uses his or her own money or the revenue to the business to fuel the business/company. Founders and owners do not rely on outside investors, like venture capitalists at least at the onset of starting up. Bootstrapping allows for the owners/founders to see their vision through without being holden to stake and shareholders.
Bootstrappers retain more control over the future of their business. They have more decision making power, say in company culture, leverage over the product/service and can focus on brand loyalty through customer relationships. There is also room to experiment and fail fast. These are great advantages to bootstrapping, but there is a downside and the most notable point is that bootstrappers great personal financial risk.
Bootstrapping has been done by huge companies that are household names today, like Apple. Many businesses start as bootstrapping, so don’t think you need to acquire investors immediately. There are other options, notably bootstrapping that you can do to test the waters and before diving in.
I gathered my thoughts after reading entries from sites Entrepreneur, Investopedia and Business Dictionary.
Looking for inspiration
Inspiration is more than a quote. It is listening to someone’s story, learning from your mistakes, failing and trying again, asking questions, looking beyond labels and much more.
Individuals are their own inspiration and need to feed the fire. Stoking the flames of imagination and creativity will help build confidence and make progress in your bootstrapping pursuit.
Entrepreneurship is about managing, organizing and building something that takes considerable risk and initiative. You can type the word into Google and up will spring definitions from Dictionary.com and Merriam-Webster. They mention how entrepreneurs take on these risks and initiatives to build a business to eventually make a profit.
About Katherine Olivia
I’m glad you stopped by.
Im Katherine and I currently straddle the NYC/NJ commuter life while managing three sites on top of my nine to five job. I became interested in bootsrtapping after I hit multiple brick walls about getting my own entrepreneurial dreams up and running. One other important factor for creating a resource for bootstrapping was because during my masters degree, I felt the program fell short after we designed a business concept. I anticipated that there would be multiple stages of bringing the minimum viable product to life from business design to prototype and then pitch it to a panel. I was in postgrad, and the resources, accelerators and understanding of the entrepreneurial ecosystem were never a thought in the syllabus. To this day, I believe that would have been incredibly beneficial because it can spark young people to seek out creating a new company. They have no dependents and are willing to take more risk.
After moving back to the east coast after studying in London, there seems to be a contrast between both major entrepreneurial hubs. In London, the tech community was open and I managed to go to event after event on Google campuses and Meetup.com to find subjects to research for my thesis. Coming back to NY, the scene is very different. It is oversaturated to the point where events are general and there seems to be a disconnect between the tech and journalism fields. (Note: I work in news media and was discussing my findings with an editor who validated this disconnect.)
I invite you to stay a bit and read about bootrstrapping and how you can use this site and me to gain experience, knowledge and resources. Please share your thoughts, concerns, cries of outrage and musings with me along the way.