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>> Perhaps the art of bootstrap is not discussed enough here. Twelve years ago, I bootstrapped my own company. Took a very small loan from my parents ($5,000),
by at-fates-hands 4y ago
>> Perhaps the art of bootstrap is not discussed enough here.
Twelve years ago, I bootstrapped my own company. Took a very small loan from my parents ($5,000), got a friend to work with me and we were off and running. We still worked our full time jobs, but I was taking vacation on Thursdays to cold call clients and give them my elevator pitch. Then it was setting up appointments, making the presentations and trying to get people signed up using a subscription based model we had developed while he was working on the mobile app development.
We were about two months from generating enough revenue to quit our full-time jobs when my buddy died suddenly and unexpectedly. It was pretty hard to continue after that. I slowly wound down the clients I had signed up over the next year or so, and quietly closed the business after two years. I still do business under the company name, but the organization is long gone.
If nothing else, it proved to me you can bootstrap your own company on your off-time, and eventually make that transition to full-time with very little to no overhead (office space, equipment, employees). Also, it showed me you don't need $10M in funding to build a niche company serving an underserved industry.
But bootstrapping isn't easy. Cold calling people isn't easy, getting out there and grinding away on a consistent basis isn't easy. Having your own money invested with a "do or die" attitude isn't easy. Believing in your idea isn't easy. I'm not sure constantly having to raise money is any easier, but the difference is one one hand you're constantly working on your product and business which makes your business sustainable. On the other hand, I'm not sure constantly chasing investors and their money will really benefit your company in the long run.
- johntiger1 4y agosorry to hear about your buddy
- at-fates-hands 4y agoThanks for the kinds words. Yeah it was devastating. Died of a massive heart aneurism. We were scheduled to meet that day and his wife called and told me what happened. I guess he died pretty instantly. It was so massive, it literally ripped his aorta in two. The company he was working at came out in full support of his fiancé. The entire church was standing room only. They had some 150 people just from his office who knew him which was really heart warming. He was a really great guy, gone way to soon. He was still in his 30's, I was pushing 40. When something like that happens, it really makes you think about your own mortality and if you're really living every day to the fullest, or just breathing. It really made me take stock and make a lot of changes in my life. I just don't take anything for granted anymore.
- freediver 4y agoSorry to hear that, that was an unfortunate turn of events that was beyond your control.. > But bootstrapping isn't easy. Cold calling people isn't easy, getting out there and grinding away on a consistent basis isn't easy. VC funded business have all these same challenges. On top of them you need to somehow find time to raise money and endure board pressures often conflicting with your vision as a founder. I have two bootstrapped business behind me, and in the middle of a third, and although I could use more funding, I am also concerned about taking it. I think I would be overwhelmed with the additional complexity (perhaps I am not one of those "infinite business capacity" founders).