Thoughts on Bootstrapping by Indian Entrepreneurs | #DailyBlink59
So first of all what is Startup Boostrapping?
According to Feedough:
Bootstrapping is a self-funding, self-starting mechanism where the startup founders launch their startup company without external funding assistance.
A bootstrapped company differs from a financed company substantially. It has the following characteristics –
The company is started by either using the personal finances of the founders or the operating revenues of the new company.
The founders focus on minimizing the expenses by relying on sweat equity, lean methodology, quick inventory turnover, and a long cash runway (amount of time you can survive before running out of money).
Startup Bootstrapping has both the advantage and disadvantage for you depending on how you are dealing with it in different situations.
Here are hews thoughts on building a business in a bootstrap way from some of the Successful Indian Entrepreneurs:
- Staying bootstrapped takes a lot of grit, patience, and faith in the product. The virtues of staying bootstrapped — financial discipline, focus on profitability and the freedom to pursue one’s direction being just three of them — are being forgotten as a rash of entrepreneurs gets lured by a perceived short cut to success: venture capital funds.
— Sunil Patro, SignEasy
2. When you are “poor”, you end up innovating more to build a sticky product.
— Anurag Jain, GirnarSoft
3. We just want to build great products, and not get distracted. When bootstrapped, you think of creative ways of solving problems, rather than throwing money at them. Don’t raise funds just because it’s glamorous.
— Pallav Nadhani,
4. Unfortunately, funding is not the passport to success. It’s only a milestone. Entrepreneurs might be getting swayed by the hype. Any behavior that gets rewarded will get repeated, he contends, adding that while there is nothing wrong in celebrating funding, one must also celebrate bootstrapping.
— K Ganesh, IT&T and Marketics
5. A bootstrapped mindset is much more important than a bootstrapped company,”
— Bhavin Turakhia, Directi
6. Other people’s money is addictive. You end up working for the ‘man’ rather than pursuing your dream
— Varun Shoor, Kayako
7. the early days are to learn the nuances of business, identify and refine the business model, get the right team and get the initial traction by achieving the right product-market fit. If you cannot bootstrap this phase, you may stand to lose out. And at times, funding can be the kiss of death.
— Abhishek Rungta, Indus Net Technologies
Other interesting articles you can read on bootstrapping:
