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#6: Why You Should Bootstrap Your Business
Manage episode 497582911 series 3625526
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Matt and Chris discuss the merits of bootstrapping a business versus seeking external funding.
Why You Should Bootstrap Your Business: 3 Levers to Pull
A business owner has 3 levers to pull to push the gas pedal: time, effort, and money (or capital).
Early on, you need to maximize time and effort and use the company's revenue to build the budget. This is what bootstrapping is.
You are going to have to work long hours, work hard and efficiently.
You will need obsessive drive to push you along the path for decades.
Why You Should Bootstrap Your Business: Pressure is Good
As a business owner, you have to get used to stress. This stress is good and will drive you to improve yourself (as owner, manager, and technician) and the business.
If you take on money, it is easier to not feel the pressure. This is bad. You should feel the pressure early on. It will help motivate you to push harder and think creatively.
You will build excellent habits during this period and great habits within the business. These habits will carry on if you take on debt or investment.
Why You Should Bootstrap Your Business: Maximum Flexibility
Once you take on equity, it is harder to pivot the business to potential opportunities.
Your idea is going to have to change. Iterating intelligently will improve the business. Don't be wedded to the initial idea, but be open to change as you learn more about the business and the market.
It is much harder to do this if you have to justify pivots to a board.
Learn why you should bootstrap your business.
PS - Coach Smarter, Earn More: https://bit.ly/3X4ixOX Matt's Links Website: https://ryanmattreynolds.com/ Instagram: https://www.instagram.com/reynoldsstrong/?hl=en Chris's Links: LinkedIn: https://www.linkedin.com/in/chrismreynolds/
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