27 December, 2013

1-5-19 finance: Bootstrapping

The idea of creating the value yourself, consuming as little money as possible so that when you start it will be all yours and you have no obligations towards anyone even toward your own business (on the financial level I mean)
-          Bootstrapping is a way of thinking about the hierarchy of funding
The business may be slower at first, running on a very small scale. But at first, this is a huge benefit; having the chance to quit at any time, shift your business at any time without any obligations

-          Pivoting: a term indicated stopping the current business and very quickly shifting to something else  

So if you can manage the business yourself without a lot of outside help or financing, DO IT. Just bootstrap your idea until you reach sufficiency

-          The more you do for your business at first, the more you will learn about your business and the more experience you will of what you are doing. Don’t just hurry for outside funding and hiring teams to do things for you. Things that have come easily, go easily too.

Getting hands dirty is the only way masters and Gurus are made

There is a quote of Steve Wozniak:
"All the things that I have made for Apple came from 1) Not having any money. 2) Not having done it ever before"
And remember that proverb:

"Happy is he who owes nothing"