Bootstrapping...

Business Forum

Money

Startup Funding

Bootstrapping...

New Topic

Post Reply

Follow Topic

Page of 8 Next »

Author
Message

RichSUN

posts: 96

Oct 15, 2006 2:11 PM ET Quote Report Abuse

Points: 0 Vote

Anyone using the bootstrapping method for business startup?

It`s the just go out and sell, then you`ll know if the idea is any good approach. No, lengthly business plan or initial funding needed.

Rich

Degrees

posts: 250

Oct 15, 2006 2:22 PM ET Quote Report Abuse

Points: 0 Vote

yes, that`s me.
Still have a business plan, but it`s for my eyes only.
Jeff

hmm a Jeff and a Rich on the same topic

CraigL

posts: 9051

Oct 15, 2006 11:16 PM ET Quote Report Abuse

Points: 0 Vote

Yup that`s us, too. We invested $5 for materials, created the first product, sold it, took the money, bought more materials, and now sold those too. For the moment, it looks like the business should be making money in about 487 years. But that`s okay, we have time. ;-)

On the other hand, with a little luck and some perseverance we might make some decent money in a year. Not enough to live on yet, but enough for extra money. From there, we`ll see.

Aron

posts: 38

Oct 16, 2006 11:05 AM ET Quote Report Abuse

Points: 0 Vote

A business plan is a foundation for your business. Even if you are bootstrapping you should map out your growth and potential. All it costs is time.

CraigL

posts: 9051

Oct 16, 2006 12:01 PM ET Quote Report Abuse

Points: 0 Vote

I should`ve picked up on the original question, and Aron`s right. Even thought we started with nothing, we DID write out a basic plan. It isn`t a formal business plan, with financials and analysis spreadsheets, but it includes those in general form.

It`s very important to have at least the basics of a business plan, in my opinion for two reasons. The first is to formally articulate to yourself why you`re making the business at all. The second is that when things get discouraging, the business plan helps keep you focused and on track.

A third reason, is that it`s often easy to get distracted. You see a different off-shoot product that looks interesting, or a variation, and get lost in expanding your product line and not selling that either. The business plan is a reality check. Although you may really have a good new line of business, to write it down, using actual words, and having to make your sentences understandable helps you to decide what to do on a daily basis.

MiteyMite

posts: 489

Oct 16, 2006 3:44 PM ET Quote Report Abuse

Points: 0 Vote

I`m a bootstrapper. I`ve bootstrapped all of my projects. There are not many resources out there for bootstrappers. SUN and it`s members are providing great value for bootstrappers everywhere and I so applaud that.

I organize the Chicago chapter of a worldwide bootstrappers network which uses the MRE/5D model created by Bijoy Goswami. I encourage others to use it as well. It works for me and really helps me wrap the best people around each project which results in a much higher success rate.

mikeanders87

posts: 2

Oct 16, 2006 3:58 PM ET Quote Report Abuse

Points: 0 Vote

Bootstrapping... definitely something I am doing as a young entrepreneur. I pretty much do all my work from a laptop in a Starbux Cafe. No fancy offices, secretaries, etc.

Michael Anders

www.broadgatebusinessfinancial.com

CraigL

posts: 9051

Oct 16, 2006 7:58 PM ET Quote Report Abuse

Points: 0 Vote

I organize the Chicago chapter of a national bootstrappers network which uses the MRE/5D model created by Bijoy Goswami. I encourage others to use it as well. It works for me and really helps me wrap the best people around each project which results in a much higher success rate.

This is really interesting! I had to go look it up, of course, then got looking for the MRE/5D model, found the reference on Amazon, and saw they have the Amazon Reader, which was totally cool.

I think you should open a new topic thread on the Bootstrapping network, and explain more about how the model works. It looks very interesting indeed! :-)

beautifulpetunia

posts: 327

Oct 18, 2006 12:10 PM ET Quote Report Abuse

Points: 0 Vote

Yes, I agree with Craig, tell us more!

While ignoring the warnings of undercapitalization killing a startup, I have stubbornly stuck to to the bootstrap mentality with every biz i have run, including my current venture. Re-investment and exponentional investment/growth is my general outline, but I am always looking to learn.

I found a great article on Inc when searching MRE/5D and it has left me looking for more!

http://www.inc.com/magazine/20060701/bootstrapping-intro.htm l

Kathy

posts: 1172

Oct 21, 2006 4:16 AM ET Quote Report Abuse

Points: 0 Vote

This is certainly my category. We have been doing this for so long. I really enjoyed the article that both Mitey Mite and beautifulpetunia had a link to.

They survived on 50-cent hot dogs and worked from cramped basement offices.

I had to copy this because it says so much. I think that most entreprenurs can certainly relate to this.
Will be folowing this because I too am interested.
Kathy

-------------------------

Page of 8 Next »

Post Reply

Keep the Community Clean!

StartupNation forums should be used as a platform to learn, educate others, share stories, tips & tricks and to provide constructive feedback.
Please do not use the Forums for advertising & blatant self-promotion.
Please be respectful to other members and refrain from personal attacks and vulgar language.
StartupNation reserves the right to delete any message, reply, and/or member who violates our terms of use.

Read full terms of use

Contact Us Privacy Terms of Use Become a Marketplace Provider Advertise Local Guides Site Map Home Business Start a Business

Business Forum

Forums: Discussions for entrepreneurs and small business.

Bootstrapping...

Keep the Community Clean!