Too many people have creative ideas and do not act on them because they mistakenly believe they cannot afford to act on their ideas. One way to get started is to use a little known technique called bootstrapping. Bootstrapping is a technique that allows entrepreneurs to use money they do not have by swapping services, using trade credit, and deferring payment. Bootstrapping in simple terms is using other people’s money.
Although the technique is not for everyone and does not come without risk, the technique can help an entrepreneur act on his or her ideas at least enough to explore the viability of the idea. However, what business venture can you think of that is totally devoid of any risk? Risk is part of doing business no matter what kind of business a person is in.
Bootstrapping is a way to start small and use what an entrepreneur needs instead of working on a project that is too big. In my experience, one of the biggest mistakes made by new entrepreneurs is they start too big and get into financial trouble. Starting small helps the entrepreneur explore what works and what does not work. This technique allows the entrepreneur to cherry pick successes and abandon unsuccessful ideas.
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