Yesterday, we had an interesting nugget keyword – click bait – so let’s continue the trend and have another nugget keyword, bootstrapping.
Investopedia defines bootstrapping as, “A situation in which an entrepreneur starts a company with little capital. An individual is said to be boot strapping when he or she attempts to found and build a company from personal finances or from the operating revenues of the new company.”
The upside to bootstrapping is the entrepreneur maintains full control as no angel or venture capital money or influence is needed. The downside is, depending on the situation, it may take longer to scale as the entrepreneur only has personal funds and/or operating revenues to build the business.
As I hinted in yesterday’s post, I will have an announcement for something new coming soon and yes – it will be bootstrapped.
Associate Professor of Marketing
Stillman School of Business
Seton Hall University