How to Bootstrap a Business
Автор: Credibility Marketing
Загружено: 2021-04-09
Просмотров: 37
Bootstrapping is when entrepreneurs find a way to self-fund businesses instead of accepting investment from outside sources.
“Bootstrapped startups have a long history in the U.S., with many of the biggest companies in the world starting just from one good idea and no initial funding.” (source: USchamber.com)
Successful Bootstrappers
The history of business is filled with many successful entrepreneurs who bootstrapped their businesses. For example, Steve Jobs and Steve Wozniak built their first computers in Steve Jobs’ parents’ garage. Their first computers, the Apple I, were MVPs (or minimum viable products) through which they could quickly generate the capital they needed to build their business.
Basecamp, formerly known as 37 Signals produces award-winning project management and team communication software that is trusted by millions of customers around the world. Basecamp was bootstrapped by providing web design services to other companies. According to Jason Fried, one of Basecamp’s founders, the company grew from $1 to a $100 billion valuation without any external investment.
MailChimp helps companies send email newsletters and generates about $700 million in annual revenue. They were bootstrapped by co-founders who had been laid off from their web design jobs. They were named Inc’s Company of the Year in 2017 and are still 100% owned by the founders.
Tough Mudder produces extreme races. “Thousands of people will pay good money to run the most grueling obstacle course ever invented, which will include ice baths, extreme hill-climbing, and electrical shocks” (source: USchamber.com). The two founders each invested $10,000 of their own money to start Tough Mudder, and with no venture funding, more than 2 million people have now run Tough Mudder races.
Read at: https://monetizationnation.com/blog/6...
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