Entrepreneur defines bootstrapping as financing your company's startup and growth with the assistance of or input from others.
Traditional ways of bootstrapping a business include trade credit, factoring (specific to clothing industry, boutiques) and leasing. However, many underestimated, underrepresented entrepreneurs do not start the entrepreneurial journey that way. I did not and neither did many of the entrepreneurs I have had the opportunity to coach. Still, bootstrapping, perhaps in a less traditional sense, is the way most of us begin the journey.
Less traditional bootstrapping method such as, trade service, eCommerce and co-working spaces, seem to focus on more cost-effective ways to get the services and resources needed in the short term to create a sustainable business.
Either way, bootstrapping one’s business requires a plan, hard work and loads of creative thinking.
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