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This article discusses the advantages and disadvantages of obtaining needed cash through internal sources. It also discusses specific sources that typically provide internal cash.
Running your own business on your own terms can mean freedom in your schedule and business approach. It can also mean slim funding. This serial entrepreneur and cofounder of The Baby Einstein Company sought to avoid entanglement with venture capitalists and discovered doing business on a cash-only basis was the answer for him.
Barbara Carey, an entrepreneur and product innovator, tells her story about bootstrapping her company with $800 and how she secured her first order and first manufacturer. Carey's golden rule: get your product or service order first before making any business commitments.
Razor Suleman has bootstrapped several companies since his college days and he continues to bootstrap by investing the proceeds from one firm into the next. In this article, he shares three strategies that have enabled him to grow his current company to $10 million in sales in 2006.
Warren Katz, founder of a defense-related technology company, illustrates how he took advantage of the U.S. Small Business Innovation Research (SBIR) program to provide seed funding for RandD that later turned into a major product for his company.
In the first three years of running her printing solutions company, Wendy Fergerson borrowed roughly $60,000 per month on credit cards without paying any interest. Out of that experience, she recommends credit cards as a way to bootstrap a company as long as you pay attention to the details on each card for which you apply.
How do you deal with things when your business is on the verge of going bust? This author lays out a financial plan for working through lean years to sustain a business. Key tips: stash away cash during good times, downsize quickly if need be, and consider relocating to a lower-cost area of the country.
In 2003, Alex Welch observed that e-commerce and social networking users were in need of an easy-to-use centralized hub to store and publish media. In this article, he explains how he founded a company based on this idea by bootstrapping his startup and later raising outside money.
Bootstrapping allows entrepreneurs to operate their startups with minimal investments from others, according to equity capital expert, Bill Payne. This allows entrepreneurs to postpone raising capital while their firms mature and retain ownership of their companies during that time.
Dr. Susan Bragg bootstrapped her company by driving customer connections and partnerships. While bootstrapping with revenues, personal funds, and a small loan, she started her technology company and has grown it by penetrating her market via customer interaction.
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