Setting up a startup asks for a lot of money, which can be challenging in the first phase where you don’t have a proof concept yet and nothing to offer investors but an idea, a vision. Eventually, you have two options, at some point to get investors in or bootstrap it all the way.
In this episode we are going to talk about the last option - bootstrapping and the possible mind fucks that come along with it.
But I keep on wondering is it black and white or are there so many shades of grey,
And what are the main drivers behind bootstrapping, is it ego or keeping control or is it strategy,
My take from this beautiful conversation with Gerben is that, in the end it doesn’t matter if you decide to bootstrap it all the way or if you'll go out hunting for investors, or the many shades of grey in between.
But what makes a startup successful is having a solid product-market fit. If you're solving problems and offering a good product, you have a better chance of making it.
Whether to bootstrap or not should be a question that comes after you've taken your business off the ground.
Both methods have advantages and disadvantages but are not the main reason your business will succeed or fail. Many companies succeed despite being bootstrapped and many funded companies fail despite being funded.
It's the core of the business that matters. Building a solid company culture, a great product, and a strong team come before. When the time is right, you'll make the decision.
Gerben showed with his startups and a lot of other startups that you can bootstrap your startup as far as you can.
But what does it mean as far as you can, and can you go too far?
That will be a subject for an upcoming episode, one with a huge story by its own
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56 min
Oct 15 202331 min