Monday, February 23, 2009

Topic of the Day - Bootstrapping

In business, the term "bootstrapping" means that one is able to start a business without external help or capital. The initial funding comes from the entrepreneur and costs are carefully controlled as the organization is "pulled up by its own bootstraps".

In the current economic environment, bootstrapping is becoming a more common reality. But is that a bad thing? According to many entrepreneurs, bootstrapping is the BEST way to start a business

Listen to Scott Blackwell, founder of Immaculate Baking Company as he shares the following insight:

"If I'd had funding from day one... if somebody had given me 3 million dollars and said, 'Start your company,' I would have blown the 3 million dollars on a completely different direction and probably not gotten to the real soul of it."

Click here to see more clips where entrepreneurs discuss the advantages and challenges of Bootstrapping.

You can also listen/download a 7-minute podcast at Prendismo entitled Bootstrapping Builds a Better Business

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