Risk Mitigation Tips for Bootstrapping Entrepreneurs
Nothing is more difficult than bootstrapping a startup. It can prove to be the ultimate test of endurance for many a wannabe. And, until you’ve weathered the storm yourself, it can be difficult to fully understand just how gut-wrenching starting a business can really be, especially if you already work at a steady job, have a nice paycheck, and are used to having others tell you what to do.
Sure, the upsides of entrepreneurship are practically limitless, but tell that to anyone who has failed horribly as an entrepreneurial venture and you’ll get a different perspective. If they failed their first time, it may have completely dashed their hopes and caused them to wash-out. If they failed multiple attempts, then they’re probably not going to be the best person to go to for a “pick-me-up.” It is in that spirit that I hope to showcase some of the ways to mitigate startup risk. It is important to understand how to do this regardless of whether you use your own or other people’s resources in your startup.