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Be Your Own Boss: Top Tips for Bootstrapped Ventures
Abhijita Kulshrestha (Contributor) Director, Astrologer & Gem Advisor , Gemstoneuniverse
It is an amazing journey - being your own boss and master of your own time! However, much as precious as an idea is, most start-ups today begin with an idea and little else! The zeal with which one starts the venture must be supported by tremendous tenacity as well as resourcefulness – personal and external. Building a successful business is an arduous task and if one can stack the odds in one’s favor from the word get-go, half the battle is already won.
Here are some tips for bootstrapped businesses that can make a world of difference to the outcome:
Know your motivation - while it is a great option to have a bigger entity buy you out for an amazing price, starting a business with the motive of selling off your idea / business and sailing off to better shores is definitely not the correct starting point or the reason. Start something purely for the because you love it – for growth and passion - these are the only reasons is that can keep interest continued.
Don’t quit just yet: It makes much more sense initially to continue with the day job - a regular source of sustained income. You may want to see the viability of your business idea before jumping into it headlong. While it may spell extra pressure and considerably greater effort, it is definitely better than the risk of drying up valuable cash inflow.
Always do a pilot run: Always, always run a market research before you take your business idea to the execution level. No, it does not necessarily mean mega bucks allocated for the market research firms. It simply means that one could extrapolate insights from people one knows - with social media at hand for help –‘friends of friends’ aren't far away either with their opinion or precious data! Just make sure your offering is addressing an unmet need or a pain point!