Fesindizaynir Business Blog: Startup Funding

Thursday, April 13, 2017

5 Reasons Bootstrapping Your Business is the Best Thing You Can Do

Let’s be honest, fundraising is a major chapter in every startup’s success story. It’s one of the most exciting, terrifying, and rewarding parts of starting a company. Having a stranger write you a check for six or seven figures not only validates your idea, but it validates yourself as an entrepreneur. Clearly, others believe in you enough to put their money where their mouth is. I myself have raised over $1 million for my startup, Buddytruk, as well have written several articles on how to fundraise for your business and how much to ask for. That said, there are several reasons why you should not fundraise when starting a business, and given today’s venture landscape, now may be a better time than ever to bootstrap your company to success. Here are five reasons you should pass on fundraising and investor meetings in 2016:

Top Entrepreneurs Share Best Business Advice and Tips for Success

Chiara McPhee."Often I see first-time entrepreneurs struggle to organize and process feedback. When starting a company, you'll get feedback from everyone: your early users, potential customers, investors, friends, and even your second cousin twice removed.""I've found it incredibly helpful to have a framework in place to systematically collect, prioritize, and implement product features based on customer feedback--both from customers you have, and the customers you want!"
Bram Kanstein. “I’ve discovered early on that building long-term value is more important than making short-term money. Sure, you can earn quick cash with some hustle but that won’t help you win in the long run.""I see a lot of people starting a business without thinking about the long-term value it can bring them. One of the things me and my business partner decided on when starting our digital growth agency We Are Off The Record, was that we wanted to build value with people and make sure that we’re able to call everyone we now work with, in 5 years and still have a good relationship. I haven’t won at the game of business yet, but I know that building a long-term network is the most valuable thing you can do.”
Silas Moser."Once when I was working at a young startup, I made a suggestion at a business meeting. It fell completely flat, but three minutes later, one of the company's investors walked through the door and made the exact same recommendation word for word. All of the management lit up, eager to express their approval and that they were on board."Shutting people down because of their position within the company doesn't express value to them. My suggestion to young entrepreneurs is to treat people well and stay humble, you never know where you could learn something."
Alyce Johnson."The most common mistake new freelancers make is not having a business strategy. Many freelancers start their businesses without thinking of the long-term growth their business needs to achieve. This often results on a broad service offering that could potentially be targeting the wrong market."Successful freelancers are specialists in one particular service and not generalists with a broad offering. Specializing in one service area allows freelancers to build their expertise but can also understand their ideal clients. Being a specialist freelancer gives clients confidence that you are a professional in your field."