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What is bootstrapping? I like to think of it as perfecting the art of getting more done with a lot fewer resources, in this episode, I go over the basics of bootstrapping. I’ll be touching upon why bootstrapping and other means of funding should be more important than seeking venture funding in the next few upcoming short segment styled episodes.
Bootstrapping has its origin in the early 19th century with the expression "pulling up by one's own bootstraps." Initially, it implied an obviously impossible feat. Later, it became a metaphor for achieving success with no outside assistance.
Bootstrapping is building a company from the ground up with nothing but personal savings, and with luck, the cash coming in from the first sales. The term is also used as a noun: A bootstrap is a business an entrepreneur with little or no outside cash or other support launches.
More than 80% of startup operations are funded by the founders' personal finances; the median in start-up capital is about $10,000.
Read this article from Investpedia for more on the definition of bootstrapping : https://www.investopedia.com/terms/b/bootstrap.asp
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