Join Rudolph Rosenberg for an in-depth discussion in this video Acquiring competencies you need, part of Entrepreneurship: Bootstrapping Your Business.
- When you're starting your business,…you need many different competencies.…Some of them can be completely outsourced,…such as accounting that you can give to a CPA,…and some of them need to be kept in-house.…But in the early life of a company,…it is quite difficult to have the money…to pay for all the competencies you need.…You need to find ways to get those competencies…without having to hire them all.…And if you do need to hire people,…then you need to find ways to compensate them…in a way that can keep them motivated,…and at the same time, be realistic from a financial…standpoint for the company you're running.…
In this chapter, we will be discussing ways to compensate…employees in ways that are affordable for startups.…In particular, we will look at ways…to tie the compensation of your employees…to the success of your company.…
He shows why beginning with the end is important: framing the venture by anticipating your exit strategy. He explores key resource-planning factors as well as the competencies and considerations required to fund and grow a bootstrapped business. The course then details how to manage the startup and evaluate it realistically to determine whether to stay the course or pull the plug. Finally, viewers will learn how to validate the business-plan assumptions effectively to determine viability and growth trajectory.
- Summarize the five pillars of bootstrapping.
- Determine which type of office space would be most beneficial for a given business.
- Explain the concept of linearizing expenditures.
- Identify the reason why making sales quickly is important to bootstrapping.
- Recall strategies for attracting new customers.
- Recognize the advantages of working in short cycles.
- Explain the importance of having a work-life balance.