Join Whitney Johnson for an in-depth discussion in this video Bootstrapping your business, part of Entrepreneurship Foundations (2014).
-As you build your business, you will likely …be short on money, time, or expertise. …If so, terrific. …This means you'll need to bootstrap your business …and the need to do so may actually …hold the key to your success. …First, what if you're short on money? …Real estate entrepreneur Nick Jekogian shares, …"When I started my business, money was the biggest …"constraint. I found ways to turn that into …"an advantage and ten phenomenal years ensued. …"When easy money came into the picture in 2007, …"because I stopped focusing on innovation, …"substantial problems with our business model …"occurred, and we experienced significant …"losses during the downturn." …When it's do or don't eat, we are highly incentivized …to get the business model right. …It pays off. …In 2007, Entrepreneur magazine compiled a list …of the 500 fastest growing companies in America. …Only 28 percent had access to bank loans …or lines of credit. …Only 18 percent were funded by private investors …and only 3.5 percent received funding from VCs. …
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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