Join Rudolph Rosenberg for an in-depth discussion in this video Controlling the smaller spends, part of Entrepreneurship: Bootstrapping Your Business.
- Along with all the bigger expenses,…you'll have all the smaller spends…that happen on a day-to-day basis.…Individually, these seem insignificant,…but put together, they sometimes amount…for all the savings you have been…focusing on getting otherwise.…So it's very important to overall make sure…you control as much as you can the money you spend.…A good way to know if a spend is worth doing…is to ask yourself if it will be…generating business and pay for itself.…
If you see a direct link of potential business return…for that spend, then go for it.…If not, or if it's not in a direct way,…then it might not be a good idea.…There are not many indirect ways to make money,…and in the early life of your company even more.…You should be focusing on direct ways only.…There are some small things you should…definitely do though, like having a website,…even if it's a small one, but having one is important.…
You should also have business cards.…Business cards are very important…as they show that you are always equipped…to meet with customers and vendors.…
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.