Join Rudolph Rosenberg for an in-depth discussion in this video Getting your first customer fast, part of Entrepreneurship: Bootstrapping Your Business.
- In this chapter, we'll be talking…about the positive side of the equation,…and how to make money as fast as possible…to reduce your need for investment.…This all comes down to your customers,…how fast you get the first one,…and how you then line them up…until your company has reached its next milestone.…We usually have a tendency to think…about many things before we get to thinking…about acquiring our first customer.…
We sometimes want to have everything ready…before we set foot into his or her office.…We want to look professional, and have a product to show.…And sometimes we see things as if we had to…prepare our company to reach a certain level…before we speak to the outside world.…The problem with this approach is that…it assumes we are going to work for weeks,…if not months, before we even get to try…to get in contact with our first potential customer.…
And the more we wait to start looking…for customers, the more we postpone…the time we will sign the first contract…and start generating any revenue.…It's only then that we will know if all our…
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.