Join Rudolph Rosenberg for an in-depth discussion in this video Learning from your mistakes, part of Entrepreneurship: Bootstrapping Your Business.
- Every entrepreneur makes, and will make, mistakes.…Mistakes are part of doing something,…and the only way to avoid them is to do nothing.…So if you're going to make mistakes,…make them as early on as possible…to limit their impact on your business,…and the least you can do is to learn from them.…When you are working on a business plan,…for example, or developing a product,…you are working off a set of assumptions.…
Those assumptions are based on your experience…and the experience of other people,…but it's by no means a guarantee…that those assumptions are right.…This means that the only way to know if they are right…is to get in contact as fast as possible…with the real world, in front of customers,…and work off their feedback.…That's the only real way to confirm your assumptions,…make new ones, and improve your offering.…In this chapter, we will focus on a technique…to develop an offering based on customer feedback…in very short cycles, that is aimed at maximizing…the chances of survival 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.