Join Rudolph Rosenberg for an in-depth discussion in this video Timing is paramount, part of Entrepreneurship: Bootstrapping Your Business.
- When you pay for something makes a big difference…to how you financially manage your company.…When you deal with your customers…and with your suppliers, you need to manage…the time at which everyone is paid.…For example, even if you sell your products…or services this month, if you're selling them…to businesses, you could get paid at a later time.…Many companies are used to pay their suppliers…30 days after the invoice date,…and most companies need anyway a few days…to get your invoice through their administrative processes…down to the payment of the invoice.…
In the exact same way, you will have time…to pay your suppliers, and when you will buy something,…it could take you up to a few days to pay them.…The situation you don't want to be in…is to pay your suppliers as soon…as you purchase from them, while getting paid…by your customers a long time after invoicing them.…A terrible scenario would be to pay…for the production of your goods now,…wait 1 month to have them delivered,…sell them within 1 more month to a customer,…
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.