LinkedIn Influencer Sramana Mitra, an expert on entrepreneurship, shares her insights on bootstrapping—starting up a new business without any external financing.
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- One fine morning, you wake up. You decide that I want to start a company. And what do I do next? I need to go and raise money. Why do you think that? Because the whole media is talking about nothing other than venture capital financing. (multiple voices announcing financial headlines snippets) (uptempo music) Investors do not fund companies until companies have some level of validation, some level of traction, so you are going to need to bootstrap your way to validation, bootstrap your way to some level of traction before investors are going to touch you with a 10 foot pole.
Bootstrapping, in its simplest form, is building a business without any external financing. (energetic music) My name is Sramana Mitra, and I am the founder/CEO of One Million by One Million, which is the first and only global virtual accelerator in the world. Bootstrapping is a cornerstone of the methodology that we use to help entrepreneurs become successful. I wanna teach you today how you can use the tried and true principles of bootstrapping to get your business off the ground and potentially to great success.