))
#6: Why You Should Bootstrap Your Business
Manage episode 456162234 series 3625526
Вміст надано Barbell Logic, Chris Reynolds, Matt Reynolds, and The Radcast Network. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Barbell Logic, Chris Reynolds, Matt Reynolds, and The Radcast Network або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
Matt and Chris discuss the merits of bootstrapping a business versus seeking external funding.
Why You Should Bootstrap Your Business: 3 Levers to Pull
A business owner has 3 levers to pull to push the gas pedal: time, effort, and money (or capital).
Early on, you need to maximize time and effort and use the company's revenue to build the budget. This is what bootstrapping is.
You are going to have to work long hours, work hard and efficiently.
You will need obsessive drive to push you along the path for decades.
Why You Should Bootstrap Your Business: Pressure is Good
As a business owner, you have to get used to stress. This stress is good and will drive you to improve yourself (as owner, manager, and technician) and the business.
If you take on money, it is easier to not feel the pressure. This is bad. You should feel the pressure early on. It will help motivate you to push harder and think creatively.
You will build excellent habits during this period and great habits within the business. These habits will carry on if you take on debt or investment.
Why You Should Bootstrap Your Business: Maximum Flexibility
Once you take on equity, it is harder to pivot the business to potential opportunities.
Your idea is going to have to change. Iterating intelligently will improve the business. Don't be wedded to the initial idea, but be open to change as you learn more about the business and the market.
It is much harder to do this if you have to justify pivots to a board.
Learn why you should bootstrap your business.
PS - JOIN A BUSINESS OF COACHING WORKSHOP & WIN A FREE MACBOOK AIR: https://bit.ly/3D6aVV7
See how much you could be making at https://turnkey.coach/5x
Check out our Coaching Kickstarter eBook to accelerate your coaching career
If you're interested in improving your coaching practice and making 5x your current dollar-per-hour earnings, go to https://turnkey.coach/coaching-rediscovered/
Matt's Links
Website: https://ryanmattreynolds.com/
Instagram: https://www.instagram.com/reynoldsstrong/?hl=en
Chris's Links:
LinkedIn: https://www.linkedin.com/in/chrismreynolds/
100 епізодів
Поширити
