Is Bootstrapping Worth It?

Nothing can make you feel anything even close to running a bootstrapped startup. Most have plans based on their extremely limited budget and choose to stay cash positive until they get stable customers. Here are Here are 12 pointers that can help an entrepreneur bootstrap a startup and provide structure to the process: 

1. Passion: Bootstrapping a startup does not start with great ideas but with a passion to make a mark and solve genuine business issues.
2. Research: Sometimes an idea should remain only an idea. This is the stage where a founder determines if his startup can grow to become a significant business.
3. Niche: Every idea must solve a problem in society or provide utility. It is only when the product or service is really needed that someone is willing to pay for it and the business is sustainable.
4. Market, Audience, and Users: Once the need is identified, it is important to define what constitutes the target audience.
5. Team: A founder cannot do a startup alone. Every entrepreneur needs a team to execute the idea and sometimes finding the right team is more important than a brilliant idea. A partner with complementary skills compared to you and who can handle a different part of your business can help you focus on your strengths more.
6. Mentor: Cultivating a network of mentors and advisors is one of the best things about running a startup. It is also prudent to reach out to other startups and talk to them in person. Most of them have the same worries and challenges, even if they are funded, and would love to share their story.
7. MVP (Minimum Viable Product): Creating the first prototype - Whatever may be the nature of the startup it is particularly important to get a working prototype of the key elements.
8. First Customers: Unpaid customers are needed primarily for two reasons. Once a definitive version of the product or service is ready, the real feedback and word-of-mouth advertisement comes from the customers.
9. Scale: In its infancy, things are easier to manage for a startup, but teething problems begin when a startup grows bigger and starts addressing the higher volume of clients or consumers, and hence fail to scale, due to lack of planning.
10. Strategy: Timing is the key when launching a product or service. From prototyping to marketing to servicing to hiring, all bases must be covered. 
11. Outsource: Outsourcing is a great option when there are limitations in terms of skill, money, and time. Outsourcing allows you to have skilled professionals solve any problem (as long as the right problem is attended to) for a nominal fee.
12. Branding: Just like how first impressions matter, so does the business’s branding. Trying to create a coherent picture of what the solution does for users is important for long-term success.

Staying consistent in efforts and working hard are inevitable for success, but it is more so for a budding startup. Bootstrapping has advantages and disadvantages, but the decision also takes into consideration the current economic situation and the need to fulfill the vision as quickly as possible. This is where bootstrapping becomes a boon for some and a risky option for others.