From the time we are born and till we complete schooling, parents bootstrap. When we get to college, we do not have Credit Cards (Funding), but we do odd jobs to support ourselves. When the biggest and the most important aspects of life are arising out of bootstrapping, then why not our Ideas? Why do we look for funding?
Bootstrapping is often misunderstood word. Bootstrapping is just not our own money. Bootstrapping also covers money we borrow from family and friends. This money is very crucial for us to do what we need to and we have timelines when we return the money. This money comes because people around us buy into our idea. They are our first customers.
Even when we startup, going to family and friends first to raise some equity to build what we want is very important in many aspects.
– We have the confidence we have our first customers.
– Getting support from people we know gives us the motivation that we are on the right path.
– We will also develop a social commitment and work towards making the idea successful because we need to return the money.
Bootstrapping is not only associated with the Money, but also associated with our credibility. What happens when you have a new idea and share that with your Manager? Your Manager evaluates and after he invests and buys into your idea, he takes it to the Senior Leadership. Your Senior Leadership trusts you because your immediate Manager also thinks that your idea is worth it. They allow you to work on your idea. It becomes your moral responsibility to not let your Leadership down because you might not get another chance.
So, next time you have an idea give it your best shot to BootStrap rather than looking for funding or passing it on to someone else in the team to do the execution.