Bootstrapping is the name of the game for most startups. By keeping their expenses low, particularly overhead costs, entrepreneurs are able to start businesses with limited initial funding.
A bootstrapped startup also allows the entrepreneur to determine what the market really wants without having to lock in to specific long-term expenses tied to a specific business model.
Once the business model has been tweaked enough that it begins to attract a significant growth in new business, the entrepreneur needs to shift modes and begin to create more formal form and structure to the business. This stage of development usually involves two major changes: hiring employees and moving into a legitimate space for the business.
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Author:
Jeff Cornwall
