What are some habits that all successful bootstrappers have?
Several successful entrepreneurs responded to this very question, posed by the Young Entrepreneur Council. Each entrepreneur elaborated on how one important trait, practice, or skill has proven beneficial to both themselves and fellow bootstrappers.
"One of the biggest mistakes you can make is spending your initial cash infusions on things that don't help create more cash infusions. Invest in things like coaching, website improvements, and things that will help your bottom line in the long run."
-Srinivas Rao, Co-Founder of BlogcastFM
Commit Long Term
"To keep costs low in the early and fragile startup phase, negotiate with vendors for longer contracts that have lower monthly payments. This will help maximize your profits during startup stage so that you can invest and grow your revenues. Once you get to a better financial position, you can renegotiate your contracts."
-Benjamin Leis, Founder of Sweat EquiTees
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Know Yourself Well
"Do the homework to know yourself incredibly well: look back at past experiences, ask others close to you, take the StrengthsFinder 2.0 assessment. Have the confidence to know what you're naturally awesome at and the honesty to know what you're awful at. Then dedicate your time to the former and find amazing talent to take care of the latter."
You can read the advice offered by all thirteen entrepreneurs on the Young Entrepreneur Council website.
The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.