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Discuss questions: First, explain what the meaning of financial bootstrapping.
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Next, assume you were planning to start a business. Describe the business and mention two ways you would go about bootstrapping that particular business.
Order instruction:
Read below those two students posting and write responses for each two students. Your responses must be substantive and add value to the original post by your colleagues. ( 2-3 sentences for each response, EASY WORDS please)
—–First posting:
In the startup space, bootstrapping is trying to build a business by relying on as little money as possible, essentially building something from nothing. Bootstrapping describes a situation in which an entrepreneur starts a company with little capital, relying on money other than outside investments. An individual is said to be bootstrapping when he attempts to found and build a company from personal finances or the operating revenues of the new company.
If I were planning to start a business, I would like to open a baby store. The first, The cost of a physical store is large, and I will open an online store in the early days. Online shopping is also very convenient now, more and more people will choose online shopping. After the online store has accumulated a certain amount, I will consider opening a physical store to continue my business.
The second, I will find a few suitable employees, and let them help me build the brand foundation. First of all, the first item of the quality of the sales staff of the baby goods store: affinity. At the same time, we must have a certain degree of sales knowledge and product knowledge. It is also clear when communicating with customers. Love children. Because the baby goods store also belongs to the service industry.
—–Second posting:
Financial bootstrapping involves minimizing the need for external financial capital and finding unique sources for financing a new venture. In other words, financial bootstrapping is basically the ability to start a company with little capital, relying on money other than outside investments.
As a entrepreneur, I will choose online design work when I start my own business. For example, I like painting, and I have some good productions and designs. Bootstrapping in business also means starting a business without external help or capital. Thus, I need to do lots research and use networking to create my own online communities. I need to open my own website and post my productions. Also, I can post on any social media such Facebook, Twitter, Weibo(China) and so on to collect popularity. Network is good platform for bootstrap to free use.
Second, I will use my painting skill to create material objects such as stationeries, living goods, etc. It must be simple and interesting. One of advantages of bootstrapping is that I am the owner for my business, nobody can control my ideas, and I can do what I want. I will open an online shopping website, like Taobao to post my design goods. I also can collect good artists’ productions on my website as third party. A good advantage of online shopping is merchant can get money at first. It is less costly to abandon a poor business idea earlier rather than later.
