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Chapter 5: the art and science of bootstrapping.
- Article from:
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Raising Capital
- Article date:
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January 1, 2000
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Copyright informationCOPYRIGHT 2000 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BOOTSTRAPPING IS THE ART OF LEARNING TO DO MORE with less. During the prelaunch phase of your business (and for some time following launch), raising capital may be difficult, so bootstrapping becomes a substitute for--or addition to--your capital-formation strategies. It's not about writing 200-page business plans, power lunching with venture capitalists or triple-mortgaging your home to pay legal and accounting fees. An entreprenuer who operated from a mindset of bootstrap management understands that all resources are scarce and that cash must be cherished. "Cash is king" becomes the mantra. This chapter covers all the traits of a bootstrapper and the business techniques he ...