At the age of 19, I started with close to nothing, and today, I’ve built multiple multi-crore revenue agencies. The toughest but the most rewarding part of it all was - ‘Bootstrapping’.
The easiest way I can explain the ‘Bootstrap Mindset’ is with 5 ‘R’s:
Resourcefulness 🧠
We began with zero investment. The first few employees were my friends who were ready to help me out. Making the most of what you have is the crux of bootstrapping.
Reinvestment 💶
I took home close to nothing for the first 5 years only to keep doubling the growth year on year until COVID. Most of what you make should feed the business's growth.
Risk-averseness 💸
Our first office was a small 120 sq. ft. two-floor cubicle that, at one point, housed 20 people. However, we didn't move out until our constant cash flows allowed us to. You can't afford to lose the little that you have. This makes your decision-making quite capital risk-averse.
Resilience 💪
In 2020, COVID brought our business down to zero, and we had to empty our runway to keep paying salaries. However, within 6 months, we reinvented ourselves. Having a bootstrapped mindset means keeping going no matter what.
Reliance on oneself 🫵
Bootstrapping has taught me skills I would've never imagined having. It's because when you're building by yourself, nobody is coming to rescue you. So, there's no point in crying over your sorrows, and the only way ahead is to dive into solving the problem head-first.
I truly believe if you keep these 5 ‘R’s in mind and build something with a bootstrapped mindset, the last ‘R’ for Reward will always be waiting for you at the other end.
Comments