The easiest way to fail at a business venture is by not starting it! A lot of new entrepreneurs never give their business a chance because they overthink the process of starting up. Questions like “how will I raise funding” daunt their mind. Although funding is crucial, you have to remember that the chances of receiving funding at the beginning of your business are very slim, so if you are serious about turning your idea into a reality you are going to have to dip into your own pockets and bootstrap your first steps. Bootstrapping requires you to make sure that your business model generates revenue quickly. If not, you can kiss your business goodbye when your reserves are up. To maintain strict control of your reserves, constant cash flow at this stage of your business is crucial.
When you are just starting out the number of different challenges and obstacles to overcome is huge. You have to be persistent - kick down doors and dial the phone nonstop to build relationships and make connections. Don’t take rejection personally -- it is going to happen. Many times.
When you persist enough and manage to start generating revenue before your reserves run out, then your chances of receiving funding increase geometrically.
Bootstrapping a business isn’t an easy task. In fact, it’s very challenging -- but possible.
Don’t overthink: Just start it!