It is possible to boot strap quite a few concepts into venture.
However, the perception these days is that if you have to be an entrepreneur, the first option should be to raise funds. (This perception has a lot to do with Business Plan Competitions in B-schools and engineering colleges where VCs are invited as judges).
My view is that raising external funding should be the last option. If possible, and it is possible in many cases, try to bootstrap a venture.
Bootstrapping necessarily means that you would be frugal. When you are low on cash, you innovate and become more creative in all things – in hiring, in developing the product, in marketing, everything… And you try hard to get to revenues faster. All these are fundamentally good for a business
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Author: Prajakt Raut
Prajakt Raut is the founder of Applyifi.com, and author of the book for startups - ‘Starting Up & Fund Raising’
Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs.
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Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [www.applyifi.com], and helps them improve their odds of getting funded.
Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [www.thegrowthlabs.in]
Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies.
Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.
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