When you start building a business there are two extremes you can follow. There is the all-in approach on one end and the bootstrap approach on the other. Fortunately, these are not mutually exclusive options so you can find a middle ground that works best for you.
All In For Building A Business
This approach is one that seems to be in most people’s heads. There is the vision of the entrepreneur that as one that eats, sleeps, drinks, and breathes their business. They have long days focused on their business. This portrait is accurate in many cases. However, it is not the only approach. When we are all-in for our business, we are not working on anything else. We have quit our “day job” and made the new company all we work on.
The Bootstrap Option
This approach is a low-risk, long-term way to build a business. The risk is low because you have a minimal investment and then allow the company to fund itself. You keep your day job until the enterprise is strong enough to sustain your full-time employment (or close enough). Of course, the small investment is going to keep you from reaching your goals as quickly as the other extreme.
In this episode, we look at ways to take the best parts of these two approaches and craft a blended approach. A side hustle can be a great way to bootstrap a business, but we have other ways to build without risk as well. Building a business is often a scary thing to consider. However, some planning and risk mitigation can minimize the fear so that the fun remains.
