Not long ago, this blog covered an article about how the business schools across the country were setting their students up for failure if they don’t talk about bootstrapping a start-up. Many business schools set their business students up with a business plan competition, encouraging them to reach out for investors. We do the same at UTSA with the New Venture Start-up Competition we will be holding in April.
However, let’s cover bootstrapping 101 right here.
How to bootstrap a start-up using your salary
According to an INC magazine article, start with a slow growth business–you can afford this because you already have a salary–that doesn’t require you to answer emails or phone calls during normal business hours.
“Remember, your immediate goal isn’t to make millions of dollars, it’s to build a business just solid enough to quit your day job,” Jason Cohen writes. You also have to make sure you don’t get sued by your employer. To avoid this, Cohen suggests being upfront about what you’re doing and getting a signed letter from a company representative that gives you the go-ahead to work on your business on your own time. “When it comes to company property, be paranoid,” he writes. “Assume everything you do on the Internet is recorded, cataloged, tagged, and monitored continuously by a methamphetamine-powered slave-army.”