By The Bootstraps
This post has been swirling around in my head for a while and then I went ahead and wrote it for Entrepreneur Middle East where it was originally published last week. Here is an extract. For the full article: By The Bootstraps: The Pros And Cons Of Going The Bootstrapped Way.
— Entrepreneur ME (@EntMagazineME) 30 April 2017
When I started my business in 2001, the startup scene in Dubai, or the whole Middle East for that matter, was not startup friendly. You either got funding from outside the region, where there were incubators, angel investors, and so on, or you did bootstrapping, which is what I did. However, the mental debate continues: should I or shouldn’t I have got funding to make life a tad bit easier for me.
So, for the sake of some new startups pondering the same question, I thought I would use my own experience to create a pros and cons post. I hope it helps you.
Bootstrapping Personally, I think if you have a service-related business and are not in a hurry (read: raging ambition) to grow or expand your business, then you might consider bootstrapping. This is especially true for a business like mine that is in PR/communications and needs very little in terms of initial investment -these days you can get freelancer licenses too- except for a laptop, internet, a phone and lots of drive. Plus, of course web site and social media. If you are lucky, you have a network of people that will support you with some of these resources and ensure your success.
I was lucky. My ex-employer (may he rest in peace) allowed me to start my business while I was working for him. So, I could invest and grow and move out when I could support my own bills.
For the full article: By The Bootstraps: The Pros And Cons Of Going The Bootstrapped Way.