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I've talked previously about the importance of bootstrapping.

<em><strong>But what is bootstrapping?</strong></em>

The idea of bootstrapping a business comes from the proverb of <a href="http://www.phrases.org.uk/meanings/290800.html">pulling yourself up by your own bootstraps</a>, which basically means moving yourself forward without external assistance.

Applied to a business idea, it means that you should outlay as little of your own savings as possible when starting a business. The fact is, if your idea is <em>that good</em> you shouldn't need to put much of your own money into it anyway.

And if you appreciate the value of money you've earned, why would you burn it?

[caption id="" align="aligncenter" width="640"]<img alt="" src="http://images.suite101.com/639136_com_money_burn.jpg" width="640" height="480" /> Source: Suite101.com[/caption]

Or worse still, why would you risk burning money you've borrowed from your [<em>insert loving family member here</em>]?

<em>Just imagine how bad you would feel if you lost someone else's money, instead of your own.</em>

Anyone who has worked an honest day's work in their life knows that earning money is a lot harder than spending it. And, trust me, the last thing you want to do after saving up to start a business for a couple of years is to waste your hard-earned cash.

For me, working as a labourer during my university days was the way I learned the value of money. I spent that summer digging dirt; installing retaining walls for the family business. As a student earning $10/hour was good, but the days were long and I was totally smashed by the end of each day. This was around the time of the dotcom bubble, with teenagers making a fortune from ridiculously bad business ideas. So I knew there <em>had to be</em> a better way...

<strong>Bootstrapping is a critically important idea</strong> for the startup business-owner, because our enthusiasm for our 'great idea' is so intoxicating that we make choices that are less than rational.
<blockquote>What would otherwise be a frivolous waste of money in the cold light-of-day, we turn into an 'essential' ingredient of success when building our dream.</blockquote>
And as entrepreneurs, that is what we are all about: <em>The Dream.</em> I like to call it the 'blue sky'. We are never happier than when we are thinking about the 'blue sky' of possibilities that our next business idea could bring.

[caption id="" align="aligncenter" width="2936"]<img alt="" src="http://www.jessseeker.com/wp-content/uploads/2012/05/JUMP-WITH-EXCITEMENT.jpg" width="2936" height="1920" /> Source: Jessseeker.com[/caption]
<blockquote>In a nutshell, the idea behind bootstrapping is: To get your idea off the ground, spend as little of your own money as possible.</blockquote>
But doing this successfully takes maturity, restraint and <em>creativity</em> ... when you are so damn enthusiastic about giving your idea a go. Again, the important point to realise is that if your idea is <em><strong>that good</strong></em>, it won't need that amount of financial commitment from yourself. Great ideas create their own momentum.

Once your business idea is generating its own steam there is nothing wrong with re-investing your profits back into the business - in fact, there is probably nothing better that you could do.
<blockquote>The point is that, investing money in your business idea before it starts earning money is a 'leap of faith'. And these kind of irrational choices will not serve you well in your entrepreneurial career. What matters is <strong>results</strong>.</blockquote>
I could talk about about how essential bootstrapping is all day, but one of my mentors, Greg Gianforte, has already said it all. So take a few minutes to listen to <a href="http://www.smallbizpod.co.uk/interview-36/">this podcast</a>, and hopefully your perspective on how to start a successful business will change forever. <em>(Interview starts at 10mins 15s)</em>

Good luck. And don't bet the house.

[caption id="" align="aligncenter" width="507"]<img alt="" src="http://blogs.artvoice.com/avdaily/wp-content/uploads/2011/10/loser1.jpg" width="507" height="336" /> Source: Artvoice.com[/caption]

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