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Raising Capital: Get the Money You Need to Grow Your Business by Andrew J Sherman

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Chapter 5The Art and Science of Bootstrapping

Bootstrapping is the art of learning to do more with less. During the prelaunch phase of your business (and for some time after the launch), raising capital may be difficult, so bootstrapping becomes a substitute for—or addition to—your capital-formation strategies. It’s not about writing 200-page business plans, power lunching with venture capitalists, or triple-mortgaging your home to pay legal and accounting fees. An entrepreneur who operates with the mindset of bootstrap management understands that all resources are scarce and that cash must be cherished. “Cash is king” becomes the mantra. Figure 5-1 lists other key aspects of bootstrapping, and Figure 5-2 gives the traits of veteran bootstrappers. ...

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