BRX Pro Tip: How to Bootstrap
Stone Payton: [00:00:00] Welcome back to Business RadioX Pro Tips. Lee Kantor and Stone Payton here with you. Lee, we work with a lot of solopreneurs, we work with a lot of startups, what are your thoughts on how to bootstrap?
Lee Kantor: [00:00:13] Yeah. I think when you’re bootstrapping, you really have to understand the trade offs between time and money since you don’t have unlimited resources. So, when you start, you usually have more time than money. And then, when that’s the case, you have to identify the best uses of your time and where you should spend money.
Lee Kantor: [00:00:33] Delegating is, really, your first hard decision. By focusing on identifying your ideal client and their needs, not just their wants, you iterate quickly when you get new information. If you do all of that, then you have to decide how am I going to do that. Am I going to do it myself and me be the person that’s doing that work? Or how quickly can I spend some money, spend some resources on having somebody else do some of these elements, you know, this type of experimenting and learning. And when you reframe failing into experimenting and learning, you’ll find you’ll be much happier and have a lot less stress when it comes to that.
Lee Kantor: [00:01:15] But you ultimately have to decide how am I going to spend my resources, how am I going to spend my time, how am I going to spend my money. And when you find something that works, double down, invest some of those earnings into more customer service and kind of ride the winners, prune the losers, and just keep moving forward.
Lee Kantor: [00:01:37] But you really have to kind of give a hard look to the trade off between time and money. You don’t have unlimited resources. You have to use each of those resources correctly. Spend more time on the stuff that you do well, that’s your superpower. And spend more money on the things you don’t like to do, that you don’t do well, and that someone else can do better than you.v
