Why I ?? bootstrapping over funding
Fred Schebesta
Finder.com | Bitcoin | Hit the ?? on my profile ???? Media/speaking: [email protected]
When Frank and I started Finder in 2006, we were probably 10 years too late. We weren’t the first to market, we didn’t have a big gap where we needed to launch at super speed. So we didn’t need funding for exponential growth upfront.
We decided to bootstrap and we’ve been self-funded ever since.
I spoke about why I love bootstrapping at the 7th annual Fintech Summit, held this week. I also discussed Open Banking, the democratization of investment products and the injustice of general insurance in Australia.
The things I love about bootstrapping are:
- It teaches you discipline
- It teaches you capital control
- Cost reduction
- Free cash flow management
Literally all the essential skills you need to make sure your business survives.
But what it comes down to is how much control you want to hold. Without investors, we aren’t pushed to an outcome, there’s no deadline to meet to get the money back to investors. We don't have those pressures.
But maybe I was wrong. Sure, we could have gone much faster. But we know how to run a business and operate it well. And that’s what matters.
So whether you choose to get funding or bootstrap your business, focus on the financial discipline and you’ll set yourself up for success.
Check out this link for the best bits!
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What are you going to do this weekend to refresh, rewind and re-energise? This is why it’s important to look after yourself:
?? INSTA INSPO ??
This time it’s from Dexter Cousins, who was the first to accept my challenge of changing your job title, following Elon Musk’s new “Technoking of Tesla”.
Who else is hitting the trend?
PS…
I have an online course that teaches my successful formula for developing and building business ideas. It’s what I used to build my businesses. It takes you through 6 steps to Go Live and WIN!
Check it out here and get your rockets firing!
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Environmentalist ,Social Activist,,of CARE MOTHER EARTH ,Environmental Solutions
3 年Give generously. It’s not just about money. Give your time, a smile, a helping hand, be a blessing to someone you meet. Have an attitude that’s filled with mercy & kindness. Do all this without expecting anything in return from anyone!
Executive Search for high growth Fintech ventures | Host of Fintech Chatter Podcast
3 年Thanks for the shout out Fred Schebesta - It was a fun experiment which has actually seen a 50% increase in inbound enquiries this week! It has been a long road building my brand and business. And the thing I would change looking back is just to be more daring. As an example it took me over 12 months to publish my first podcast, because I was worried how it would be received. It turns out people didn't care about the stuff I worried about. Now, I get to speak to entrepreneurs like yourself every day and get tips and insights. If I had access to this kind of intel when I was starting out, it would have really accelerated my success. So yes, I do endorse Fred's course if you have the itch to start a business ?????