The Bootstrapper’s Bible (Book Review)
Having read The Bootstrapper’s Bible: How to Start and Build a Business with a Great Idea and (Almost) No Money by Seth Godin a few months ago, I quickly realised this is a book for those who want to start a business, or are currently working in a young business, that will become sustainable beyond the five year mark - and on a limited budget. That’s actually a huge number of entrepeneur’s and small businesses. In fact most of this book is unsurprising - but critically valuable - to the target audience. If this describes you then I’d suggest this book could perhaps save you some grief.
Seth outlines the seven bootstrapper tools that you can use to your advantage over the big guys. First, you have nothing to lose and the big guys have everything to lose.
Second, you don’t need big profits to succeed whereas big business has to maintain corporate offices, research and development, and marketing campaigns.
Your third tool is presidential input. You are in the thick of the action not removed from it by corporate structure.
Fourth, operating solo or in a small team can dramatically improve your research and development, but the big guys have to go through major processes to push their research and development. That mean’s you’re faster and more likely to come up with a good idea - not a design by committee idea.
Your fifth tool is that you’re the underdog and people respect that and want you to succeed. You can offer that underdog hand-holding service that the big guy’s can’t afford.
Sixth, you have low overheads and those fat cats have to support large costs.
Finally, you have the ability to move at the pace that’s best for you right now, while big companies are constrained by accounting and schedules.
The rest of this book includes a collection of examples, tips and strategies to see you through many of the real world obstacles you’re going to run into as a bootstrapper. This includes business ideas, business plans, how to manage your finances, and advice on effective marketing strategies. If you’re someone like me you’ll keep hold of your copy and reread it every so often.
