Editor’s Note: This post was originally published on Seattle 2.0, and imported to GeekWire as part of our acquisition of Seattle 2.0 and its archival content. For more background, see this post.
By Vivek Bhaskaran
There have been numerous discussions around the definition of bootstrapping. Typically technology entrepreneurs choose to go one of two routes – Bootstrapping or Angle/VC funding. Bootstrapping is the route we took. Again, I’ll be honest here – I took this route because I simply did not have any other option. Pitching to VCs/Anglels just seemed too far fetched and given my background of being a technology consultant, it’d take a massive leap of faith for someone to give me $100K of their hard earned cash. I didn’t even bother asking.
1. Realistic definition of Success
2. It takes 2 to keep focused and moving forward
To navigate the Trough of Sorrow you really need someone else rowing the boat along with you. In my opinion their financial incentives should be tied along with you in this journey. It’s imperative that your business partner’s financial position is the same as yours – if you have a trust fund and he does not – bad mojo. If he drives a 740 and you drive a Jetta – bad mojo. If he has a house in Queen Anne with a 4K mortgage and you are co-habitating with someone – bad mojo.
3. Customers Pay The Bills