18 Questions
What is the primary characteristic of bootstrapping in entrepreneurship?
Building a business with very little funding or capital
How did Gregor Lawson and the Smeaton brothers fund their business, MorphCostumes?
By each contributing $1,500 of their personal savings
Which of the following companies is NOT an example of a bootstrapped venture?
What is the primary goal of entrepreneurs who use bootstrapping strategies?
To conserve cash and make progress before seeking funding
How much money did Michael Dell need to start Dell Computers?
$1,000
What is the primary difference between crowdsourcing and crowdfunding?
Crowdfunding involves funding, while crowdsourcing involves free labor
What is a key aspect of bootstrapping, according to the text?
Finding creative ways to access resources
What is a characteristic of many successful entrepreneurial ventures, according to the text?
They all began as small, bootstrapped ventures
Which of the following is NOT a common bootstrapping strategy used by entrepreneurs?
Maintaining high operating inventories
What is a benefit of using bootstrapping strategies, according to the text?
It enables entrepreneurs to make progress before seeking funding
What is the term used to describe the increase in value or ownership interest created as a result of hard work?
Sweat equity
What has the crowdfunding movement provided, according to the text?
A democratic means of funding
What is the primary objective of bootstrapping strategies in entrepreneurship?
To minimize costs and delay the need for external funding
Which of the following is an example of bootstrapping, according to the text?
Developing and reaching out to contacts
What is the most important aspect of cash management in bootstrapping?
Being mindful of cash flow: cash in, cash out, and overall cash needs
What is the potential benefit of building a prototype of a product on your own?
It creates value while saving the cost of hiring a designer or manufacturer
What is the primary advantage of using coworking spaces instead of renting an office?
It saves on renting an office
What is the key to successfully bootstrapping a business?
Looking for creative ways to use whatever resources you have to save money
Learn about bootstrapping, a process of starting a business with little to no funding, and how it has been used by successful companies like Coca-Cola, Apple, and Microsoft. Discover how entrepreneurs have used this method to get their ventures off the ground.
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