Business Bootstrapping Rule Number 7: Find a Mentor

Bootstrapping might be a solo flight business but you should not be alone in doing that. You have to seek help from people around you which has the same interest as yours. That means, if you are an entrepreneur, you must surround yourself with entrepreneurs also. If ever possible, you should surround yourself with people who are successful with bootstrapping business.

Being successful in the business cannot be transferred by simple word of mouth. Oftentimes, successful people won’t tell you what it is that makes them special. However, if you stay in a group of successful people, you will eventually learn from them through their actions. Action speaks louder than words still apply. Observing them while having a negotiating sessions, or just staying in the same room with them is a great learning experience for you. This will give you a unique piece of thought which cannot be read in a book.

Boostrapping Business Idea

The first question that may come into your mind when starting a business with nothing is “What kind of business should I choose?”.

To answer this question, you must always evaluate yourself. Know your personality, know your niche and know the available materials needed to start a business. Bootstrappers usually opt to offer services rather than products. Products may require money for the start up while services may only require your talent and skills.

One of the most common bootstrapping ideas is a profession called bill collections. For as long as there is a term called credit, there will always be bill collectors. As a bill collector, you don’t need to have a working capital; all you need is a phone.

To become effective bill collector, you should have a persuasive personality, good communication skill and you are not sensitive enough over people yelling at you or ignoring your phone calls.

A lot of lending institutions are in need of bill collectors. Oftentimes, lending institutions doesn’t have the time and manpower to go after their borrower. As a bill collector, it is your responsibility to contact the borrower and make arrangement until they agree to pay. In return, you will be getting a percentage of the amount owed. With determination and skill, you can become successful with your endeavor without the need of a big working capital.

2nd Bootstrapper Venture Summit On April 2009

The Bootstrapper Venture Summit (BSS) is New York’s most important early stage event, bringing together the best, exciting startups with needed capital.

BSS  was held last October 2nd, 2008 which was by application or invitation and open to 15 select companies & select investors. It is completely sold out of investor tickets and presenters. I believe that this is a must join event however I could not fly to New York for this summit.

But still life is good because as early as now, BootstrapperSummit.com, announces the upcoming 2nd Bootstrapper Venture Summit which they are looking forward to be held on April 2009. Wow, I still have few months to prepare and I hope I could join this event.