Boot strapping the way to go

There are mainly three types of entrepreneurs, one who write a business plan and then wait for someone to drop a load of money in their idea, seconds are the ones who think about what they want to start with and have a working capital within 2 months, then comes the third variety who have cashed out of a successful venture and are starting a new one. The third variety has already created a reputation so easier for them to raise capital. The first timers are the ones who struggle with initial funding.

There are only two ways to start a company, one is with money and other is without money. In my opinion it is better to go about it in the without money way. That way at least you are not blowing off your hard earned money and leaving yourself under heavy debts. It certainly will require a great deal of discipline to do it. Here I am trying to put some steps which may help new entrepreneurs.

- Work in you spare time and build a core of product without telling the world about it (it should take around 4-5 weeks to get it done if the product is not very complex)

- Start selling your idea/product to prospective customers. Take their feedback and let them have a feel of what you are trying to deliver, ask what is it that they want this product to do.

- Refine the prototype and incorporate some of the features requested by potential customers.

- Send beta version for limited filed trials. Subscriptions can be tied to revenue to build cash flow.

- Hire a sales team to generate more sales so that you can hire technical experts.

Watch this space for more to come.