The rise of the side hustle culture sees around 36% of working Americans engaged in extra work. For 44% of these people, the additional income is necessary to make ends meet. Bootstrapping, or building a business with minimal external funding, offers significant benefits. It allows entrepreneurs to maintain control, develop financial discipline and grow their business on their own terms. Operating with limited resources encourages wise spending and efficient fund allocation, creating a foundation for sustainable growth. Starting small allows for refinement of the business model and testing of market demand without the pressure of repaying large debts or meeting investor expectations. Lydia Fenet, CEO of Lydia Fenet Agency, emphasizes the value of accountability in bootstrapping. Important aspects include focusing on the core offering, using the Minimum Viable Product approach, taking advantage of free or affordable resources, testing the business idea with real customers, and effective cash flow management.
“Bootstrapping: The Secret of 36% Americans Making Ends Meet”
