Bridging the Gap Between Bootstrapping and Startup Success
For entrepreneurs who don’t have access to investors, bank loans or friends and family money, bootstrapping can be the only way to get an idea off the ground. Back in 1989 Bruce Poon Tip was one of those founders who had to rely on his own resources to start his company. With only an idea and his personal credit cards, Poon Tip bootstrapped his adventure travel venture G Adventures, which over 20 years later offers tours to over 100 countries. “It was difficult for us for many years at the start,” he says. “I would even go so far as to say our first ten years were hard because we had to fund such a huge growth curve and never had as much as a loan. I was very aggressive in building the business. Fortunately, I have a very high tolerance for risk, but that doesn’t work so well for the bankers.” Poon Tip knew entrepreneurship was in his blood from a young age. Most entrepreneurs say they don’t work well in traditional work settings, but not many can say they’ve been fired from McDonald’s. “I had three businesses before I turned 16,” he says. “When I tried a regular job at McDonald’s, I was fired.” Read more…
