Suzi West says:

Sarah,

Couldn’t agree more. Learning to live and work lean is one of the most important lessons I lecture when mentoring entrepreneurs.

!. Always review why you began your business in the first place.
What is the foundation of your brand or business or service?
What pain point were you trying to solve when you first launched.

We sometimes in our growth forget what the original concept entailed and start to veer off of the road. Revisiting your initiatives is very important. Even if you are reevaluating- you still need to recognize what you were pursuing in the first place.

2. One of my favorites from an early mentor: “Today’s Peacock is Tomorrow’s Feather Duster.” So many messages in that statement. One is about humility. The other is about how things can shift from one concept to another!

At any rate, to me, it is a message about keeping your pencil sharp. I call it the hustle. When you are bootstrapping, you think about basic accounting. Money in/Money out. I need to make this sale, to make this rent. Simple. Its like being just out of college and living paycheck to paycheck.

3. Distortion and Priorities. A successful business leader that I worked with once told me “If you have three kids and can only afford to send one to college – send the smart one.” I have never forgotten that all important lesson. In our businesses, everything seems important and everything seems to cost money. Pay attention to what will get maximum results.

Thanks for your time,
Suzi West
The Retail Sherpa

Christy Cook says:

Love the last point! Pay yourself at least 10% of every dollar you make! I’m guessing that means on profit! Tricky to do this in the first few years of a business, when everything is going back into the the biz! Would you agree?

Alana Lea says:

Hi Sarah,

I find bootstrapping is a great way to lose weight! Has anyone else discovered how long you can live on those little seaweed thins and mineral water from Trader Joe’s? And, they always have great snacks being served! : )

Honestly, I’m super appreciative of EVERYTHING that comes my way, and helps me take the next steps toward the fulfillment of my company’s mission. I have become unstoppable, while fitting into smaller clothes!

With $ padding, one can afford to relax a bit about the urgency of one’s mission. I’m looking forward to that part of the journey too…

Wishing all entrepreneurs for the Good, my very best…

Alana

Smart3DWeb says:

It is punishing to have to work in your off time every day for years to complete a new business idea. I do agree that it keeps one hungry for success but a little assistance from interested angel investors seems like a win-win situation that is not necessarily linked to how well one does at a given time managing the day to day operations. Great site and commentary from those who have succeeded. Thank you.