Six months into the pandemic, people began picking up new hobbies as a way to cope with the isolation and pressures of daily life. From knitting to baking to writing, social media was flooded with posts of individuals trying their hands at new skills. Although initial attempts were far from perfect, over time, people began to see improvement and success in their endeavors. It was a rare opportunity for adults to learn something new from scratch, away from the usual career-driven mindset.
For bootstrapped founders, learning is essential. Embracing the Beginner’s Mindset is crucial to success, as it allows for the absorption of new skills and knowledge. The exposure to new ideas and ways of thinking that comes from being a beginner can lead to increased creativity and innovation. Starting a business involves a steep learning curve, but being open to trying new things and failing along the way is key to growth and development.
In the early stages of a startup, bootstrapped founders have the freedom to experiment and refine their ideas at a slower pace with lower stakes. Much like a child exploring a playground, founders can tinker with their business ideas without the immediate pressure and competition experienced by VC-backed startups. It is all about trying, failing, and trying again to see what works and what doesn’t. The company becomes their playground, allowing them to test different strategies and approaches for growth.
Learning to navigate through setbacks and failures is an inevitable part of growth for bootstrapped founders. While experimentation and failure are essential for progress, it is important to be mindful of the risks involved. Taking calculated risks and pushing the envelope in lower-risk situations can lead to valuable insights and lessons. Bootstrapped founders have the benefit of fewer consequences for failures early on, allowing them to learn how to deal with setbacks and continue to move forward.
Bootstrapping may not be the only way to launch a business, but it is ideal for founders looking to grow alongside their companies and develop a deep understanding of all facets of their business. Like trying out a new hobby during a pandemic, launching a startup for the first time can be challenging. However, the willingness to try, learn, and adapt is essential for success. Unless one takes that initial step and gives it a shot, they will never know their full potential for success.
