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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Resilient summary
Sevetri Wilson
How to Overcome Anything and Build a Million Dollar Business With or Without Capital
23 mins
Table of Contents
Resilient
summarized in 8 key ideas
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Key idea 1 of 8
You can successfully build a company without investors.
If you’re like most fledgling entrepreneurs, there’s probably one major thing on your mind – money. How much will you need to turn your amazing idea into an actual product or service? Where will you find the money? Media hype about startups who’ve landed millions from angel investors might make you think fundraising is the best option. But that’s not always the case. You have an alternative: bootstrapping.
Bootstrapping involves using the resources you already have – typically your own expertise and a small amount of your own money to cover initial costs. This is how author Sevetri Wilson grew her first company – Solid Ground Innovations – into a seven-figure business. And, depending on the type of business you want to start, bootstrapping might be the best option for you too.
The key message here is: You can successfully build a company without investors.
Bootstrapping founders get a number of perks that founders with investors miss out on. First off, they retain full control of their company. This means they can make their own decisions and don’t need to host regular board meetings with investors or report on outcomes.
Bootstrapping founders also retain 100 percent ownership of their business. This is different from founders who need to share a percentage of their equity with investors. While having investors gives founders more cash up front, this will eventually need to be paid back in the form of dividends. Bootstrapping founders, on the other hand, get to keep all the profits.
There are disadvantages to bootstrapping though. Limited cash can slow growth, and you’d be taking on the entire financial risk yourself. But if you don’t need much capital to set up your company, and you can start selling your product or service quickly, bootstrapping may be your best option.
So, how do you decide which financing model to use? Begin by considering four questions: Will it be low-investment to start your company? Can you start your company without needing to hire anyone else? Is there a clear market for your product or service? Are you an absolute money management expert who can control any impulses to break your budget?
If you answered “yes” to each question, bootstrapping will work for you.
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What is Resilient about?
Resilient (2021) is an intimate account of entrepreneur Sevetri Wilson’s journey from self-funding her first company to securing ongoing capital for her second. It provides early-stage founders insight into every step of building a business – from initial concept to securing the finances needed to scale.
Best quote from Resilient
The holy grail for many businesses is predictable, repeatable, and scalable revenue.
—Sevetri Wilson
Who should read Resilient?
- Aspiring entrepreneurs
- Innovators looking to turn their ideas into marketable solutions
- Startup founders who need to raise capital
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