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Entrepreneurship Elements

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Entrepreneur Articles

Jeremy Gonzalez’s author of FIVE TIPS FOR BOOTSTRAPPERS began his entrepreneur career at George Washington University. Doomed to face the economic recession, Jeremy developed a business plan to help lessen the chances of living at home after college. With only $200 to his name, Jeremy began to develop a cost effective business, which he calls bootstrapping.

The article describes how to get products and ideas onto the market without large amounts of expense. According to Jeremy, the Young Entrepreneur Council calls Bootstrapping Shoe-strapping ( boots are too expensive. With this business philosophy in mind, Jeremy describes how he started up his business. His advice on business was 1 don’t get an office. When first starting out an office is unnecessary overhead. Spend money elsewhere, mainly on the team and its resources. “I worked out of my bedroom and some local coffee shops to cut overhead cost,” Jeremy stated.

Second, Get accounting software on Day 1. Jeremy explains how keeping up with accounting will help track your expenses, profits, salaries and overhead cost. This helps in the beginning stages of business so your not surprised by how much you owe your employees later.

Third, Ignore lawyers- they kill deals. “Lawyers are, by nature, very cautious” Jeremy states. As a result this can be very off putting to customers, especially if you present a new market niche. All in all, the section explains to be cautious about the legal formalities in the beginning so you don’t loose market share over cautious lawyer ran business decisions.

Fourth, Pick a niche and become a specialist, not a generalist. This section explains how generalists aren’t able to sink their teeth into a single sector or subservice. Being able to do a little bit of everything wont get you a strong customer base. With a market niche, the passage describes how…...

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