Entrepreneurs, Startups, and Small Businesses are the backbone of our global economy. But being an entrepreneur or small business owner these days isn't easy. In fact, it can be one of the most challenging endeavors you will ever take on in your life. The competition is fierce and the stakes are high. The funding is not always there so you have to be a fierce frugal entrepreneur. Inevitable adversity requires creativity and resiliency as a frugal business owner and bootstrapping business professional in 2023.
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Being a frugal entrepreneur, bootstrapping business owner, or side hustler is more important than ever now in the new economic recession brought about by the recent global health crisis. Jobs have been lost, industries have been hit hard, and the flood of investment capital has slowed to a trickle for a lot of startups. Political policies and global economic statuses are changing every week. Businesses and entire industries have shifted to digital and remote work to become more frugal and accommodating.
The 9-5 corporate office job is not something anyone can count on any longer with top tech and financial companies announcing record-breaking layoffs. Now jobs are being lost monthly to artificial intelligence (AI) advances like ChatGPT and Bard! This is unfortunately only the beginning, although it is already creating lucrative opportunities for those willing to adapt.
Counting on other companies is challenging right now with supply chain disruptions, production decreases, material scarcity, price increases, lack of labor, and businesses closing up shop every month. It is up to you and sometimes you alone to start, manage, and grow your business on a budget in 2023. Do you have what it takes to be the boss and make the tough decisions? How can you overcome the obstacles and push through the nonsense to ensure profitability? Can you outwork the competition as an enthusiastic entrepreneur or frugal business while retaining some semblance of work-life balance?
The lean startup and bootstrapping methods of starting a business are more relevant than ever before for many reasons. Big banks and even regional banks are very unlikely to provide funding and loans to new businesses or frugal entrepreneurs. Small financial establishments and individuals could also reject your loan requests, want high amounts of equity, or just charge you very high interest rates on financing. In many cases, you are better of being self-funded and even starting out as a side hustle or gig worker before going full time with your bootstrapped business.
That is why I continue to write articles on being a frugal entrepreneur and bootstrapping business that can succeed in this competitive global business climate without losing the majority of your equity from the start. Giving up equity early is one of the biggest mistakes that new founders and co-founders make in their quest for quick growth and fast funding. Without maintaining your equity, you lose a lot of upside and control of your company in the process. Bootstrapping is better and you don't need that Silicon Valley or venture capital money! And those frugal businesses running on investor money are most likely in for a rude wakeup call in 2023 when startups get cut and investment capital starts drying up.
Being a frugal entrepreneur is no easy task, but it can be incredibly rewarding personally and financially. You can succeed whether you are a frugal solopreneur on a shoestring budget or the founder of a new lean startup. You could even freelance or side hustle your way to extra earnings. Many people keep their 9-5 full time job while side hustling until it is a viable full time venture. It is a challenging line to walk scaling up a side gig while still working 40-50 hours at your day job, but this scenario can be the smartest way to go for building a successful frugal startup business.
That is why I continue to write articles on being a frugal entrepreneur and bootstrapping business that can succeed in this competitive global business climate without losing the majority of your equity from the start. Giving up equity early is one of the biggest mistakes that new founders and co-founders make in their quest for quick growth and fast funding. Without maintaining your equity, you lose a lot of upside and control of your company in the process. Bootstrapping is better and you don't need that Silicon Valley or venture capital money! And those frugal businesses running on investor money are most likely in for a rude wakeup call in 2023 when startups get cut and investment capital starts drying up.
Being a frugal entrepreneur is no easy task, but it can be incredibly rewarding personally and financially. You can succeed whether you are a frugal solopreneur on a shoestring budget or the founder of a new lean startup. You could even freelance or side hustle your way to extra earnings. Many people keep their 9-5 full time job while side hustling until it is a viable full time venture. It is a challenging line to walk scaling up a side gig while still working 40-50 hours at your day job, but this scenario can be the smartest way to go for building a successful frugal startup business.
It may be a more challenging time than ever before to launch a startup or become your own boss. But the greater the risk there is, the greater the opportunity and potential reward can be found for innovative entrepreneurs. This goes for all business models and side hustles including ecommerce, retail, gig work, MLM, network marketing, direct selling, affiliate sales, blogging, content creation, dropshipping, freelancing, flipping, or any other money making avenue.
So what path will you choose in business? Will you have a growth mindset that pushes you to your limits? Are you going to start up or give up and shut down?
To succeed as a frugal business professional it takes determination, versatility, frugality, and knowledge! I hope these articles are helpful for you and your own Bootstrap Business journey as a fiercely frugal entrepreneur in 2023 and 2024:
Lean Startup & Bootstrapping Businesses Articles
- Why Time Management Isn't Always The Best Solution
- How To Professionally Present Your Business Immediately
Keep grinding fellow frugal entrepreneurs and leading lean startups! Hustle hard with your frugal business ventures and side hustles!
Build A Real Business
The way people talk about entrepreneurship success is all wrong and wildly inaccurate. It is not a bunch of people making millions or billions of dollars, launching a tech startup in Silicon Valley, getting funded by VC firms, or cashing in on a billion dollar IPO. It isn't about having Lambos and $100,000 watches or going on exotic trips while your underpaid employees and software do all the work for you.
In real life (not on Instagram and TikTok) those glamorous software startups are rarely profitable and those big IPOs tank. Startups shut down and get sold off for parts (including your data). In the real world, most entrepreneurs can't even afford to live in hubs like Silicon Valley, NYC, Boston, or even Austin TX now.
Real entrepreneurship is about being happy with whatever level of success you achieve and striving towards self-improvement. It is about helping people and being proud of yourself. It's about being financially independent and debt-free if possible, whether you make $40,000 per year or $240,000 per year (those are real numbers not nonsense).
It is about hard work and sacrifice, but also having some control over your destiny. It is about having a vision or goal and making it a reality. It means running an actual business that is actually profitable and actually serves a purpose in the market in 2024.
You can be optimistic and growth-oriented, but you should also be realistic and disciplined in case you don't become the next Bezos or Steve Jobs by the time you are 30 years old.
Startups Take Blood, Sweat, And Tears
Unless you earn plenty of passive income (or you are a genius / lucky), this is the only recipe for success that I have found. This is especially true if you are facing additional obstacles and disadvantages in your market or in your life. I don't advocate for people to live like this (it is not pleasant), at least not for long, but I think it sums up how to get ahead these days with everything more competitive than ever before. You are actually competing against people, software, AI, and billion dollar companies around the world 24/7/365. That is not an exaggeration either unfortunately. You have to be sacrificing, hustling, learning, adapting, experimenting, and pushing yourself if you want above average results. If you put in ordinary effort you will only get ordinary results.
It is an unbalanced and unhealthy way to live, but I have had to do it for the last 20 years. I attribute any small or moderate amount of success I have had to this work ethic and sacrifice, along with causing me problems as well. I won't do it forever because it is not sustainable, but sometimes it is necessary. It is a choice you will have to make as well when launching and running a startup.
Bootstrap Better Businesses
Nobody ever said bootstrapping a business or being a frugal entrepreneur was going to be easy, they just said it will be worth it! There are reasons why most people want to be their own boss and build their own business. Never forget why you dream of or originally dreamed of becoming an entrepreneur. Remember your "why" when things get difficult on your frugal entrepreneurial journey, because things will inevitably! Don't let anyone ever tell you what you can't do or what you are incapable of achieving.
The world of startup businesses and bootstrapped companies is only getting harder due to increased competition and lower barriers to entry in many industries. Business can be brutal, but you must be bold. Keep these frugal entrepreneur tips and tricks in mind if you are one of the millions of people that would rather work 80 hours for yourself than 40 hours a week to help earn someone else money, as originally said by Lori Greiner from Shark Tank! It pays to be the boss if you do it right and have the resolve entering the shaky 2024 economy.
More lean startups articles about everything entrepreneurship coming soon from frugal entrepreneurial experts around the world coming soon right here on Bootstrap Business for the 2024 marketplace!
Need some more frugal startup business motivation? Read our top inspirational entrepreneur quotes now to get amped up!
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