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.
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 Coronavirus pandemic. 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 accomodating. 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.
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. What path will you choose? Will you have a growth mindset that pushes you to your limits?
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:
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!!
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.
More lean startups articles about everything entrepreneurship coming soon from frugal entrepreneurial experts around the world coming soon right here on Bootstrap Business in 2023!
Subscribe To The Bootstrap Business Blog
For New Frugal Entrepreneurship, SMB, SME, & Lean Startup Posts
