Boot strapping, are you ready?

A situation in which an entrepreneur starts a company with little capital. An individual is said to be boot strapping when he or she attempts to found and build a company from personal finances or from the operating revenues of the new company. (Source: Investopedia)

Starting a company is not easy. It takes a lot of patience. Imagine pushing yourself to wake up in the morning and accomplishing stuff that you’re not even sure will fly or not. Some say the journey is the reward. Yes, I agree. But fighting the emotions of giving up and just pushing on, is just draining sometimes.

Every entrepreneur will tell you to plan for the worst. You also need a lot of support — emotionally, mentally, and spiritually. You will judge yourself everyday. You will tell yourself if you’re doing a good job or not. These are stuff that are expected. No one said it would be easy.

I learned about the word boot strapping after reading books on entrepreneurship. As defined, it is using your own resources to fund your own company–no venture capital, no angel investment. How far can you go boot strapping? Not too long. Which is why many startups will soon require additional funding.

Investopedia explains further:

Compared to using venture capital, boot strapping can be beneficial as the entrepreneur is able to maintain control over all decisions. On the downside, however, this form of financing may place unnecessary financial risk on the entrepreneur. Furthermore, boot strapping may not provide enough investment for the company to become successful at a reasonable rate.

As you can tell, boot strapping may work a while until it puts a toll on your own financials. It’s a big risk to go boot strapping early on. But this move will also show your potential partners that your putting more “skin in the game.”

What about you? What are your thoughts about boot strapping for a company your building? Is it a good idea? Is it a crazy idea?

Why hunting for a high-paying job will frustrate you

Saw this story on GMA News and one thing struck me: Fresh graduates expecting to land high-paying jobs. There is nothing wrong with that. But if this is how our younger generation is being molded, I feel frustrated (to put it mildly).

I may sound old, but when my generation left College, we went through a lot of trouble landing a job –not necessarily a high-paying one. As the executive in that website that was quoted by this report said, it’s not about the money. It’s about the learning, the experience and the career you want to build. Another thing: jumping from one job to another to get a bump in salary is also a bad strategy for young graduates. I use to hire people for jobs in my previous work in Yahoo! When I see a person staying for only a few months or a year in a job, that’s a red flag.

Incidentally, I’m now reading a book called “Startup Nation,” which digs deep into a nation that has produced the most number of new businesses for a country in the world. That country is Israel. Amid constant threats from its Arab neighbors, this country has developed a hub of highly motivated, assertive, and innovative youth. Add to this is their military training that includes tough educational requirements. Their youth aim to enter the military elite. The result: By age 23, most Israelis have gained experience, exposure, mental toughness, and maturity to make it in the real world. Most of them graduate to becoming successful entrepreneurs.

Now, back to the report. I’ve had this conversation with some friends this week, which revolved around today’s youth. As an educator, I feel that I have this duty to mold them to become better students of life –not just in journalism. But changing the behavior is a daunting task if this generation is growing in an environment of too much information (excessive, sometimes), less introspection, and little patience.

Let’s take the Facebook example. Kids today are immersed in so much information on social networks. Once they like something, they make it known to everyone. What is troubling (and this may go down the philosophical lane) is that how many of these young kids do stop and think whenever they share quotes, or like pages or a status messages on Facebook. Very few (based on anecdotal evidence). Also, in the process of doing this, their opinions are formed around these fleeting information that often lacks context or history. In short, they like something because their friends did. That’s enough “context” to dictate the response of most of our youth.

I have observed this phenomenon as I watch my kids and other people’s kids. They re-post photos or memes that use language they usually don’t understand or even speak. It is frustrating but that’s how it works these days. Often times, I remind my kids to never like anything or re-post content that doesn’t represent them–or at least tells the world who they are.

Why am I concerned? Kids expecting high-paying jobs after graduation is a symptom of the values that they have these days. As communicators, teachers, and journalists–even entrepreneurs alike–the biggest lesson that we should be teaching our youth is patience and purpose. With that comes hard work and a clear understanding of who they want to be–and what purpose should they serve as they grow up. Of course, failures in life will come. If they’re values are not solid, we will see a lot of frustrated youth looking for quick solutions. Again, I am not here to preach. I just want to my kids to have a better future where values like honesty, honor, integrity, patience, and hard-work are still common.

Don’t you?

Get Out of Your Comfort Zone: 8 Tips | Inc.com

You have probably heard this one many times. But in reality, it’s difficult to do.

As human beings, we tend to stay within our comfort zones. It’s peaceful and less stressful. Very few take risks, and jump into new territories to explore new opportunities.

But this article offers tips on how to take baby steps.

One of them is this:

Get a partner.

There are some things that just aren’t meant to be done alone. For over two years, I’ve had a dream to produce and present an empowering women’s conference. But it remained a dream and nothing more. Then one day my coach said to me, “that’s just not something you take on all by yourself,” and I finally got it. I needed a partner in this endeavor. Sure enough, I found someone within a week and “Make It Happen” is happening this September. It’s amazing how much fun it is to create and I am certainly stretching the limits of my comfort zone. But since I’m no longer alone in this little adventure, I still feel safe (mostly).

Is there something you want to do that just shouldn’t be done alone? Find a buddy and make it happen.

More tips from the article.

Get Out of Your Comfort Zone: 8 Tips | Inc.com.

What about you, do you have any tips to share?

9 Startup Habits That Will Transform Your Work | LinkedIn

Entrepreneurs are constantly pitching. Ideas, products, investment opportunities. The most important element of a successful pitch is the story.

via 9 Startup Habits That Will Transform Your Work | LinkedIn.