To be a Founder, or not to be a Founder? That is the question.

Bootstrapping is the minimalistic startup approach, characterised by simplicity, a process whereby an entrepreneur starts a business based on it being self-sustaining, and grows by using limited resources. It means doing something on your own, without outside help, and in many cases, the hard way. Ultimately, bootstrapping is making an investment in yourself, by yourself, for yourself. Bootstrappers focus their entrepreneurial endeavours based on passion, ideas and ideals.  For me it’s the real driver of entrepreneurship. But there are a few things you need to do before you start and honestly the first thing you should ask is:

Is this for me?

Ignore the Dragons’ Den and The Apprentice glamour, all the apparent over-night successes and the countless references to unicorns. What does success look like to you specifically. What is your dream in choosing to work for yourself and launch a startup? It’s your choice – ‘Work to Live’ or ‘Live to Work’? Is your mindset that you might be able to avoid the trap of always chasing more?

If you’re thinking about bootstrapping a business for yourself, you need to ask Will I enjoy building something from scratch, on my own, and seeing it grow – without knowing if I will get a regular pay cheque? If you can answer yes, then the highs from starting your own venture will be worth the turbulence and the downsides.

To give you an insight into what you’re getting into, let me share some of my own experience, considering the pros and cons, some things for you to consider before you jump in with both feet with your bootstrapping boots.

Pros

1. You’ll have the time of your life

Starting a new venture may feel like work at times, but boy is it fun. It’s an adventure that you will remember for the rest of your life whether things go well, or poorly. They used to say that everyone should try to be a rockstar at least once in their lifetime. I’m going to add to that and say that in-between being a rockstar and something else, you should be a founder at some point just to test yourself and seize the opportunity. I truly love doing this – the uncertainty, the satisfaction, the failure, the connections with people, the freedom to experiment and simply going with the flow.

2. Release your passion

This is the best reason to start a venture if you are passionate about solving a problem that either you have, or you’ve identified. Passion will get you through the tough times as you work to make your startup a success, keeping you motivated when you feel like quitting. It brings meaning and purpose to your work.

Too often, people pursue startups because they sound like good ideas. These are the kind of people jot down in their ‘ideas list’. If you care deeply about solving a problem, and a big company is not the right place to be, then this is a better reason to go out on your own.

3. Ownership and autonomy

As a business owner, you have autonomy and control. If you keep pushing and figure it out, you have the potential for life-changing success and feel on top of the world. There is nobody stopping you except yourself. This is an incredibly liberating feeling. It is a great opportunity to put your own stamp on things and create something memorable.

The autonomy you create with freedom and flexibility means that you decide your schedule, call the shots and get to create a business aligned to your vision. Forget the typical nine-to-five routine, your days aren’t dictated by punching a clock. Instead, you get to dedicate your time to a project you’re passionate about that is centred around your ambitions and an opportunity to fulfil your dreams. No one imposes anything on you.

These are just some of the positives of starting a startup. Of course, there are potential downsides that you need to be aware of before taking the plunge.

Cons

1. Permanent self-doubt

As a solopreneur, you never quite know if you are doing things right. Many actions you take are essentially best guesses. This can become frustrating as you may spend time and money on an initiative, only to find out it was a failure. There is a level of confidence that you need to have in order to start and grow a startup. Understandably, there is a great deal riding on your judgement and gut instinct.

An entrepreneur’s ability to persevere through bouts of self-doubt is crucial, which is why working alongside a mentor is something to consider.

2. Constant uncertainty

Launching your startup poses inherent risks, including uncertainty even for the most well-planned businesses. Adaptability and resilience are critical traits for a founder to be able to combat the uncertainty of the unknown. As uncertainty is a cornerstone of entrepreneurship, it’s a good idea to consider the level of stress and uncertainty you’re confident handling before launching your own venture.

3. You need to be a good all-rounder

When you start your own business, it’s all down to you – marketing, sales, finance. Nobody can tell you if you are doing things right or not. You have to figure it all out for yourself every day. Much of the early days are trial and error, throwing lots of tactics at the wall to see what sticks.

As above, my advice is to get a mentor to offer guidance and insight, someone who creates trust, provides a sincere, warm relationship, hand on your shoulder.

4. Personal risk

You’ll need the safety net of savings to cover your cost-of-living expenses at the outset. Many entrepreneurs don’t get a salary for years – that is a lot of missed wages. If the business doesn’t work out, it could all be for nothing.

Bootstrapping a startup means unavoidable financial risk. While it can be mitigated by business planning and financial forecasting, there is no way to eliminate risk completely. Therefore, before you start, you should be sure that you are comfortable taking on the personal financial exposure it will inevitably create.

On top of this starting a new business can be emotionally draining too. For some, this impacts their mental health. You may find yourself feeling isolated, anxious, or depressed during the course of your start-up’s development.

But the worst that can happen isn’t really that bad. If your startup fails you will hurt physically, emotionally, and financially,  but failure at a startup doesn’t mean failure at life. I’m not trying to play down the reality, I’m just trying to say you will bounce back and you will live to fight another day. So, will you enjoy being the captain of your own small boat? Go for it, the rest will attend to itself. Don’t play it safe, don’t set limits to your ambitions.