Bootstrapping - Entrepreneurship Unit 4

What is bootstrapping in the context of entrepreneurship?

• Using personal savings to start a business

• Seeking venture capital

• Applying for bank loans

• Crowdfunding

What does the term 'bootstrapping' mean?

• Investing heavily in a business

• Cutting unnecessary expenses and operating on little cash

• Hiring a large team

• Expanding rapidly.

Fill in the blank: 'Bootstrapping' is a term that means cutting all unnecessary expenses and operating a business on as little ______ as possible.

• time

• cash

• resources

• effort

What is one of the first financial actions you should take when starting a business?

• Increase expenses

• Cut as many expenses as possible

• Hire more employees

• Expand the office space.

Most businesses take ___ years to make a profit.

• 1

• 2

• 3

• 5