OnlineBookClub.org review of
4 out of 4 stars
Pursuing dreams of becoming an entrepreneur is something that most people are shifting towards doing nowadays. Who can blame them? The benefits of starting up your own business are countless and make entrepreneurship mouth-watering. Financial gain, flexible working hours, autonomy, job satisfaction, creating a career that aligns with your values, and adding value to people around you are just a few of those benefits. However, it is known that about 75% of startups fail. It has also become very difficult for small business owners to sustain their businesses and grow. To this end, Bob Reiss has offered Bootstrapping 101: Tips to Build Your Business with Limited Help and Free Outside Help, which aims to help small business owners avoid common mistakes and grow their businesses in spite of limited resources.
Business ideas have occasionally crossed my mind, but thinking about the challenges on the path to establishing a successful business has made the journey feel like a daunting task. On that note, picking up Bootstrapping 101 was a no-brainer. The author kicks off by changing his definition of bootstrapping from “causing oneself to succeed without the help of others” to “pursuing success with limited resources and with the help of others.” This will help enforce the belief that seeking help is not a sign of weakness as many people believe, due to their egos, and this was the first thing that I liked about the book.
While I have read a few other books on this subject, I can say that I haven’t read any book as thorough as this book is. Using a simple language, Bob offered strategies like bartering, using the internet, reducing fixed expenses and maximizing variable expenses. There were also strategies that were new to me, including licensing, the importance of a good relationship with suppliers, and different ways one can get help from the government. Where applicable, the book went further to give the advantages and disadvantages of different strategies offered. Readers will also get detailed answers on a few questions they may have while reading.
Furthermore, employing personal stories after each strategy, including mistakes he made, was another highlight of the book for me. This made things a bit more practical, as I could see how the strategies could be applied in real life. The book was well edited. I found just one error throughout the book, and the importance of an error-free book to the flow of my reading cannot be overemphasized.
There was nothing to dislike about Bootstrapping 101. I could call this book a complete self-help book. The book also samples the famous case study on the author’s company, R&R, which is studied in MBA programs in schools. The proper execution of the book means that awarding a rating of 4 out of 4 is well deserved. Anyone who is thinking of starting a business or already has a startup business should definitely consider reading this book. I will certainly be revisiting this book in the near future.
This article was posted by the HBS Alumni Bulletin about the case study on Bob Reiss’ company, R&R.
