BeanJockey - Bootstrapping Your Startup
-
date post
17-Oct-2014 -
Category
Business
-
view
322 -
download
2
description
Transcript of BeanJockey - Bootstrapping Your Startup
BootstrappingYour Start-UpSteve SaldanaFounder @BeanJockey
The smartest way to repay your loans...
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Agenda
Introduction
What is BeanJockey?
Bootstrapping tips and advice
Summary
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
About Me
Steve Saldana
GE Capital
SunGard
Boston University
BS/BA - Finance & Entrepreneurship
Chartered Financial Analyst (CFA)
Financial Risk Manager (FRM)
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
The business model of the majority of financial services companies relies on exploiting the fears, emotions, and lack of intelligence of customers. The worst part is that the majority of customers will never realize this.
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
What is BeanJockey?
BeanJockey shows people the best way to allocate extra payments on their loans...
...such that they pay the least amount of interest in the long run
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
What is BeanJockey?For people who have a lot of debt...
Mortgage
Student Loans
Credit Cards
Car Loans
...but also have the ability to pay more than the minimum payments on their loans
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Why BeanJockey is Needed
US household consumer debt
$11.2 trillion outstanding balance
CLP 5.600.000.000.000.000
$660 billion annual interest payments
$6,000 per household per year in INTEREST
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Bootstrapping = keeping control of your company
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
If you bootstrap your business, you have the ability to focus on innovation and take risks without needing to convince others
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Bootstrapping, by definition, means you will be required to do many things on your own
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
You will wear multiple hats...
Chief Executive Officer
Chief Marketing Officer
Chief Technology Officer
Chief Operations Officer
Chief Financial Officer
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
You are your own boss, so take advantage of the flexibility to do whatever you want
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
You will need extreme confidence, the ability to manage stress, and the skills to build a business
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Where to get money?Try to save as much as possible
Family members
Close friends
Prepaid customers
Revenue = the best source
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
There is no shame in bootstrapping. Ignore the pressure to raise funds / issue equity
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Software businesses are easier to bootstrap - there is a lot of high-quality, free, open-source code out there
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Seek free software/services
Amazon Web Services vs. Heroku
Google Analytics vs. KISSmetrics
Google Web Fonts vs. Typekit
d3 vs. Highcharts
Blood, sweat and tears vs. outsourcing
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
You won’t have the time or money to make a perfect product - start small and iterate over time
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Start planning your transition 12-24 months in advance
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Plan milestones during your development and stop building if they are not met
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Set realistic goals and expectations for yourself and your business
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Don’t ever lose sleep because of $ problems
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Make sure your business partners agree with your new bootstrapping lifestyle
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Lessons Learned
Start thinking about how you are going to make money from day 1
Have a good team that are all working hard to make the business a success
Solve a real-world problem that will benefit a lot of people
Money isn’t everything
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Don’t do what I am saying just because I am saying it. You need to think on your own
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Is raising money what defines success?
http://finovate.com/2013/10/quantopian-raises-67-million-in-series-a-round.html
http://finovate.com/2013/09/prosper-brings-in-25-million-adds-blackrock-as-investor.html
http://finovate.com/2013/09/numbrs-ag-earns-38-million-in-funding-from-parent-centralway.html
http://finovate.com/2013/08/lendio-raises-more-than-4-million-in-series-b-round.html
http://finovate.com/2013/10/third-quarter-2013-funding-for-finovate-alumni----more-than-171-million-raised.html
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Helpful Links
http://37signals.com/bootstrapped
http://pandodaily.com/2013/10/06/a-bootstrapped-startups-freelancer-dilemma/
http://www.youtube.com/watch?v=HlHl6ZD6wlg
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Want to [email protected]
linkedin.com/in/stephensaldana
beanjockey.comfacebook.com/beanjockey
This presentation is available at: bit.ly/xxxxxx
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
Appendix
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup
October 9, 2013 https://beanjockey.comSteve Saldana | BeanJockey | How to Bootstrap Your Startup