NB: This is written from a technology product company perspective and what bootstrapping means for such companies.
We were a bootstrapped company for a good three years. We were obsessed by customer money first before asking investors for money.
“In general parlance, bootstrapping usually refers to a self-starting process that is supposed to proceed without external input” — according to Wikipedia.
In startup terms, Bootstrapping means generating money from within; doing some sort of a service/consulting (basically, no external funding assistance)
Here, I’m talking specifically about startups who are bootstrapping themselves with the vision of being a product company some day.
Phew. Bootstrapping is hard. Why? — because you never have enough of anything!!!
Money: You really don’t know whether you will have enough money to pay salaries or take some money for yourself for food/office etc.