Everyone has dreams – part of being human is having aspirations. That said, not every goal or idea will be easily achievable, and the path to success is rarely linear.
In this article, Adam Ferrari, CEO of Ferrari Energy, speaks candidly on what it takes to launch a self-funded business venture.
What Is Bootstrapping?
In a nutshell, bootstrapping means that the business owner is self-funding the initial launch as opposed to relying on investor funding. This includes the production of the product or service and any overhead costs that the business incurs.
Can You Succeed With Bootstrapping?
While many people find this approach daunting, many well-known businesses started via bootstrapping. Companies like Dell, Facebook, Coca Cola, and even Clorox were all at one point entirely self-funded ventures.
That said, it is not an easy process. Many self-made business owners, including Adam Ferrari, will tell you that it can be a stressful and grueling process. Being in charge of financing is freeing and fantastic, but with that comes potential cash flow issues, conflicts amongst multiple founders, and a higher risk of failure. Starting a business, this way is incredibly risky and not for everyone.
Is it Worth It?
Whether or not it is worth it for you is an entirely personal decision. If you ask those who have succeeded, the answer is likely “yes.” Having a shot at success is worth fighting for, and if you have the means to do it, either by your own savings or through a loan or other method, it might be worth taking the chance.
If you take a realistic approach and understand the pros and cons, you have an excellent chance of making it work. Many people fail to even try, so Adam Ferrari and many other entrepreneurs will all tell you the same thing – “If you feel your idea is worth fighting for, do it.” You just might end up making it big!
About Adam Ferrari
Entrepreneur Adam Ferrari originally trained to become a chemical engineer, eventually completing his degree Magna Cum Laude. After gaining experience in both energy and finance, he decided to launch Ferrari Energy from the ground up. Ferrari was intent on helping educate mineral owners on how to manage their assets. With close ties to the community, Adam made it a priority to support various organizations, including Denver Rescue Mission and Next Steps of Chicago.