Amid the dark days of the pandemic, people began picking up new hobbies and learning new skills. Social media was filled with posts of individuals trying their hands at knitting, baking, playing guitar, and writing. Initially, the results were not perfect, with early knitting projects getting tangled, and sourdough starters failing. However, over time, people improved, creating sweaters and perfectly round sourdough loaves.
The pandemic provided a unique opportunity for adults to learn something new from scratch, a rare occurrence in our busy lives. Bootstrapped founders understand the importance of learning and embracing a growth mindset. To be successful in building a business, entrepreneurs need to adopt the Beginner’s Mindset, which involves being open to learning new skills and absorbing new knowledge. Being a beginner can lead to increased creativity and new ways of thinking.
For bootstrapped founders, their business serves as a playground where they can experiment and refine their ideas without intense pressure. Similar to how children explore a playground, founders can try, fail, and try again to see what works and what doesn’t. The freedom to experiment, readjust, and try new approaches is crucial for growth. This process allows founders to test the waters and evolve their business in a low-risk environment.
Failing is an essential part of growth, and bootstrapped founders must learn how to navigate the bumps in the road effectively. While failure can be risky, taking calculated risks is vital for learning and growth. Bootstrapped founders have the advantage of facing relatively few consequences early on, allowing them to push the envelope and learn from their mistakes. Dealing with setbacks is a crucial skill, much like how skateboarders or gymnasts train themselves to fall in a way that minimizes injury.
Bootstrapping is not the only way to launch a business, but it is ideal for founders looking to grow with their companies and develop a deep understanding of all aspects of the business. Whether it’s a pandemic hobby or launching a startup, doing something for the first time can be challenging. Embracing a growth mindset, being open to learning, and taking calculated risks are essential for success in both endeavors. Trying new things and learning from failures are critical to personal and professional growth.
