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Bootstrapping

Bootstrapping is the process of starting up a company or setting up a business with insignificant capital by entrepreneurs. Such process is a rather lengthy process as founders have to have a clear vision of their business, a so-called elevator pitch, long- and short-term strategy of entering the market and overcoming obstacles, a developed business-model, starting capital, and a beta-version of the product that should have some unique features and characteristics. Founders have to possess an understanding of the situation on the market and consumer behavior in order to be able to successfully compete with their rivals on the market.