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[Guest Post] 4 Pros And Cons Of Bootstrapping Your Startup

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Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.

— Tim O’Reilly

 

The first few years of a startup are critical. Period! The SBA (Small Business Administration) states that over 50% of businesses fail in the first five years of their inception.

Bootstrapping a business can be defined as the process of funding the business with internal cash and being cautious about the expenses to avoid taking external money or resources.

Millennial entrepreneurs should bootstrap their business initially to avoid unnecessary debts, limiting risks and circumventing venture capital. Due to the exponential growth in the startup sphere across the world, the venture capital possibilities are reducing severely. Similarly, due to the high-interest rates on student loans and mortgages, it is advisable to bootstrap your business to limit such expenses.

The following are the pros and cons of bootstrapping your business:

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Top Tips – 5 Ways A Virtual Office Will Revolutionise Your Business

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*Contributed by Sarah Williams.

Everywhere revolution is happening. The whispers that surround typical office conversations related to moving to an online platform have become reality, a virtual reality. The daily commute that in previous times would leave American freeways crammed at rush hour, has decreased because many seek the comfort of remote work. Offices sitting in many high rises in some of the more popular cities are increasingly becoming vacant as professionals find new and innovative ways to work.

On first glance, one would assume that the American economy is suffering from a recession. However, the reality is that many offices in the United States have moved from a physical space to virtual offices. The virtual office format is much more forgiving to your budget simply because you do not spend as much time in the office as a result of a pay-as-you-go system. Plus, it has transformed modern business.

Continue reading for more information on how the virtual office has transformed business.

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7 Best Growth Mindset Habits That Will Help You Achieve Great Things

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*Contributed by Brenda Berg.

Growth mindset is a belief that your skills and qualities can be improved and changed for the better. It means that you are keeping your mind open to new things and possibilities. Fixed mindset, on the other hand, is holding you back – it means that you are not open-minded and not available for change and improvement.

People can have a growth mindset in some situations but fixed one in some. This is not necessarily wrong, but if you recognize a fixed mindset in some part of your life, you should change it.

Growth mindset is something that you can implement in your everyday life simply by learning certain habits and working on making them a permanent thing in your life.

Here are some of the habits that you should consider:

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How Sleep Can Make You a Better Leader

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*Contributed by Will.

Meet Jeremy, a rising star in his company, who prides himself for waking up at 4 am almost every morning and going to bed late at night. He wants to make sure everything is properly done before he goes home from work, and is always available for a consultation even late in the evening.

Do you identify with Jeremy? Do you think he will become a wonderful team leader, accomplishing wonderful things? Many people strive for the hustler effect, where your life is neatly wrapped around your career and sleep is just something you do whenever there’s time.

After all, we all know that hard work and long hours represent the path to success, right? Well, not so much. According to recent studies, a chronic lack of sleep can make you less productive, and brings a multitude of health problems your way.

Every decision you make at work or in your day-to-day life, requires brain function, but lack of sleep leads to impaired cognitive processes and prevents the brain to function to 100%. As a result, your productivity lowers, it becomes more difficult to stay focused, and your ability to solve complex problems fast and concise lowers.

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