Ep. 38 - Introduction to Bootstrap Entrepreneurship with Bijoy Goswami

Hi there folks!

Creatives Meet Business is an event and podcast series based out of Austin, Texas for artists and creatives to learn the ropes of entrepreneurship.

This episode features Bijoy Goswami who joined us in November during our roundtable event on Bootstrap. You'll actually hear from him again in two weeks! This episode is the overview of the bootstrap business model and an outstanding overview of the other forms of business models out there. Let's hop in and hear what he has to say!

• 0:00 to 1:20 - Ashland Opening Remarks and Intro of Bijoy Goswami, Founder of Bootstrap Austin
  • Link to Bijoy's Slides
• 1:21 to 4:12 - Musical Fugue and Human Fugue
  • Definition of Fugue and Framework of Human Fugue Model
  • Watch a Fugue!
  • Four (4) Basic Houses of Human Fugue 
    1. Phenomena
    2. Rights 
    3. Resources
    4. Meaning
  • Processes inside of houses to deal with each house
    1. Phenomena -- scientific methord
    2. Rights -- democracy // Produces laws
    3. Resources -- observe a problem, create a solution, sell to a customer // Produces business models
    4. Meaning
• 4:13 to 10:42 - Paths of Entrepreneurship
  • Three different paths of entrepreneurship
    1. Craft Entrepreneurship
       • Cookie cutter business - franchise
       • Easy to enter businesses, hard to differentiate
       • Present everywhere
    2. Funding-Driven
       • VCs, Silicon Valley
       • Investor is driving the whole story
       • Invests in multiple endeavors expecting very few to succeed
       • Creation of novel business models
       • Most fail
       • Hollywood Example
       • Constrained by time, unconstrained in resources
    3. Bootstrap
       • In-between these models
       • Low cost, but not implementing a cookie cutter model
       • Discovery of new business model, but using process of bootstrapping to discover the model
       • Least understood because it's the least studied
       • Term comes from Baron Munchausen pulling himself out of a swamp by his bootstraps
       • Constrained in resources, unconstrained in time
       • Austin examples - Tito's, Kendra Scott 
• 10:43 to 13:15 - Steps in the Bootstrap Map
  1. You Stage - key action is discover // get to know yourself
  2. Question Stage - key action is awaken // embark on hero's journey
  3. Ideation Stage - key action is demo // create something
  4. Valley of Death Stage - key action is sell // find customers
  5. Growth Stage
  6. Rebootstrap, no model lasts forever
• 13:20 to 16:28 - Ashland Closing Remarks
  
  • Book I'm reading - Originals by Adam Grant
    • Tempered radicalism concept from book
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  • Big thanks to Jamal Knox (audio engineer) and Chris James (composer)!

Link to Bijoy's Slides

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More on Bootstrap, so stay tuned!

Thanks!

Ashland, Creatives Meet Business