The term "Bootstrapped" essentially is a play off Eric Ries' Lean Startup Methodology. And if you haven't watched Eric Ries' “Don’t Be In A Rush To Get Big, Be In A Rush To Have A Great Product” roughly 15min promo video of his new book on Tech Crunch, I'd highly highly recommend watching it right now:
Moving forward with the assumption that you are truly going "Bootstrapped" and "Lean," any time you spend outside of perfecting your product will be an inefficient use of your time.
You can read and digest for days, weeks, or even months on topics of: fair co-founder equity shares, figuring out what development platform your web application should rest on, motivating and retaining your employees, social media strategies, breaking down the cost of your startup, what type of legal entity you should form, what Angels and VC's are looking, how to make an awesome Angel.co profile, etc, etc, etc..
Before you get lost in the clutter of it all, let's get you started with the following:
- Perfect your product to market fit, make sure people really want what you're offering. Interview people who are NOT your friends and will give you candid feedback. How bad is their pain point? How great is your value proposition?
- Innovative disruptively. If the market is saturated, your execution has to be remarkable!
- Develop a super super Minimal Viable Product
- Gain traction. And then evaluate your next step