http://techcrunch.com/2010/05/01/advice-from-founders-who-bootstrapped-their-way-to-success-2

Advice From Founders Who Bootstrapped Their Way to Success
by Vivek Wadhwa on May 1, 2010

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It was founded in 2000, after Nickell, then a 20-year-old web developer, won a t-shirt-design contest. With an investment of $1000, he built a website to which people submitted t-shirt designs, and the favorites were printed in limited-edition runs. In 2006, the company had gained traction, was generating nearly $10 million in revenue, and took a small investment from Insight Venture Partners.

My Q&A with Jake:

Would you have taken a VC investment if you could have, when you started?

Definitely not, as I was starting a hobby and not a business. It’s kind of like asking if I would consider a VC investment to help me start learning to skateboard. Sure, I’d spend a couple hundred bucks on a board, some pads and maybe some materials to build a ramp, but I’m not looking for millions or even hundreds or tens of thousands to just create something for fun. Even if I was starting a business, I don’t think I was raised that way or have that type of personality. I didn’t even have my first credit card until I was maybe 23, so I really just don’t do well with spending money I don’t have.

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This timely post reinforces my formula points #5 and #6. (imho)

Success for your generation is:

{Extraneous Deleted}

(5) one or more internet based businesses — your store is always open;

(6) a free time hobby that generates income;

{Extraneous Deleted}

In the cited example, the hobby became his internet business and it carried him away. We should all be so lucky.

But don’t over look the essential point, bootstrap a hobby into a source of income.

Thanks to my old workmate Vivek. Guess I should have listened to him more when we worked together. Who knew he was so smart?

(Sotto voce: He didn’t seem that smart at the time.)

ROFL!

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