What is meant by the term "bootstrapping"? Provide several examples of the ways that entrepreneurs bootstrap to raise money or cut costs?
What will be an ideal response?
Bootstrapping is the use of creativity, ingenuity, and any means possible to obtain resources other than borrowing money or raising capital from traditional sources. There are many ways entrepreneurs bootstrap to raise money or cut costs. Some of the more common examples include:
• Buy used instead of new equipment
• Coordinate purchases with other businesses
• Lease equipment rather than buying
• Obtain payments in advance from customers
• Minimize personal expenses
• Buy items cheaply, but prudently, through discount outlets or online auctions such as eBay
• Share office space or employees with other businesses
• Hire interns
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In the Anchor Motor Freight case, the Supreme Court held that an arbitrator's decision is subject to reversal by a federal court when
a. a union does not provide fair representation to employees involved in arbitration. b. civil rights issues are involved. c. his or her award is unfair. d. past practice is applied by the arbitrator.
If a politician wants to run for office because she is motivated by a need to have a positive impact on government and influence her environment, which of McClelland's needs best describes what is motivating her?
a. physiological b. affiliation c. achievement d. security e. power