How much money does it take to begin a technology startup? This was the question Chuck Sacco, Entrepreneur and Professor and Drexel University posed at the Bootstrap Your Business Seminar held on March 18. The seminar was the third in a series of business seminars and had the highest turnout yet.

Attendees proceeded to give estimates for how much it would cost to start a business, ranging from 150,000 to just a few hundred. Bootstrapping, explained Sacco, is the art of starting a business with as little money and time in order to get to the first public version of the product. The idea is to focus on the product, not on raising money, the latter of which most business owners mistakenly focus far more on.

The best startups find a problem and develop a solution. SnapChat for example was developed to solve the problem of sending pictures on social media without them staying up indefinitely. While “first world” in its nature, SnapChat has used this feature to become successful.

One motto in particular given by Chuck Sacco is to “Release Early, Release Often.” The premise of this phrase is that the main goal of a business when starting out is to get as much feedback as possible. Lack of feedback is one of the primary reasons why 80% to 90% of startups fail within 6 months.

The more frequently and sooner a business releases its product, the faster they can start to refine the product and tailor it to consumer needs. Often times, a business will start out intended for one market, but will be used for more by a different market. Noting these shifts in interest in critical to staying on top.

In order for a high school student or college student to be successful in starting their business, Sacco gave three tips.

Tip 1: Take advantage of being a college student but ask the right questions. People are more willing to help a college student than an adult. Therefore, it is a good idea to talk with several people about an idea for the business. However, it is equally important to make sure that question is phrased correctly.

Instead of asking if an idea or product is good (which most people are compelled to answer “Yes” to be polite), ask if the person would use the product, or how they would go about solving a similar problem. In addition, having minimal expenses enables a business owner to devote more time and finances toward the business.

Tip 2: Get a small team onboard and move fast. The best tech startups consist of a person who runs the financial components of the business, someone who is an expert in design, and a developer or programmer to work on the back end of the technology. In addition, speed is critical to success. The faster a business moves, the less likely it is for someone to steal their idea and the sooner that business can begin getting feedback to refine the product.

Tip 3: Consult with customers and offer additional services. By offering consulting, a business has an additional source of income and is working with potential customers. For example, a t-shirt manufacturing company could offer a consulting service where people can discuss choosing the right t-shirt design and fabric. That company would generate revenue from that service and convert their clients into customers who purchase the t-shirts.

To get a visual idea of what the course of bootstrapping a business would look like, see this visual representation.

Chuck Sacco concluded with the quote “Entrepreneurship isn’t just starting a new venture, it’s a habit of mind and an approach to life”.