The Smell of Success
Figuring out where to save and how to bootstrap can mean the difference between the sweet smell of success and the bitter whiff of defeat.
Starting a company with nothing can be more intimidating than starting a company with millions. Fabrice Penot, the subject of this month's cover story, knows that better than anyone.
"If someone had given us $2 million to create Le Lebo, we would have spent it," he says. Penot really did start with pretty damn close to nothing: He built Le Labo, his perfume label, with little more than an idea and a lot of passion. Penot left the world of high-end retail perfume (bye-bye, Armani) to launch his own fragrance line with $30,000 in outside funding--an investment funded by a corporate bonus, a hocked car and a chorus of slammed doors.
Continue reading this article -- and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!