There are several strategies entrepreneurs can use to manage high initial costs:
Bootstrapping: Using personal savings and revenue generated from the business to minimize reliance on external funding. Lean Startup: Implementing a lean startup methodology to validate business ideas quickly and efficiently, reducing unnecessary expenditures. Grants and Subsidies: Seeking grants and subsidies from government agencies or private organizations to offset initial costs. Crowdfunding: Raising small amounts of money from a large number of people through online platforms. Partnerships: Forming strategic partnerships to share resources and costs.