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Bootstrapping
A resampling technique used to estimate the distribution of a statistic by repeatedly sampling with replacement from the observed data, often used to assess the stability of model estimates.
Implications
A method of starting a business with minimal capital, often relying on personal savings, revenue generated by the business, and careful cost management.
Example
Example: A tech entrepreneur bootstraps a startup by using personal savings and reinvesting initial profits back into the business.
Related Terms
Different from seeking external funding, bootstrapping involves self-funding the business and maintaining full control but with limited financial resources.
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