Management Without Investors: Control, Risk, and Strategic Decisions Leading to an Exit Strategy for Bootstrapped Startups

Miranti Puspaningtyas; Tatas Ridho Nugroho; Dwi Narullia; Elman Prastyo; Devita Hidayatul Jannah; Diaz Ananda

doi:10.55927/eajmr.v4i11.468

Authors

Miranti Puspaningtyas Universitas Negeri Malang
Tatas Ridho Nugroho Universitas Negeri Malang
Dwi Narullia Universitas Negeri Malang
Elman Prastyo Universitas Negeri Malang
Devita Hidayatul Jannah Universitas Negeri Malang
Diaz Ananda Universitas Negeri Malang

DOI:

https://doi.org/10.55927/eajmr.v4i11.468

Keywords:

Bootstrapping, Management Control, Risk Management, Strategic Decisions, Exit Strategy

Abstract

This study analyzes the application of management control, risk management, and strategic decision-making in technology-based startups that operate bootstrapping in Indonesia. Using a qualitative case study approach with a multiple case study strategy, data was collected through in-depth interviews and analysis of supporting documents. The results show that financial independence encourages trust-based control, disciplinary efficiency, and adaptive capabilities in dealing with risks. Risks are managed through operational flexibility and strict control over cash flow, while strategic decisions reflect a balance between rationality and entrepreneurial intuition. Exit strategy is interpreted as the realization of sustainable business value. The findings confirm that bootstrapping is an efficient management model that supports long-term sustainability.

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