Nikhil Shah, founder of radio site Mixcloud, shares his tips on how to launch an online company for next to nothing and attract real talent along the way. This is bootstrapping, Mixcloud style.

"Starting your own business is like jumping off a cliff and building a plane on the way down," says Nikhil Shah, founder of Mixcloud, the online radio website that launched yesterday.

Fortunately, Shah and his co-founder Nico Perez have made this, their first venture, fly. Here's their bootstrapping guide for wannabe entrepreneurs.

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