Final answer:
Bootstrapping refers to using low-cost or free techniques to minimize business costs, which differs from outsourcing, offshoring, crowdsourcing, and the lean startup methodology.
Step-by-step explanation:
The term for using low-cost or free techniques to minimize the cost of doing business is A. Bootstrapping. This approach involves a variety of strategies to reduce expenses and stretch financial resources without substantial external funding. Bootstrapping might include actions such as minimizing overhead costs, using open-source software, or being strategic with marketing budgets. It differs from outsourcing and offshoring, which involve hiring outside contractors or moving operations overseas, respectively, often to cut labor costs.
These practices are associated with seeking cost efficiencies by utilizing external resources. Meanwhile, crowdsourcing is a method of getting work or funding, usually online, by soliciting contributions from a large group of people. The lean startup methodology is an approach to building companies and launching products that rely on validated learning, iterative product releases, and a keen understanding of customer wants to minimize the market risks and costs associated with product launches.