Bite-Sized Review: The $100 Startup

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Title: The $100 Startup: Fire Your Boss, Do What You Love and Work Better To Live More

Author: Chris Guillebeau

Type: Entrepreneurship

Summary: A highly recommended read. It makes business seem very attainable from wherever you happen to be. Plenty of case studies of people who started small businesses with modest skills and little money, and so many good examples of the building blocks of people’s real world successes. Chris provides several comprehensive checklists and planning tools to help build your business.

Key Takeaways:

  • When brainstorming business ideas, use the principle of convergence (intersection between something you especially like to do or are good at doing and what other people are also interested in).
  • Building a business structured around your desired lifestyle is possible.
  • When you make business about helping others, you’ll have plenty of work.
  • It’s more powerful to talk about the emotional benefits your business will provide to its customers, not just the features of your product or service.
  • Always focus on what you can add or take away to improve someone’s life…and then prepare to get paid. Most people want more of some things (money, love, attention) and less of other things (stress, anxiety, debt).
  • Give people fish (“Catch a man a fish, and you can sell it to him. Teach a man how to fish, and you ruin a wonderful business opportunity”).
  • Merge your passion and skill with something that is useful to other people.
  • Effective marketing is based on invitation, not persuasion.
  • Planning is overrated — have a bias for action. Most of the case studies had a common thread of getting started quickly first before extensive planning.
  • Avoid your customer’s immediate pang of anxiety from a purchase by immediately over-delivering.
  • Be a hustler, not a charlatan or a martyr.
  • Incorporate a “Strategic Giving Marketing Plan” by giving freely.
  • You don’t need anyone’s permission to pursue a dream – stop waiting and begin it now.

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