The $100 Startup, 'A Book Review'
“More than a decade ago, I began a lifelong journey of self-employment by any means necessary. I never planned to be an entrepreneur; I just didn’t want to work for someone else”
“If I needed money, I learned to think in terms of how I could get what I needed by making something and selling it, not by cutting costs elsewhere or working for someone else”
“What if you could achieve your own life of freedom by bypassing everything you though was a prerequisite?”
-Chris Guillebeau, The $100 Startup
The $100 Startup is the book about business I wish I read at the start of college, and every day since. It cuts to the ‘meat’ of what it means to start a ‘microbusiness’ or side hustle.
It is written in a way that gets you to act, NOW!!!
The world is changing, I believe the pandemic has propelled a world where everyone will need to be more self-reliant and have alternative sources of income, that leverage their talents, passions, and experiences.
10 Favorite Quotes and Lessons
1. “A microbusiness is a business typically run by only one person. Where passion or skill meets usefulness, a micro business built on freedom and value can thrive”
2. “The quest for personal freedom lies in the pursuit of value for others. Always ask, “How can I help people more?””
3. “To start a business, you need three things: a product or service (what you sell), a group of people willing to pay for it (your customer), and a way to get paid. Everything else is completely optional.”
4. “To succeed in a business project, it helps to think about all the skills you have that could be helpful to others and particularly about the combination of those skills.”
5. “When considering an opportunity, ask: “Where is the business model? i.e., how do I make a profit?”
6. “Find out what people want and find a way to give it to them. As you build a tribe of committed fans and loyal customers, they’ll eagerly await your new offers, ready to pounce as soon as they go live.”
7. “Whether it’s money, access to help, or anything else, you probably have more than you think. How can you get creative about finding what you need?”
8. “A good launch blends strategy with tactics. Strategy refers to “why” questions such as story, offer, and long-term plan. Tactics refers to “how” questions such as timing, price, and specific push”
9. “If you’re not sure where to spend your business development time, spend 50 percent on creating and 50 percent on connecting. The most powerful channel for getting the word out usually starts with people you already know”
10. “Don’t wait for someone to give you permission”
11. (BONUS/MOST IMPORTANT) “Don’t waste your time living someone else’s life”
Besides these awesome lessons, the $100 Startup provides useful tools such as The Decision Matrix (to decide between different ideas), The One-Page Business Plan, and The One- Page Promotion Plan. You can download a free template at 100startup.com. You can also read examples of people who have started their own $100 Startups at sidehustleschool.com
If you can, get the $100 Startup, read it and thank me later.
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