How strongly do I recommend The $100 Startup?
5 / 10
Have you dreamed of living on a beach and running a sustainable business remotely? Then you might enjoy this.
The 100 Dollar Startup book consists mostly of inspirational startup stories, particularly in content and service businesses. If you’re looking to start a side hustle, read The 100$ Startup and pair it with The E-Myth Revisited for more practical advice on operating a small business.
Top Ideas in This Book
The businessman who perfected finding the cheapest flights. The woman who transitioned to a plant-based diet. The guy who learned how to program spreadsheets.
Like them, you have developed skills that others would pay to learn if you package them correctly.
Innovation is intimidating and sets a high bar for launch. On the other hand, usefulness is incremental and easier to achieve.
When developing a content or service business, think about usefulness and test your offer against actual people with money.
When you start a small business, you now have several jobs: marketer, accountant, salesperson, creator, account manager, the list is never ending.
Most of those have nothing to do with making money or growing a viable business. Focus on the ones that bring in dollars.
To build a successful business, you need to do the work. Yes, many companies can be started from home or an island destination with an internet connection but you still need to hustle.
When you admit that your product has shortcomings, potential buyers are more likely to trust you.
Set your price accordingly. As a rule of thumb, you should probably increase prices. Lots of entrepreneurs underprice their products and services then enter into a spiral of losing money, hoping to make it up in volume that never materializes.
Accountants offer valuable services, but their skills are not particularly teachable. Selling their small accountancy would be difficult because it’s dependent on their own expertise. However, if you can teach those skills to others then your business can operate successfully without you, thereby making for a more attractive acquisition target.
The longer you allow clients to direct your business and the services you offer, the harder it is to change direction. If you’re going to start a business, you should also enjoy the work you’re doing because there will be lots of it.