The $ 100 Startup- A Complete Book Review and Summary
- Book Name – The $ 100 Startup
- Author – Chris Guillebeau
- Born – 4 April 1978
- Nationality – American
- Website – www.chrisguillebeau.com
- Profession – Author, Entrepreneur, Blogger, and Traveller
- Spouse – Jolie Guillebeau
- Book Published – 2012 May 8
- Pages – 304
Chris Guillebeau is an Author, Entrepreneur, Blogger, and Traveller. During a lifetime of self-employment and ventures ranging from online publishing to volunteer work in West Africa. He visited every country in the world before the age of 35. Host of the World Domination Summit, an international gathering of creative people, Chris is focused on encouraging individuals to live fulfilling lives with inspiring and practical advice. His main website, www.chrisguillebeau.com, is visited by more than Three Lakhs people a month.
His popular book:
- The Art of Non-Conformity: Set Your Own Rules, Live the Life You Want, and Change the World – 2010 Sep 7
- The Happiness of Pursuit: Finding the Quest That Will Bring Purpose to Your Life – 2014 Sep 9
- Born for This: How to Find the Work You Were Meant to Do – 2016 April 5
- Side Hustle: From Idea to Income in 27 Days – 2017 Sep 19
- 100 Side Hustles: Unexpected Ideas for Making Extra Money Without Quitting Your Day Job – 2019 June 4
- The Money Tree: A Story About Finding the Fortune in Your Own Backyard – 2020 April 7
The $100 Startup Book Review :
- This book is for: Those who take action and those who provide the inspiration.
- The $ 100 startup is a twofer: It is a kick in the pants to get started on your dream and a road map for finding your way once you begin.
- The money you have is enough. The author makes it crystal clear: there is no excuse left.
- Start. Start now, not later. Hurry.
- Delivers exactly what a new entrepreneur needs: road-tested, effective, and exceptionally pragmatic advice for starting a new business on a shoestring.
- This book is more than a how-to guide, it is a how they did it guide that should persuade anyone thinking about starting a business that they don’t need the fortune to make one.
- It is reading for the solopreneur.
Part-1 Unexpected Entrepreneurs:
- You already have the skills you need you just have to know where to look.
- Microbusinesses are not new; they have been around since the beginning of commerce.
- What is changed, is the ability to test, launch, and scale your project quickly and on the cheap.
- To start a business, you need three things: a product or service, a group of people willing to pay for it, and a way to get paid. Everything else is completely optional.
“The need for change bulldozed a road down the center of my mind.”~ Maya Angelou
- If you are good at one thing, You are probably good at other things too. Many projects begin through a process of “skill transformation,” in which you apply your knowledge to a related topic.
- Most important: merge your passion and skill with something that is useful to other people.
2. Give them the fish:
- Value means “helping people.” Our unexpected entrepreneurs discovered that when they focused on providing value above all else, their businesses successful.
- Give people what they really want, not just what you think they should have. Give them the fish!
Catch a man fish, and you can sell it to him. Teach a man fish, and you ruin a wonderful business opportunity.”~ Karl Marx
- The more you can market a core benefit instead of a list of features, the easier it will be to profit from your idea. Core benefits usually relate to emotional needs more than physical needs.
- Most people want more of some things (money, love, attention) and less of other things (stress, anxiety, debt). Always focus on what you can add or take away to improve someone’s life… and then prepare to get paid.
3. Follow the fashion…May be:
- As in the examples of Gary and Benny, good businesses provide solutions to problems: “What do I do with all these extra frequent flyer miles?” “How can I easily learn a new language?”
- Many follow your passion businesses are built on something indirectly related, not the passion or hobby itself. When considering an opportunity ask: “Where is the business model?”
“Passion, through a bad regulator, is a powerful spring.”~ Ralph Waldo Emerson
- Get paid to do what you love by making sure it connects to what other people want.
- Not every passion or hobby is worth building into a business, and not everyone will want to have a business that is based on a passion or hobby.
- You can establish a specialized consulting business in one day the more specific, the better.
4. The rise of the roaming entrepreneur:
- ‘‘Location, location, location” is overrated.
- Roaming entrepreneurs are everywhere these days. Many of them are quietly building significant (six figures or higher) businesses while living in paradise.
- Just as not every passion leads to a good business model, a lot of people pursue the nomadic lifestyle for the wrong reasons. The best question to answer is: What do you want to do?
“A desk is a dangerous place which to view the world.”~ John Le Carre
- There are many roads to location independence, but the business of information publishing is especially profitable.
- Find the convergence between what you love and what other people are willing to buy, remember that you are probably good at more than one thing, and combine passion and usefulness to build a real business no matter where you end up living.
5. The new demographics:
- Who are your people? You don’t necessarily have to think of them in categories such as age, race, and gender. Instead, you can think of them in terms of shared beliefs and values.
- Your customers all have something in common, but it has nothing to do with old-school categories.
- You can often follow a fad, craze, or trend by establishing yourself as an authority and simplifying something about the process for others hoping to benefit from it.
“Business opportunities are like buses; there is always another one coming.”~ Richard Branson
- Use surveys to understand customers and prospects. The more specific, the better. Ask: “What is the number one thing I can do for you?”
- Use the decision-making matrix to evaluate multiple ideas against one another. You don’t have to choose only one Idea, but the exercise can help you decide what to pursue next.
Part-2 Taking It To Streets:
6. The one-page business plan:
- If your mission statement is much longer than this sentence, it could be too long.
- “Plan as you go” to respond to the changing needs of your customers but launch your business as soon as possible, with a bias toward action.
- Nick’s first print sale provided far more motivation than the $50 he received. As soon as possible, find a way to get your first sale.
“Plans are only good intentions unless they immediately degenerate into hard work.”~ Peter F. Drucker
- Follow the seven steps to instant market testing (or the market before manufacturing method) to gauge the initial response.
- Use the one-page business plan to outline your business ideas quickly.
- To avoid overcomplicating things, explain your business with a 140-character mission statement.
7. An after you can’t refuse:
- As much as possible, connect your offer to the direct benefits customers will receive. Like the alaska coupon books, a compelling offer pays for itself by making a clear value proposition.
- What people want and what they say they want are not always the same things; your job is to figure out of the difference.
- When developing an offer, think carefully about the objection and then respond to them in advance.
I have nothing to offer but blood, toil, tears, and sweat.”~ Winston Churchill
- Provide a nudge to customers by getting them to make a decision.
- The difference between a good offer and a great offer is urgency (also known as timeliness): why should people act now?
- Offer reassurance and acknowledgment immediately after someone buys something os hires you. Then find a small but meaningful way to go above and beyond their expectations.
8. Launch! :
- A good launch is like a Hollywood movie: You first hear about it far in advance, then you hear more about it before the debut, then you watch as crowds of people anxiously queue up for the opening.
- A good launch blends strategy with tactics.
- Strategy refers to “why” questions such as story, offer, and long-term plan.
- Tactics refer to “how” questions such as timing, price, and specific pitch.
“Before beginning, prepare carefully.”~ Marcus Tullius Cicero
- A series of regular communication with prospects before the launch will help you re-create the hollywood experience with an audience of any size.
- Tell a good story and be sure to consider the question of timeliness: Why should people care about your offer now?
- Use the thirty-nine-step product launch checklist as a model.
- Not every step may apply to you, and you may want to add steps of your own.
9. Hustling: The gentle art of self-promotion:
- Advertising is like sex: Only losers pay for it.
- If you are not sure where to spend your business development time, spend 50 percent on connecting.
- The most powerful channel for getting the word out usually starts with people you already know.
- If you build it, they might come… but you will probably need to let them know what you have built and how to get there.
“Good things happen to those who hustle.”~ Anais Nin
- When you are first getting started, say yes to every reasonable request.
- Become more selective (consider the “hell yeah” test) as you become more established.
- Use the one-page promotion plan to maintain a regular schedule of connecting with people as you also spend time building other parts of your business.
10. Show me the money:
- There is nothing wrong with having a hobby, but if you are operating a business, the primary goal is to make money.
- Unconventional fundraising from Kickstarter to unlikely car loans.
- Going into debt to start a business is completely optional.
- Every day, people open and operate successfully ventures without any kind of outside investment borrowing
“Money is better than poverty, if only for financial reason.”~ woody Allen
- The average business can greatly improve its odds of success by getting paid in more than one way and at more than one time.
- Whether it is money, access to help, or anything else, you probably have more than you think. How can you get creative about finding what you need?
Part-3 Leverage And Next Steps:
11. Moving on up:
- Tweaking your way to the bank: How small actions create big increase in income.
- “Moving on up” by increasing income in an existing business in usually easier than initially starting the business.
- By making careful choices, you can often grow the business without dramatically increasing the workload, allowing you to scale wiyhout hiring more people.
“Remind people that profit is the difference between revenue and expense. This makes you look smart.”~ Scott Adams
- Easy growth options include adding a service to a product-based business or vice versa, developing a creative series of upsells and cross-sells, and making a few key tweaks.
- The horizontal expansion involves going broader by serving more customers with different interests; vertical expansion involves going deeper by serving the same customers with different levels of need.
12. How to franchise yourself:
- Instructions on cloning yourself for fun and profit.
- By leveraging skills and contacts, you can be in more than one place at the same time.
- Strategies to do this include outsourcing, affiliate recruitment, and partnerships.
- Use the hub-and-spoke model of maintaining one online home base while using other outposts to diversify yourself.
“I am not a businessman; I am business, man.”~ Jay-Z
- When it comes to outsourcing, decide for yourself what’s best.
- The decision will probably come down to two things: the kind of business you are building and your personality.
- Carefully chosen partnerships can create leverage; just make sure that’s what you want to do.
- Use the one-page partnership agreement for simple arrangements.
13. Going long:
- Become as big as you want to be.
- There is more than one road to freedom, and some people find it through a combination of different working arrangements.
- “Going long” by pursuing growth and deciding to stay small are both acceptable options, and you can split the difference by “going medium.” It all depends on what kind of freedom you had like to achieve.
“Nothing will work unless you do.”~ Maya Angelou
- Work “on” your business by devoting time every day to activities specifically related to improvement, not just by responding to everything else that is happening.
- Regularly monitor one or two key metrics that are the lifeblood of your business. Check up on the others monthly or bimonthly.
- A business that is scalable is both teachable and valueable.
- If you ever want to sell your business, you will need to build teams and reduce owner dependency.
14. But what if I fail? :
- The advice can be helpful, but you can also just step out and take a big leap.
- Don’t wait for someone to give you permission.
- How to succeed even if your roof caves in on you.
“Your time is limited, so don’t waste it living someone else’s life.”~ Steve Jobs
- When you have a successor or “moment you knew” story, hold on to it; these experiences are powerful and will help you later if times get hard.
- More than competition or other external factors, the biggest battle is against our own fear and inertia.
- Thankfully, this also means we are in complete control of managing it.
The $100 Startup book helps human beings to:
- The most important lesson in the whole book: Don’t waste your time living someone else’s life.
- Earn a good living on your own terms, when and where you want.
- Achieve that perfect blend of passion and income to make work something you love.
- Apply crucial insights from 50 ordinary people who made it work with $ 100 or less.
- The book aims to assist would-be entrepreneurs to succeed and escape the routine in order that they can live life on their own terms.
- Keep your plans simple, because action beats them whenever.
- To succeed, merge your passion and skill with something that’s useful to people.