Extra Credit: The $100 Startup

I read the recommendations made by Erik Hanberg called the $100 Startup by Chris Guillebeau which discussed the challenges of starting and growing an idea for a small business as well as offer solutions to overcome challenges with starting a company. The book discussed several key concepts regarding starting a business and things to consider. The book starts out with the initial stages of starting a business. The world is changing and technological advances allow products and services to be launched cheaper and faster. Guillebeau also expressed the importance of merging passion for a product or service with something others will value and pay for.

The book continues with strategic and marketing considerations and how an idea doesn’t have to be the next groundbreaking idea; just has to be a solution to a problem or something people are willing to pay for. Learning your customer base is important such as interests, passions, and values. Now once you’ve made your considerations, the book gives your tips on getting underway; the book emphasizes on how getting startup capital is not necessary and how you should try different things to figure out what you’re doing.  The funniest line I read in the book was on page 147, which said, “Advertising is like sex, only losers pay for it.”

The book goes on talking about getting sales and gaining revenue. Being able to connect your offer to customer’s benefits is extremely important because the customers are who make the product. The product sometimes sells itself but without clients, you have a product with no direction. The author interestingly talks about creating hype around launching a product and all the detail that entail that realm. Get out and mingle by presenting your product. The author stresses on the fact of working ON your business, not just IN it. The book also gives examples of a 140-character mission statement, which is basically a tweet. Being able to summarize the value and mission of your business in few words really shows the focus and dedication of your business.