Key Points from Book: The $100 Startup

Convergence represents the intersection between something you especially like to do or are good at doing and what other people are also interested in

To succeed in a business project, especially one you are excited about, it helps to think carefully about all the skills you have that could be helpful to others and particular
Y about the combination of those skills

Passion or skill + usefulness = success

Product or service: what you sell
People willing to pay for it: your customers
A way to get paid: how you’ll exchange a product or service for money

You didn’t go to the restaurant to learn to make a new dish, you went to relax and have people do everything for you

A better way is to give people what they actually want, and the way to do that lies in understanding something very simple about who they are

Helping their clients ‘escape and be someone else’ is far more valuable than offering horse ride

When you see an ad, ask yourself: what is the most important message the company is trying to communicate?

An inefficiency in the marketplace, new technology, a changing space, side project are a business opportunities

Value: something desirable and of growth, created through exchange or effort

Value means helping people, it relates to emotional needs

Dig deeper to uncover hidden needs

Make your customer a hero

Sell what people buy

Getting started now:
Decide on your product or service
Set up a website
Develop an offer
Ensure you have way to get paid
Announce your offer to the world

Basic website contain:
The core benefit that I provide for clients and what qualities me to provide it
Two stories how others have been helped by the service
Pricing details
How ro hire me immediately

Pick something you love and build a business around it

It’s usually easier to operate a busines while roaming the world than it is to start one

These days, a number of self published works have at least as good quality as do books from big publishers

Find a topic that people will pay to learn about

Combine your materials into a product: an ebook or digital package that can be downloaded by buyers

Create an offer. What exactly are you selling and why should people take action on it?

Business opportunities are like buses, there’s always another one coming-Richard Branson

Prioritizing ideas:
Make sure you are capturing all the ideas and writing them down
Find a way to evaluate competing ideas

Don’t think innovation, think usefulness

It’s important to get started as quickly as possible and why the first sale can be so empowering

Respond to initial results. After an initial success, regroup and decide what needs to be done next

Understand that what we want and what we say we want are not always the same thing

Most of us like to buy, but we don’t usually like to be sold

Just as what we want and what we say we want aren’t always the same thing, the way we place a value on something isn’t always rational

Provide a nudge to customers by getting them to make a decision. The difference between good offer and a great offer is urgency. Why should people act now?

The worst thing you could do for a launch is to open your movie without letting anyone know

Tell a story in advertisement:
An early look at the future
Why this project will matter
The plan for the big debut
Whoa, we are almost ready
Omg, here it is

The clock’s a ticking. It’s almost over. Here’s your last chance before you lose out

If you are getting positive feedback from people who don’t buy your product but want to support you in other ways, you are on the right track

You shouldn’t assume someone isn’t interested or won’t attend or won’t buy

The more you focus your business on providing a valuable service and helping people, the more your business will grow

It’s not about keeping score or trading favors on a quid pro quo basis, it’s about genuinely caring and trying to improve someone else’s life whenever you can

It may not be a sale or partnership, but building those relationships today always comes back around for new opportunities tomorrow

In the future, marketing will be like sex, only the losers pay for it

Spend as little money as possible and make as much money as you can

The first principle is that a business should always focus on profit. The second principle is that borrowing money or investing a lot of money to start a business is completely optional

Make more money:
Price your product or service in relation to the benefit it provides, not the cost of producing it
Offer customers a limited rsnge of peices
Get paid more than once for the same thing

Adopt a fewer sales, more money concept.

Hold a contest, some people become extremely motivated about contests and giveaways

Ironically, people who pay for high end products tend to be better customers all around

Have a welcoming space in the showroom and a great display and great photos online

Raise prices regularly

Before my price increase, i was worried that no one would hire me again. After the price increase, I realized how easy it was, and i wish i had done it sooner

Outsourcing increases freedoms and allows a business to scale without the owners doing everything themselves

Fix little problems and identify small actions you can take that will create significant results over time

Partnerships and outsourcing can be a good way to build some businesses, but relying on someone else doesn’t always work out as planned

Nothing will work unless you do- maya angelou

I own my business. The business doesn’t own me

You know the right thing to do, but you let somebody talk you out of doing it

Regardless of which path you take, as your project grows in scope, you can find yourself spending all your time responding to things and little time actually creating anything

Your time is limited, so don’t waste it living someone else’s life-Steve jobs

External concerns tended to relate to money and a changing marketplace


About Journeyman

A global macro analyst with over four years experience in the financial market, the author began his career as an equity analyst before transitioning to macro research focusing on Emerging Markets at a well-known independent research firm. He read voraciously, spending most of his free time following The Economist magazine and reading topics on finance and self-improvement. When off duty, he works part-time for Getty Images, taking pictures from all over the globe. To date, he has over 1200 pictures over 35 countries being sold through the company.
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