A good book for first time entrepreneurs who start their companies without raising funding. The main theme is "You don't learn until you launch" and hence you should try to launch as fast as possible.
I can relate many mistakes I made mentioned in the book. I still sometimes struggle with overthinking but I am getting better every day.
Startup's success is a combination of idea, execution and hustle.
Avoid Idea validation technique
- Creating a landing page is not enough
- Email signup does not indicate purchase intent
- People who say it's a good idea does not mean it.
- Tech press coverage does not work
- Target survey does not work. People don't know what they want until they are forced to open their wallet
- Pre-selling is a flawed experiment.
- The concept of validation is too simplistic
Work more efficiently
- Set a deadline for everything you do. You will work more efficiently
- Avoid being a wandepreneur, who cannot launch
7 pre-launch tasks
- Define your MVP
- Create a business name
- Landing page
- Get enough people for your business
- Measure what success means to you
- You have to launch
1. 9 Elements of bootstrapped idea
Product founder fit && An asset you can sell are the most important ones.
In the long term, the businesses that stand out are the most creative ones.
Creation doesn't just happen one day in the future when you think the time is right. It's something that the best companies and the smartest entrepreneurs do every day.
Don't try to be Steve Jobs until you have at least one successful exit.
An MVP is a product that customer can pay from day 1.
3. Choose a business name
- Is it take?
- Is it simple?
- Sound good?
- Do you like it?
- Is it sensible
- Is it broad?
Try to answer all the question but don't spend to much time on it
4. Build a website in one day for under $100
Buy a domain, use Wordpress to setup a website and landing page
5. Day 5-10: market your product
Build a business with growth in DNA
- Profit margin
- Large market
- Asset Building
- Simple business model
- MRR or predictable revenue
Business rules to live by
- Test every assumption. You'd better off launching quickly and learn from data rather than relying on assumption.
- Solve problems as they arise. Lots of business owners solve problems they don't have.
- Do what you say you would do.
- Benchmark against the best (after launching)
- Outlearn the competition
- Always consider how your business would look without you.
- Look for sources of momentum. Do more what is working.
- Manage motivation. Make sure that you are excited by Monday rather than Friday.
Have an "abundance to go" saying. For example, "There are 70M WordPress websites. Surely there are 500 of them who will pay $69/month to make sure they don't have to worry about their site". That keeps you motivated.
- Cull difficult customers
- Focus on Retention
- Love your work.