In March, I attended the SXSW Interactive Conference in Austin, Texas, and I had a chance to meet a few online personalities face-to-face, like former GRS staff writer Adam Baker of the Man vs. Debt blog. I also attended a session called The $100 Startup, a book reading led by Chris Guillebeau of The Art of Non-Conformity.
Long-time readers know that J.D. and Chris are good friends, which is why J.D.’s not reviewing this book. I, however, hadn’t met Chris until attending his SXSW session. I’d like to think this would make me an unbiased book reviewer, but the truth is that the guy is just instantly likeable. His session that day felt much like it did to read his book: a personal conversation with a friend who sincerely wants to help you out.
So there’s my disclaimer — nicest guy ever. Luckily for me, his book is a must-read for anyone who’s harboring a desire to start a small business (’cause how awful would it be to have to write a scathing review of a book by the nicest guy ever?).
The Book’s Beginnings
Chris has traveled to almost every country in the world and says he’s met two kinds of people, those like himself who have the time and income to live the lifestyle they want, and those who feel trapped. So he set out to extract knowledge from the first group and boil it down into specific tactics and examples.
To say he did some serious research is an understatement. More than 1,500 entrepreneurs were considered for inclusion in the book. They had to meet the following qualifications:
- Make at least $50,000 per year from their business.
- Started the business on a very low budget. (The average cost of initial investment for entrepreneurs included in the book is $610, with a median cost of $125.)
- Willing to cough up financial data and demographics.
Chris interviewed more than a hundred people, pored over more than 4,000 pages of surveys, and made hundreds of phone calls to compile the most critical lessons into a blueprint. In other words, this is not Anyone Can Start a Side Business
The Blueprint
The book is broken up into three major parts:
- Unexpected Entrepreneurs. This section covers how to connect your skills and interests with what other people want.
- Taking it to the Streets. In this section, the book digs into the details with a one-page business plan, guide for creating a “killer offer,” and how to raise funds, launch, and hustle for customers.
- Leverage and Next Steps. Here’s where you learn about how to test pricing and positioning, create a franchise, grow in line with your goals, and push past failure.
Along the way Chris uses examples and stories from the real-life entrepreneurs he interviewed to illustrate each tactic. But let’s talk specifics.
Here are my favorite takeaways from the dog-eared pages of my copy of The $100 Startup:
- Action wins. “In the battle between planning and action, action wins,” writes Chris. He’s not saying to leap without looking, he’s saying that you could spend years tweaking a plan and never get your business off the ground. Then he gives you seven steps for market testing so you can stop dragging your heels and launch already.
- Master the art of the non-sleazy hustle. Before Book review: Eventual Millionaire
The Bottom Line
If you have zero desire to start a business or if your goal is to be the founder of a big Internet startup, this book isn’t for you. But if you’re interested in starting a small business doing something you’re passionate about, I highly recommend it.
Reading The $100 Startup feels like having a coffee with a friend — a friend who gently tells you to drop your lame excuses (like needing a bank loan or a 30-page business plan), then gives you homework. It’s the book I wish I had when I was trying to find my own path to self-employment.
Source: getrichslowly.org