Here’s The 100 Startup summary. Learn how to earn a good living by combining your skills and passion. You can start and validate a business with $100 or less.
The $100 Startup author Chris Guillebeau talked with over 1,500 people who earned thousands of dollars with a modest $100 or less investment. He tells the stories complete with techniques in his book.
You will learn how to use a little amount of money to validate your business. This means you’re taking virtually zero risks. You can use online tools to get it started and running.
About the Author
Chris Guillebeau is a New York Times bestselling author who also wrote The Happiness of Pursuit, The Art of Non-Conformity, and Born for This.
One of my favorite quotes from him: “You can do good things for yourself and help other people at the same time.”
Main takeaways: The 100 Startup Summary
Let’s discuss the key takeaways from his book:
- You don’t need much to build something.
- Focus on action.
- Think of income and costs aside from your passion.
You don’t need much to build something
Yes. You might only need as small as $50 or just over 2,000 pesos to start something.
If you’re just starting, it makes sense to sell something first. Focus less on business registration and other documents. Focus more on getting customers. All the requirements won’t matter if no one’s buying from you.
With our technologies today, you can start right away. You can use Facebook to sell your products or services. You can email your friends if they’re interested in your service.
You don’t even need a website to start selling something. You can immediately reach out to your contacts.
Keep in mind that the point of it all is to know if you have paying customers in the first place. This way you’re not exposing yourself to much risks.
Focus on action
You don’t need a detailed business plan. What you need are customers and money.
Too much research and planning is a waste of time. You have your 2,000 or 4,000 pesos. There’s not much to risk. Just start and see what happens with your modest investment.
Don’t waste your time surfing the internet. You already know what to do. If you already know what you’re gonna sell, just post something in your FB and see if it works.
If you want fast results, act fast. Instead of daydreaming about your business, why not start it now? Tell the world that you sell something. If they don’t buy, at least you’re learning.
Here’s another thing. Once you see results from your action, you get more motivated. You will do more and sell more as a result. It will propel you to get better and serve more customers.
Think of income and costs aside from your passion
It’s hard to focus on passion if the ends don’t meet. In addition, it’s not sustainable. You might give up early on before you achieve massive success.
Passion is emotional. Thinking of profits and costs is rational. It’s best to combine the two if you want to get results from your business. Yes it’s only a hundred dollars. But if you want to get the most out it, think of income and costs also.
It doesn’t take much to start building something. You can start right away. But play it smart. All businesses whether based from passion or not always have to worry about profits.
The best thing is that you don’t have to take much risks. With just a small amount, you can learn a lot and possibly earn more. You can also use your passion and skills to build a business.
Here are other things you can learn from The $100 Startup:
- You don’t need an MBA or outside funding to start a business
- You are now left with no excuses to build something
- Knowing what your customers want and combining it with your passion
- Keep your day job while starting a sideline
- Focus on providing value
My personal takeaways
I realized that I don’t need much to get something rolling. I don’t need a lot of money or technical expertise to start something small. What I need is to have the courage to get started.
Starting a business sounds risky. That’s because we think of documentary requirements and large capital. But with a few thousand pesos, everyone can start.
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