I discovered The $100 Start-up in a blog post. The title, $100 intrigued me. I asked, “really, $100…. that’s all?” I was excited to read it. And guess what!! It is possible! You don’t need an MBA, venture capital, business loan, or a detailed plan to start a business. All you need is a product/service, a group of people willing to pay for it and a way to get paid.
The $100 Start-up is a blueprint for starting and running your microbusiness.
Each chapter starts with a quote and a one-line impetus that sums up the chapter. The contents are structured in the following way:
- A one-line impetus with a quote
- Stories of entrepreneurs and their micro-business
- Theoretical content followed by strategies, tips, a checklist to implement
It’s a valuable read. Knowledge is vast.
The book intends to keep two important points:
- You Can’t Follow Any Passion
A counter-argument to widely preached and followed Follow-Your-Passion idea to start a business. The author argues saying, “there are plenty of things you maybe passionate about that no one will pay you for.” We need to focus on how our passion can help people and why they’ll care about what you’re offering.
2. If your hobby or passion serves as an important stress reliever, you might be better keeping your passion separate from your work.
Now what? Follow-Your-Passion or not? Don’t worry, the argument didn’t end here. It has followed up with Reality-Check List to see if the Follow-Your-Passion business is a good idea for you.
Some of my realizations are:
- Building a business today is faster and cheaper.
- I’m good at more than one thing. To succeed in a business I am excited about, I need to think about the skills I learned and a combination of those.
- A marketable idea must provide a solution to a problem or be useful so that people are willing to pay for it.
Some of my learnings are:
- Talk about the benefits customers will receive instead of features the product/service would offer.
- Don’t deliberately take advantage of every opportunity to increase income.
- Spend money only on those things that have a direct relationship to sales.
The $100 Start-up is an interesting page-turner. Halfway through the book, I asked, “Could this book help me build my book blog – Literature Rewind?” My gut answered, “Yes, it can”.
The stories of the entrepreneurs and their micro businesses were one of the impressive parts. Some of them are:
- The $120,000 E-Book: Don’t worry, the book doesn’t cost $120,000. There was no detailed user manual for people to get the most out of Evernote. Brett Kelly, a software developer created Evernote Essentials – It will show you how to use Evernote with a detailed screenshot and tutorials.
- The Yoga Studio: An awesome example of creating an offer you can’t refuse.
- Music Teacher’s Helper: Brandon with his interest in piano and technology, solved the disorganized music teacher’s problem. His platform handles the scheduling and billing, sending reminders, rescheduling leaving the music teachers to teach only music.
The $100 Start-up is probably everything you will need to know about starting and running a micro business. It was a great learning experience. It’s a must-read for those who want to build something that people will value enough to pay for and apply the lessons to create your way of living.