BZ Book Review 21: <Never Get a "Real" Job> by Scott Gerber
Key Takeaways
1. Entrepreneurship is not easy, so it is better starting by preparing for the worst. These are the 4 steps for you to prepare for the rock bottom.
Evaluate the pros and cons to try to assess the risks
What’s the worst-case scenario and consequences if things don’t work out the way it should
Consider if the thing you are considering doing right now will stand as a good idea at any given time especially when you look back.
Always have a plan B. Sometimes plan B may be Plan A instead.
2. Make use of what you have will get your startup up and running
Start by showing who you are. what are you interested and what is your expertise in? It is easier to live as your true self.
Same goes for the resource you have. Understand what kind of resources you have and make the full use of them. Materials, capital, connections included.
After understanding who you are and what you have, you need to make sure you can deliver. For an entrepreneur who just starts, you need to wear whatever hats there are and put in the hours.
3. A one-paragraph business plan is a living, lean and actionable business plan. The plan gives you can action strategy that change and grow with your company.
Start by answering the following fundamental questions: what is your product or service? who are your targeted customer? what is your immediate revenue generating strategy?Answering each question with maximum one or two sentences. Each answer is a hypothesis for your business then you will have a rough business plan.
Next, turn those business plan into action steps (Guess and Checklist). For each hypothesis, come up at least 5 points of actions to follow up.
Whenever you complete a step on the checklist, evaluate it. What worked? what did I learn? I can I modify for future reference? Is the hypothesis true, false, or inconclusive?
4. Do I need a “partner in crime”?
Ask yourself this question? do I really need a partner? can he or she bring something to the table that I cannot? If yes, does partnership have to be involved or can I hire someone else to do the same thing.
Is a standard partnership the best business model for you? if licensing or join venture a better plan?
If partnership is the best way to go, what is your best perspective partner? It is like a marriage, you need to have your ideal partner and look for one with all those criteria in mind.
Make sure your vision and responsibilities are clear and get everything in writing.
5. Entrepreneurs do not have a normal lifestyle - instead they design their own.
In the beginning, you will be at your maximum hustle, wearing all the hats there are to wear. (great learning process of every aspect of the business and you will find yourself grow the most)
How to find out your ultimate work schedule or style,
Work and hustle for the entire month. Write down all the success and failure, keep track of your schedule.
Next, categorize all the success into the following three buckets - strategic planning, internal operations, and revenue generating.
Figure out what is your best time for doing what categories, redesigning and tweak your schedule to fit your best work mode
Keep making adjustment to your power routine until you are sure it is perfect. Then commit to that plan.
6. Networking - Ask people out for Lunch
Think about what kind of questions you need to answer and what kind of information you need. Brainstorm the connections you have and a list of people you should reach out to.
Pick 10 people from your list and invite them out for lunch. Prepare what you want to ask ahead of time and stick to it.
At the end of the lunch, may ask what other people they recommend you meeting to answer similar or other questions.
7. Marketing - Get your name out there
Come up with your brand language, which includes the keywords and phrases that describe your business.
Active your business language and choose the best distribution channels.
Keep your marketing goal clear and targeted.
