The $100 Startup

The $100 Startup
Good starting point for entrepreneurs, broken down for an easy read, full of short stories, similar to The 4-Hour Workweek

The $100 Startup

Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
by Chris Guillebeau

Read:  2017-11-27, Rating:  6/10.

My Thoughts:

Good starting point for entrepreneurs, broken down for an easy read, full of short stories, similar to The 4-Hour Workweek

My Notes:

You just need a product or service, a group of people willing to pay for it, and a way to get paid.

A better way is to give people what they actually want, and the way to do that lies in understanding something very simple about who we are. Get this point right, and a lot of other things become much easier.

Ask three questions for every idea: a.How would I get paid with this idea? b.How much would I get paid from this idea?
Is there a way I could get paid more than once?

Strategy 1: Dig Deeper to Uncover Hidden Needs

Strategy 2: Make Your Customer a Hero

Strategy 3: Sell What People Buy

The more you can market a core benefit instead of a list of features, the easier it will be to profit from your idea. Core benefits usually relate to emotional needs more than physical needs.

Since you probably won’t have forty hours of billable work every week, charge at least $100 an hour or a comparable fixed rate for the benefit you provide.

You can create, customize, and download your own “Instant Consultant Biz” template at 100startup.com.

you usually don’t get paid for your hobby itself; you get paid for helping other people pursue the hobby or for something indirectly related to it.

Reality Check Checklist Questions for You

  • Instead of just during your free time, would you enjoy pursuing your hobby at least twenty hours a week?
  • Do you enjoy teaching others to practice the same hobby?
  • Do you like the ins and outs (all the details) of your hobby?
  • If you had to do a fair amount of administrative work related to your hobby, would you still enjoy it

Questions for the Marketplace

  • Have other people asked for your help?
  • Are enough other people willing to pay to gain or otherwise benefit from your expertise?
  • Are there other businesses serving this market (usually a good thing) but not in the same way you would?

You’re trying to build a business, not just a hobby, a better method is to ask if they’d be willing to pay for what you’re selling.

What is your biggest problem with ______?

What is the number one question you have about _______?

What can I do to help you with _________?

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