Starting a Microbusiness: Insights from 'A $100 Startup' by Chris Guillebeau, Slides of Entrepreneurship Development

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A $100 STARTUP:

CHRIS GUILLEBEAU

Presented By:-

Mohit Pandey Nishi Jain Jyoti Rawat Deepak Kumar Aditya Vikram Singh

A $100 Startup Book Review  (^) In The $100 Startup by Chris Guillebeau discusses the challenges of starting and growing a small business, and offers a guide to help overcome these challenges. The book also aims to aid would-be entrepreneurs succeed and escape the rat race so they can live life on their own terms.  (^) All around the world, more and more people are leaving the hierarchies and rules of traditional employment to follow their passion and start their own business. Every day, ordinary people are setting microbusinesses, often with no funding, no experience, no MBA and no detailed business plans!  (^) In this book Chris Guillebeau says that, There is no reason why your business can’t attain similar success. The only things you need are a. product or service that you can sell, b. customers who are willing to pay for it, c. a method for them to pay with.  (^) The most important stage in the entire process is making the choice to act. Many successful entrepreneurs feel the greatest struggles on their journey did not come from competitors or market forces but from their internal insecurities and fears. Don’t succumb to them. Instead, make the leap.

Passion is not enough for business success; We also need customers and the right skills.  (^) Most people dream of making a living from something they’re passionate about but, The true recipe for success is to find the sweet spot where our passion s , our skills and the needs of others meet.  (^) The most important part of any business is providing value to customers. Therefore we must focus relentlessly on how we can help other people. Usually this means that we can’t turn our passion directly into a business but must work in an adjacent field where we help others follow that same passion.  (^) If we lack the skills to pursue the business of our choice than Enter “s kill transformation”.  (^) Conclusion: Not every passion can become a business. No matter how much we enjoy eating pizza, we can’t start a business out of it. But we may be able to start a pizzeria. With such opportunities, think hard about how we can provide value to people and what skills we have at our disposal.

Unexpected Entrepreneurs 1: The Beginning "You already have the necessary skills -you just need to know where to look“ The author works all his thinking based on the concept of micro-business. Small businesses, can generate great impacts. And the most important in micro-businesses is that they offer a great ability to test, launch and expand quickly, without the need for a large investment. To open up our venture, we just need an idea that we can develop and get a financial return on top of that. To find an idea, combine three factors: passion, skills, and problem solving.

3: New Demographic Factors "Business opportunities are like buses; there is always another coming. “  (^) Interpreting the above sentence, we bring the importance of always being aware of an important characteristic: the today world is constantly changing, new ideas arise and new opportunities are created.  (^) Our product cannot be seasonal, that is, it cannot appear, succeed for a while and disappear. And to avoid this, we should do a data survey, to understand our current and future customers and analyse the scenario in which we are inserted.  (^) Knowing demographic data such as sex and age is very important for analysing the data, but Chris Guillebeau states that there are other factors that we should pay attention to, such as the beliefs and values that the public has in common or even manias, fashions and trends.  (^) Data such as these give us a deeper insight into the marketplace we are in and how to work on that audience of customers, so that strategies can be traced and our product launched into the world as we will see in the overview.

Taking It To The Streets 1: The One Page Business Plan  (^) It’s time to get our idea out there, give it to the public. "If your mission statement is much larger than this phrase, it may be too long.“  (^) The start up world runs 24 hours a day, 7days a week. And in that reality, 50-page business plans are an exaggeration.  (^) So the business plan on a page is to briefly summarize what our business is selling, what its mission is, how much it charges, how it will publicize, its goals, and its challenges. The goal is that any one can read this page and understand what your brand is.  (^) But as important as itis, planning is not just about planning a business. The author states: "plan as you go, "that is, you have to act. Put your plans into practice, but always be on hand to be able to adapt to the needs of your customers.  (^) Lastly, focus on your first sale as there is nothing more exhilarating than having the pleasure of doing the first business and realizing that your product can really bring financial results to you.

3. Agitation "People need to know that you exist“ A good business, to have the necessary reach, needs to have agitation. Chris Guillebeau conducted an "experiment“ on his own and wanted to compare paid ads with free hustle.  (^) For that,over the course of a month he bought $10,000 in ads and sponsorships to promote his company. In parallel, he spent 10 hours promoting his business for free on the internet, blogging, partnering and contacting journalists, meaning he was stirring up his venture.  (^) The result? Without spending any money, he had a financial and customer return greater than spending $10,000.  (^) Of course, the hustle is not fool proof, each company will face a different reality, but when used well, it can yield great results. So, always understand the reality of your business and balance the amount of paid ads with the online bustle, because together they can take you even further.

Leverage and Next Steps 1: Thinking about the Future "Grow how much you want to grow (but not more than that)“ With your company consolidated, it’s time to expand. The author says that expanding is often easier than starting, because simple solutions can have big impacts. So, highlight the following topics for us to take our start up to success:  (^) Consider the sale of secondary products and cross-selling, to complement the experience with your product and boost sales of your company;  (^) Develop contacts, new partners and affiliates who will want to assist in your development;  (^) Be always present and work in your company every day;  (^) Monitor indicators: having control over the achievement of processes and achievement of goals is very important;  (^) Keep in mind that having a business that can expand is something very valuable.

CONCLUSION  (^) In this book, we realize that in order to develop our own company, we need to be focused on the market in which we intend to act, researching, including, new demographic factors. Do not try to sell to everyone. As you must become an expert in your customers’ business, define your market carefully.  (^) The book address the first steps in entrepreneurship, the characteristics of entrepreneurs, tell stories of success and failure, and try to show that an entrepreneur must always be prepared for adversity.