The $100 Startup

INNOVATION & Book Review

ENTREPRENEURSH Presented by Naveen Raj
IP
I have nothing to
offer but blood, toil,
tears, and sweat.
—WINSTON
CHURCHIL
 • As much as possible, connect your offer to the direct
benefits customers will receive.
• What people want and what they say they want are
not always the same thing; our job is to figure out the
difference.
• When developing an offer, think carefully about the

Quick objections and then respond to them in advance.

• Provide a nudge to customers by getting them to
summary make a decision.
• The difference between a good offer and a great offer
is urgency (also known as timeliness): Why should
people act now?
• Offer reassurance and acknowledgment immediately
after someone buys something or hires you. Then find
a small but meaningful way to go above and beyond
their expectations.
Before beginning,
prepare carefully.
—MARCUS
TULLIUS CICERO
 • A good launch is like a Hollywood movie: You first
hear about it far in advance, then you hear more
about it before the debut, then you watch as crowds
of people anxiously queue up for the opening.
• A good launch blends strategy with tactics. Strategy
refers to “why” questions such as story, offer, and
long-term plan. Tactics refers to “how” questions such
Quick as timing, price, and specific pitch.

summary • A series of regular communications with prospects

before the launch will help you re-create the
Hollywood experience with an audience of any size.
• Tell a good story and be sure to consider the question
of timeliness: Why should people care about your
offer now?
• Use the Thirty-Nine-Step Product Launch Checklist as
a model.
“Good things
happen to those
who hustle.” —
ANAÏS NIN
 The One-Page Promotion Plan
Goal: To actively and effectively recruit new prospects to your business without getting overwhelmed.
DAILY
• Maintain a regular social media presence without getting sidetracked or overwhelmed. Post one to
three helpful items, respond to questions, and touch base with anyone who needs help.
• Monitor one or two key metrics 
WEEKLY
• Ask for help or joint promotions from colleagues and make sure you are being helpful to them as
well.
•  Maintain regular communication with prospects and customers.
 The One-Page Promotion Plan
AT LEAST MONTHLY
• Connect with existing customers to make sure they are happy. (Ask: “Is there anything else I can do
for you?”)
• Prepare for an upcoming event, contest, or product launch .
ONCE IN A WHILE
• Perform your own business audit  to find missing opportunities that can be turned into
active projects.
• Ensure that you are regularly working toward building something significant, not just reacting to
things as they appear
“Money is better
than poverty, if only
for financial
reasons.” —
WOODY ALLEN
 • There’s nothing wrong with having a hobby,
but if you’re operating a business, the
primary goal is to make money.
• Going into debt to start a business is
Quick completely optional. Every day, people open
and operate successful ventures without any
summary kind of outside investment or borrowing.
• The average business can improve its odds of
success greatly by getting paid in more than
one way and at more than one time.
“Remind people that
profit is the difference
between revenue and
expense. This makes
you look smart.” —
SCOTT ADAMS
 • Moving on up by increasing income in an existing
business is usually easier than initially starting the
business.
• By making careful choices, you can often grow the
business without dramatically increasing the
workload, allowing you to scale without hiring more

Quick people.
• Easy growth options include adding a service to a
summary product-based business (or vice versa), deploying a
creative series of upsells and cross-sells, and making a
few key tweaks.
• Horizontal expansion involves going broader by
serving more customers with different (usually
related) interests; vertical expansion involves going
deeper by serving the same customers with different
levels of need.
“I’m not a
businessman;
I’m a business,
man.” —JAY-Z
 • By leveraging skills and contacts, you can be in
more than one place at the same time.
• Strategies to do this include outsourcing, affiliate
recruitment, and partnerships.
• Use the hub-and-spoke model of maintaining
one online home base while using other outposts
Quick to diversify yourself. When it comes to
outsourcing, decide for yourself what’s best.
summary • The decision will probably come down to two
things: the kind of business you’re building and
your personality.
• Carefully chosen partnerships can create
leverage; just make sure that’s what you want to
do. Use the One-Page Partnership Agreement for
simple arrangements.
“Nothing will
work unless you
do.” —MAYA
ANGELOU
 • There’s more than one road to freedom, and some
people find it through a combination of different working
arrangements.
• “Going long” by pursuing growth and deciding to stay
small are both acceptable options, and you can split the
difference by “going medium.” It all depends on what
kind of freedom you’d like to achieve.
Quick • Work “on” your business by devoting time every day to

summary activities specifically related to improvement, not just by

responding to everything else that is happening.
• Regularly monitor one or two key metrics that are the
lifeblood of your business. Check up on the others
monthly or bimonthly.
• A business that is scalable is both teachable and
valuable. If you ever want to sell your business, you’ll
need to build teams and reduce owner dependency.
Your time is
limited, so don’t
waste it living
someone else’s life.
—STEVE JOBS
 • Advice can be helpful, but you can also just
step out and take a big leap. Don’t wait for
someone to give you permission.
• More than competition or other external
factors, the biggest battle is against our own
fear and inertia. Thankfully, this also means
Quick we are in complete control of managing it.

summary • When we have a success or “moment you

knew” story, hold on to it; these experiences
are powerful and will help you later if times
get hard.
• The most important lesson in the whole
book: Don’t waste your time living someone
else’s life.
The end  Thank you for listening