June 28, I've spent the past 10 years traveling the world, initially on a quest to visit every country all ! Along the way, I often meet with entrepreneurs and small-business owners, seeking to understand how they've built their projects. I'll admit a bias: My favorite stories are from people who didn't go to business school and didn't go into debt. Instead, they hacked away at a project until it proved fruitful. How did they do it?
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June 28, I've spent the past 10 years traveling the world, initially on a quest to visit every country all ! Along the way, I often meet with entrepreneurs and small-business owners, seeking to understand how they've built their projects. I'll admit a bias: My favorite stories are from people who didn't go to business school and didn't go into debt.
Instead, they hacked away at a project until it proved fruitful. How did they do it? Here are seven lessons we can learn from them. Follow some passions but not all.
Can you do everything you love and make it into a business? Probably not—I've yet to find someone to pay me for surfing the Internet all day and eating pizza at night, two skills I've been developing for a long time. Yet when you look at successful entrepreneurs, you do see a common theme of passion and excitement. They love what they do—and they love how it's not only good for themselves, but also valuable to others. In other words, they've found convergence between passion and value.
Successful people focus on the blend between what they love and what other people care about. She was good at her job, often receiving compliments and big tips from customers. Divide your time between work and talk. Yes, you should work hard on creating products and services—but you also shouldn't hesitate to get the word out. Every day, I keep two lists in front of me: what I need to accomplish, and who I need to keep up with. Communicating with customers and readers is part of the job, not something to be delegated.
Bootstrap and fast-track … always. Failure is overrated. Many of the unexpected entrepreneurs I met had experienced numerous false starts and made plenty of mistakes. But because they didn't invest a ton of money in the beginning, and because they started quickly, the false starts and mistakes weren't crippling. In event of initial failure, they were able to regroup and give it another go.
Invest in winners. The time to invest in your business is after you've seen the initial success. Once a project is up and running, that's when you look to see how it can become even more successful—not before.
Focus on organic growth over traditional advertising. Almost none of the success stories in the three-year study grew their business through traditional advertising. Instead, they focused on making a great product or service and then growing the business through word of mouth. Relationships came first, then growth. Only rarely did they then choose to invest in paid ads. Choose lifestyle. It's your life! You make the rules! As a business grows, the founder can find herself spending more and more time doing things she didn't plan on.
Not every business has to scale. Some people deliberately choose to operate as a lifestyle business, earning a good living and serving clients well, but without trying to create a huge company.
All over the world, people are asking themselves how they can truly create the kind of work they love—and then they're doing something about it. Wherever you are, there's never been a better time to start or grow a small business. Take the leap!
Forge ahead! Skip to content. Menu Menu. United States Change Country. Help Log In. Cash Back Rewards Home. Business Cards. View All Business Cards. Compare Cards. Corporate Card Programs. For Startups. For Large Companies. Payment Solutions. International Payments. Employee Spending. Vendor Payments. Automated Payments. View All Payment Solutions. Managing Money. Cash Flow. Getting Customers. Customer Relations. Digital Tools. Social Media Strategy. Building Your Team.
Company Culture. Planning for Growth. Growth Opportunities. Find a Solution. It's a microbusiness revolution, and we're still in the early days. Photos from top: iStockphoto, Thinkstock. Want to Dig Deeper? About the Author.
Book review: The $100 Startup
7 Key Lessons from The $100 Startup
We may earn a small comission from the companies or products mentioned in this post. We post up to 10 new summaries every month in various categories. Join our FB-group. Have you ever thought of quitting your nine-to-five and start your own business?
Limited Time: The $100 Startup Is Just $1.99 from Major Booksellers
In addition to the U. In Korea I had my face added to a billboard! A page out of the Japanese anime version of The Startup detailing one of the case studies I featured. Even now it continues to sell 1, copies a week very consistently.
The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
Imagine that today is your final day of working for anyone other than yourself. All over the world, and in many different ways, thousands of people are doing exactly that. They are rewriting the rules of work, becoming their own bosses, and creating a new future. Rather, he has a special genius for turning ideas into income, and he uses what he earns both to support his life of adventure and to give back. In nearly all cases, people with no special skills discovered aspects of their personal passions that could be monetized, and were able to restructure their lives in ways that gave them greater freedom and fulfillment. All you need is a product or service that springs from what you love to do anyway, people willing to pay, and a way to get paid.