In this post, we are going to review Inc. Start a Successful Business by Colleen DeBaise, published by American Management Association. The name may sound cliché, but there is something unique about this book. It follows a scientific approach, including inspirational startup stories, interviews with founders, and recent data that makes it valuable.
There are role model entrepreneurs who build successful startup empires from the hillside to the mountain’s peak. So it requires a unique approach, and the book attempts to find it.
The difference between you and celebrated ones is information – secret sauce recipe. They know how to go from point A to point B. Book explains this route through seven stopover points:
- Come up with a brilliant business idea
- Select the best strategy and structure for your startup
- Figure out funding
- Get the word out and get the customers
- Dig deep to discover customers’ wants and needs
- Become an exceptional leader
- Prepare to go global
Finding business idea💡
There is no one way to find a brilliant business idea. You can find a business idea in an emerging trend, a gap in a specific market, inventive way, or based on your special skill or expertise. However, interviews with successful entrepreneurs show ideal motivation is to solve a problem or “pain point” you personally experience.
The next step is getting feedback from the people around you and your prospective customers or users. If you worry “someone will steal my amazing idea”, you can apply for patents. But if your product is not deep tech or is a variation of something already in the market, getting this will be challenging.
So there is a simple rule:
Explain people what you are doing, but then keep secret how you are going to do it.
We could not sleep because we thought it was such a good idea.”
Neil Blumenthal, co-founder at Warby Parker
It is good to have one liner which gives basic information when others ask about your product.
Strategy and structure🎯
If you think you have an excellent idea like Warby Parker co-founders and feel ready, you should figure out the strategy and structure of your business.
Firstly, you should understand your business, industry, customers, competitors, and numbers. There is a clear focus on building a competitive advantage strategy. There are too many ways to gain this power. However, 3 of them were especially obvious to me:
- Consistently lowering costs
- Differentiate your product or service. That allows you to put premium charges.
- Position yourself in terms of Scope.
The author discusses factors to determine the legal structure. Also, there is a mention of management styles, like lean and others, as well as preparing business plans.
Figure out funding💸
One of the most overwhelming and essential part of startup development is fundraising for a significant number of founders. If the keyword is money, the first advice is to use at least simple revenue and expenses bookkeeping.
Especially in the bootstrapping method, you should be aware of fixed and variable costs. Bootstrapping means you spend your own money at least to reach a level of product development.
Also, you can check other sources such as friends and family, grants, bank loans, angel investors, venture capitalists, crowdfunding, etc.
Get customers🚀
Now it is the time to announce your product and get the first customers. There are 3 main 101 lessons provided:
- Marketing 101 – Networking is vital.
- Social Media 101 – Choose the right media for your startup.
- Sales 101 – Selling simply explains to someone the logic and benefits of buying your product or service.
Discover customers’ desires🌠
The fifth chapter asks many questions about customers and defines why they are critical for startups. It also discusses customer relationship management and how to implement it.
Become an exceptional leader🦸🏻♀️
The chapter starts with the question can leadership be learned? And the answer is probably YES! According to successful entrepreneurs, Inc. took, interviews through the years, there are five common traits to develop:
- Decisiveness
- Effective communication
- Generosity
- Self-awareness
- Charisma
There are definitions of all these and body language tips you can check. We can explore this topic, particularly in another post too.
Go global🌍
Growth strategies are an inevitable reality for people aiming to build a startup. So going global is like being ready for battle or going to the Olympics.
“Growth strategy brings you the most results from the least amount of risk and effort.” McFarland
Yeah, that is all for today. I have briefly explained the text. For me, the only lack of the book is its primary focus on the United States of America. So if your business is not located there, funding and structure parts may not fully meet your expectations.
Overall, the book is well-written, and I suggest it to founders who desire to learn and grow. There is a link here who are interested to get:
