For a long time I've not been blogging actively and also not been reading actively. Reasons lie in myriads of reasons that include work and home and social commitments (this is better term for all the time I killed gossiping with friends).Few days back I was roaming around in Atta market (Sec 18, Noida) and noticed a new book store Pages (in the same row as Galgotia's book store). Me, a total book lover (I don't even check whether I've money to buy the books or not - My wife has taken my credit card for this reason - its bill was mostly full of books.. this time I'd money btw) went inside the store. This book by Rachel Bridge caught my attention for obvious reasons. Millions! before lunch! Wow!!
I purchased the book and started reading it - at home, on the way to office (a tea shop I chose for this) and while returning back from office. Finally, I could finish it after two weeks or so.
Book is mostly from a services perspective but I don't think that there is no wisdom for products. Rachel emphasizes that you should use all shortcuts to reach where you want to it (and it's a no bullshit guide so all these shortcuts still make journey not that short). Following are few things that I took from the book -
- Do some thing you really understand If you want to do it faster then you have to do something where you already have the knowledge. You cannot spend time learning.
- You don't really need to invent or innovate for your first business This is key to Rachel's book and she emphasizes a lot with a huge list of examples of been there done that entrepreneur who did not really innovate - just solved the problem a little better.
- Do you market research make sure that there is a gap (demand for your idea, product or service)
- Embrace e-commerce Ditch the shop and use the internet as marketplace.
- Laugh in the face of bank loans Get stuff for free (Use open source). Ask family. Friends. Hire with equity rather than cash but avoid venture capital till you think the scale time has come.
- Cherish you (Net) Profit Net profit is all that matters. As she puts Turnover is vanity, profit is sanity.
- Get out there and promote yourself
- Love (most) of your customers You have to understand that there will be customers who are P.I.T.A. and you should identify and stop being very nice to them since they hinder in serving other customers.
More than the topics discussed I loved the book for its fun quotient and the examples. She makes it a point to make you understand that there really are many businesses selling for a million dollars.. err.. million pounds. Most examples in the book are UK based businesses.
Loved the reading.
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