An awesome book on Entrepreneurship and importance of shipping your new product. The book stresses on the importance of launching in 7 days. We all might wonder what we can launch in 7 days. But this book gives a step by step approach on what achievable in 7 days.
My next business ideas I am going to experiment with the approaches specified in this book. The main point that is stressed in this book is – “You don’t learn until you launch.”
The author explains in detail his experiments in starting different business and the lessons in a succinct way.
His success in creating WP Curve (a wordpress support service) is explained in depth.
What is a startup ? - A startup has – a. High impact potential b. High levels of innovation c. High levels of uncertainty.
A startup has a high impact potential and high levels of innovation and has ability to change the world.
Idea, Execution and Hustle – The goal of this book is to get you from wantrepreneur (someone who wants to be an entrepreneur) to entrepreneur. Moving from just having an idea to a startup.
Idea – The book stresses on the importance of idea, but it is important to move from idea stage to execution.
Execution – Once there is a idea with good merit, it needs to be executed well.
Hustle – Hustle is relentlessly pursuing what needs to be done at the time. Hustle is about spending your time on the things that are most likely to bring you customers.
This book is all about helping you to launch your business in seven days.
Why 7 days ? - The ability to learn from real data is why the 7 day startup works. You remove all assumptions and focus on launching in 7 days.
It is important to avoid failed validation techniques. The book elaborates on the different failed validation techniques that you must avoid.
Another reason why it is 7 days, is that the working would be more efficient when we have a specific deadline to deliver.
Many people might wonder how it is possible to launch in 7 days. Launching in 7 days requires a mindset shift and you won’t build something that you don’t know what people want.
Once you aim for a weak, you will start to question every assumption and figure out a way to make it happen.
The steps or actions to be taken on each of the days to be performed is explained in depth. They are:
Day One – The 9 Elements of a great bootstrapped business idea. This section elaborates on the various techniques in choosing the right idea for execution. Your idea should have a scalable business model, enjoyable daily tasks, operates profitably, asset that can be sold, has market potential and ability to launch quickly.
Task – Brainstorm a bunch of ideas and evaluate them against the checklist.
Day Two – WTF is an MVP ? This section is about defining your Minimum Viable Product that is your product or service idea, that can be launched within one week. The author gives good examples of products and their MVP. Basically following are the various things to consider: a. How can you offer a product or service to real customers?; b. How will you get them to pay you after 7 days?; c. How close your MVP to the final product?;d. How can you make your offer as real as possible for real customer.
Day Three – Choose a Business Name – This section elaborates on choosing the right and appropriate business name.
Day Four – Build a Website in One Day for under $100. Now that we have an idea and business name, we need a website to put the message across to the world. Basically it is all about having a landing page and start communicating with your customers and see how they respond. This section elaborates on how to you Wordpress to achieve this.
Day Five – 10 ways to Market Your Business – How do you get in front of your customers? It is about marketing your product in front of qualified buyers. There are different techniques on marketing new products is explained in depth.
Day Six – Set Targets – The point of launching a business quickly is that you could get real data from real customers. The main suggestion is to focus on One Metric That Matters (OMTM) at different stages in your business.
Day Seven – Launch – Launch is the day you enter into period of real data collection and running a real business with paying customers. There are well defined steps to be performed on the launch day to make your product available to your customers. (Ex : Emailing people about your product, Updates in social networks etc)
Once you have done the launching in 7 days, then it is all about refining your business model. Now that you have launched, you need to hustle up to real paying customers and check whether they are paying and referring others. Then you need to grow your business that is fundamentally profitable.
Finally the book covers 14 important business rules to live by:
Test every assumption
Solve problems as they arise OR Don’t solve problems that is not there.
Do what you say You will do
Benchmark against the Best
Learn from others and yourself
Outlearn your competition
Always consider how your business looks without you
Look for source of Momentum
Manage Motivation
Cull Difficult Customers
Focus on Retention
Avoid short term thinking
Focus on product
Love your product
Overall I find this book to be a different perspective about startup. I planned to launch few of my ideas based on the approach explained in this book.
Final lesson is that we must listen to our customers, make a great product, do one thing well and learn to say “no”. Constantly innovate and improve the product. Move quicker and learn faster than your competition. Create something new, create something valuable and have fun.
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- Reviewed in the United States on January 6, 2015
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- Yann B.Reviewed in France on May 31, 2020
No theory, no BS, no clichés, just actionable examples.
