Lean Analytics Summary

Lean Analytics SummaryUse Data to Build a Better Startup Faster

Do you want to start your own business?

Before you do, read the advice that follows. It will make your path so much easier.

Who Should Read “Lean Analytics” and Why?

“Lean Analytics” is a guideline that will show you how you can successfully build a startup from the ground up.

It focuses on how you can gather and use data, expressing it through effective metrics, that will help you evaluate your current position and help you grow your business.

We recommend it to all readers interested in starting their own companies, or those who are already managing a business and would like to find a rational approach to doing it successfully.

About Alistair Croll and Benjamin Yoskovitz

Alistair CrollAlistar Croll is an author, speaker, and an entrepreneur.

Benjamin Yoskovitz is a speaker and entrepreneur. He is mentoring several start-ups.

“Lean Analytics Summary”

Nowadays startups are such a big deal.

But what exactly is a startup?

Startups are organizations which are created with the objective to build a sustainable business model.

If you have wished to open up a startup yourself, you need to gather data.

In fact, data is crucial to any business – it is numerical information that shows you the behaviors of your customers, your profits et cetera.

If you are an investor, you would have to have enough data as well, in order to know whether your investment pays off.

Data is objective, and it does not allow one to delude him or herself. If you do not have evidence that your idea will work, can you really convince investors to put their money in it?

The biggest enemy to your start up’s survival is yourself. Believing too much in it is just as bad as not believing in your dreams at all.

Why?

Because too much passion and hope can make you see distorted images of the reality. You may see what you wish to see, and not what really is.

So, it is essential to stay real and rational.

This is the role of data – it helps you make better and wiser decisions.

Of course, we are not saying that you should blindly follow data. If you do not take a leap from time to time, you will never achieve excellence.

What you should be is data-informed, and then based on your knowledge you should take calculated risks.

We will not lie to you, data is essential, but sometimes you can fall into the trap of becoming addicted to analyzing it.

So, the best approach is always the balanced one. Do not become a slave to the information you gather.

Instead, use them and remember that they are just another tool for achieving your goal.

Up until this point we talked rather vaguely about the reasons why data is important, didn’t we?

Let’s take a closer look: what can data tell you?

Data should pinpoint the right market and the right product you should focus your attention on.

It will show you the preferences of your customers and their buying behavior. It is also a tool which you can use to measure your success and express it in numbers.

But, in order to be effective, all data needs to be expressed in good metrics.

Good metrics share three characteristics: they are understandable, comparable, and are effective when shown as ratios.

So, people should be able to understand and remember the metrics. You do not want to spend too much time on deciphering data.

It needs to be simple and easy to grasp for everyone that sees it.

Next, good metrics allow you to compare different groups of competitors, consumers, time periods et cetera.

Lastly, good metrics are best used as ratios. Ratios are comparable and easy to act on.

Okay, now that we discussed data, we can move on to the start-up development process.

The Lean Analytics framework argues that startups progress moving through five different stages: empathy, stickiness, virality, revenue, and finally – scale.

Empathy is the stage where you identify the prospective customers’ needs. This is the stage in which you find out the direction you will be working towards.

The next stage is the one where you find the way you can satisfy those needs, and make your customers pay for the solution.

The virality stage is the building stage, where you actually construct a product.

Furthermore, in the revenue stage, your business matures and grows.

Lastly, in the scale stage you are trying to scale up, or in other words, enter a new market or expand in the current one.

Each startup goes through all of these stages. If it is successful, it will reach the final stage, where it will start resembling a bigger company more than a startup.

To develop your business, you can use different business models.

For more on business models and additional tips on building a successful startup, refer to the full book.

Key Lessons from “Lean Analytics”

1.      Do Not Become a Slave to Data
2.      The Five Stages of Startups
3.      Find Good Metrics

Do Not Become a Slave to Data

Do not become too obsessed with analyzing data. What you want to accomplish is to be data-informed, but not become a slave of data.

The Five Stages of Startups

  • Empathy
  • Stickiness
  • Virality
  • Revenue
  • Scale

Find Good Metrics

Use good metrics that can help you evaluate your position and determine the course you need to take in order to succeed.

The best metrics are expressed in percentages, they are comparable and understandable.

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“Lean Analytics Quotes”

Don’t just ask questions. Know how the answers to the questions will change your behavior. In other words, draw a line in the sand before you run the survey. Click To Tweet Don’t sell what you can make; make what you can sell. Click To Tweet Your job isn’t to build a product; it’s to de-risk a business model. Click To Tweet A startup is an organization formed to search for a scalable and repeatable business model. Click To Tweet If you’re going to survive as a founder, you have to find the intersection of demand (for your product), ability (for you to make it), and desire (for you to care about it). Click To Tweet

Our Critical Review

“Lean Analytics” will show you the right approach to evaluate both your online business, as your brick-and-mortar one.

It focuses on metrics and how you can use them in ways that they will serve you, instead of you becoming their slave.

We believe that all people involved in business in some way can make a use of this book.

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Smart People Should Build Things Summary

Smart People Should Build Things SummaryHow to Restore Our Culture of Achievement

Do you know what smart people do?

They build things.

Read on to find out how.

Who Should Read “Smart People Should Build Things” and Why?

Big companies are not the drivers of economic progress. Instead, startups are pushing the world forward.

So, instead of securing a job with many benefits at a big company, smart people should follow another direction: become the innovators of tomorrow.

We recommend “Smart People Should Build Things” to all students who are contemplating about their future career choices, as well as those wanting to know why students want to work in big companies, and how this world can correct this wrong tendency.

About Andrew Yang

Andrew YangAndrew Yang has a background in startups and is the CEO and founder of Venture for America.

“Smart People Should Build Things Summary”

After years of diligent studying, every student has to make a decision about the path they are going to take after finishing their studies.

Where should they head to? Where should they start?

What kind of job should they look for?

Sadly, many colleges nowadays, the elite ones most of all, limit their students’ worldview and position them to look only in one direction: big, professional service companies.

Statistical data shows that most elite school graduates decide to work in finance, law or management consultancy firms.

Why?

Because they believe that these professions will bring them money and prestige – and that is what they are after.

Moreover, elite colleges prepare their students for the hard application process that these companies use to pick their future employees – the application for elite schools is equally as challenging.

Hence, these students do not have a hard time to get a place in their wanted companies, so why shouldn’t they?

Let’s not mention that all of their friends also apply for such jobs, so it is only natural that they do as well.

These companies promise them money, benefits and learning experience that they could get nowhere else.

However, despite the fact that all that we mentioned above sounds like a “dream job,” the reality is that not everyone is ready to work in such a company.

These companies do give some sort of security and benefits, but they do so at a certain price.

Usually, the workload employees have in such companies is immense, and the environment is highly competitive.

As a result, these companies attract a large number of applicants, but the turnover is big as well.

Employees are used to seeing their colleagues come and go, which makes it hard for them to develop lasting friendships, makes them constantly stressed that they will be the ones who go next, and can leave a mark on their wellbeing and happiness.

You might think that if you do not feel good in a good company, you will move to a smaller one, right?

Well, that is not as easy as you might think.

Big companies make their employees used to high salaries and other benefits, which small companies do not offer.

Just imagine the shock one receives after they lose the status that they once had, and has to start anew. Can you think of all the adjustments to the lifestyle he or she has to make?

However, that is not the only problem.

Small companies actually need employees with different approach and skills to their job. They need to get things done and get to actual solutions to their problems.

Professional service firms, on the other hand, practice a more theoretical and analytic approach.

Finally, just like in every other area in life, startups use networking as a primary recruiting source, so they usually just hire people from their own network and do not reach out to big companies.

Why are we telling you all of this?

Because you need to think if you really want to work in a big company in the long term. If you do not see yourself in such an environment, it may be easier for you if you do not get into the “race” at all, and follow a different path.

In fact, we encourage you to take a different approach.

Let’s say: start your own business.

Sadly, being smart and graduating from a good school does not mean that you will be a good businessperson.

Thankfully, you can learn how you can succeed.

What is the process that will inevitably lead you to success?

Well, it all starts with extensive preparation.

First, do thorough market research: know your competitors, know your potential customers, and know their needs.

Next, build your online presence – no company can survive without it in today’s environment.

Finally, get the people close to you excited about your idea, and reach out to investors, co-founders, and staff.

Of course, these are just the preparatory stages.

Building your own business from the ground up is not an easy task, but we assure you, it is worth the effort.

For the detailed approach, read this book and find out why smart people build things, and how they do it successfully.

Key Lessons from “Smart People Should Build Things”

1.      Most Graduates Choose their Careers for the Wrong Reasons
2.      Big Firms Imprison Elite College Graduates
3.      Big Companies are Not That Beneficial to the Economy

Most Graduates Choose their Careers for the Wrong Reasons

Only a small percentage of the elite college applicants get into their schools of choice.

Sadly, the lucky few choose their careers for the wrong reasons. Most students follow a direction in which they believe money and status await.

Big Firms Imprison Elite College Graduates

The firms everyone wants to get into, pressure college graduates to either progress and get promoted, or leave the firm.

However, it is too hard to leave these companies, since they offer all the benefits anyone could ask for.

So, what is left for employees is to work night and day and try to stay “alive” another year, and then another, and then another.

Big Companies are Not That Beneficial to the Economy

Contrary to what you may believe big companies are not the central pillar of a healthy economy. If you want to know who drives the economy forward, startups are your answer.

The problem is that big companies take up a significant market share and do not allow for many startups to develop.

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“Smart People Should Build Things” Quotes

It wasn’t until I got to the law firm that things started hitting me. Click To Tweet It seemed kind of ridiculous to me; what the heck had I done to deserve that kind of money? As you can tell, not a whole lot… Most worrisome of all, my brain started to rewire itself after only the first few months. I was adapting. Click To Tweet Organizations give rise to other organizations like themselves. Click To Tweet I wanted a position that required broad management in a growth enterprise that was doing something I could get excited about. I wanted to be an owner and to be committed to helping a team achieve its goals. Click To Tweet Basically, I wanted to build something. Click To Tweet

Our Critical Review

An excellent book that will help everyone understand the job market reality and make better career choices for the right reasons.

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Startup Growth Engines Summary

Startup Growth Engines SummaryCase Studies of How Today’s Most Successful Startups Unlock Extraordinary Growth

The best way to learn is to look at the success stories and find the things they have in common.

This is exactly what we do in the text below.

Who Should Read “Startup Growth Engines” and Why?

We have all heard about those companies that became world-known names overnight.

“Startup Growth Engines” considers these companies and explores the things they have in common: using growth hacking.

If you want to succeed in the modern marketplace, learn how to use different growth techniques and business models, as well as get better at creating viral marketing campaigns, then this is the book you should pick up from the shelf.

About Sean Ellis & Morgan Brown

Sean EllisSean Ellis is an investor and entrepreneur with a rich knowledge and experience in start-ups. He frequently publishes with The Wall Street Journal and Entrepreneur Magazine.

Morgan BrownMorgan Brown is a digital marketing specialist.

“Startup Growth Engines Summary”

Most of you who are now reading this summary, have heard about the Silicon Valley and the many successful startups it is home to.

However, you might not know how successful actually these companies are.

If you look at the figures, you will be truly amazed!

In just a short period, Silicon Valley startups attract millions of customers and generate billions of dollars profit.

The growth of these companies cannot be compared to the traditional economy – it is much faster.

In fact, these companies purposely avoid traditional marketing techniques and use what is now known as growth hacking.

Growth hacking focuses on maximizing growth and can be used in any sector.

Do not confuse it with formula, since there is not one single “right” way for successful growth hacking.

What it does it combining multiple factors (statistics, data and a whole ton of creativity) that assure attracting new customers, retaining them, and generating revenue through them.

But where do you begin?

You will not be surprised by the answer  – you have heard it many times before: you begin with a problem.

One thing about businesses never changes, at it never will: a business solve a problem the customers are having, thus offering them value.

But, how do you find the problem that is worth building a business around?

You do not have to think too wide, just observe your environment.

Look at your own life, and at the life of your friends. Notice the common problems you run into.

Even mundane issues are a good basis for business, since probably everyone has them, and the best kind of issues for building a business are those that affect a wide range of people.

Another strong point of looking for a problem in your closest surrounding or your own experience is that you will have the chance to be your own first “customer.”

In other words, you will be able to test and evaluate your product or service and see if it meets all of the customer expectations.

Once you are past the stage of finding a problem, you need to develop a slow and steady growth strategy.

Do not make a mistake many people that get passionate about their ideas do and want to start big immediately.

Instead, start slow, from your surroundings, just as you did when you were looking for your idea.

Then, you will steadily stretch to new markets.

Why is this important?

Because when you focus all your effort in satisfying the customers in one specific niche market, you will be able to gain positive momentum by building a good word-of-mouth reputation for your business.

A focused effort is the best way to succeed.

Usually, when companies start, they use a few models that seem to work for them.

First, you can try out the freemium model, which is actually offering a no-cost service, that will turn into revenue.

In other words, you offer your customers a free “taste” of your product and give them an option for an upgraded version for a fee.

Another thing you can do is to offer free content to the public to generate revenue.

Through this approach, you will be able to gather information about your customers and keep their attention for when they are ready to pay for your services.

Of course, these approaches will not work for everyone and come with a risk which we will cover in one of the key lessons below.

Key Lessons from “Startup Growth Engines”

1.      Start Big and Small at the Same Time
2.      The Freemium Model Comes with Risks
3.      Offer a Free Tool to Get People’s Attention

Start Big and Small at the Same Time

Do not get too excited by your ideas, and do not let your passion blind you. Starting too big is not a good way to start. Instead, opt for a narrow market niche and a significant market share in it.

That way you will secure generating good word of mouth in your local environment that will lay out the groundwork for your future growth.

The Freemium Model Comes with Risks

Many companies use the freemium model, and you can experiment with it, but it is vital that you remember that the whole purpose of giving things for free, is making people want to upgrade and pay for the premium version.

The product that you offer for free should be easy to use and learn in a short time since people will not invest too much time and effort into something they did not pay for.

If you are not sure that customers will be interested in getting more from you, then this model will not work for you.

Offer a Free Tool to Get People’s Attention

Another thing you can do is to offer a free tool that will answer some of your customer’s problems.

Again, do not forget that although you will get noticed by doing this and you will have the opportunity to gather information about your customers, the purpose of giving away free stuff is to make revenue later on.

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“Startup Growth Engines” Quotes

If you take the lowest common denominator approach using cross-platform stuff, you by definition create something that’s average. Click To Tweet Growth is not just a concern of sales and marketing, but of product, engineering and support too. It is this organization-wide commitment to growth that ultimately sets these companies apart. Click To Tweet Uber has taken what could be seen as a massive business hurdle—litigation—and turned it into an asset that drives growth. Click To Tweet Growth hacking is not anti-marketing, it is the evolution of marketing, it is pro-growth. Click To Tweet We’ve learned it’s much better to ship it now and fix it later, once you can see how people are using it, than it is to let it linger in development forever. Just ship it. Click To Tweet

Our Critical Review

This is a great book for those who already have a product or service that they would like to offer to potential customers.

Those that have not found a problem they can solve just yet maybe should postpone the reading of this book for when they do.

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Side Hustle Summary

Side Hustle SummaryFrom Idea to Income in 27 Days 

Do you have an idea that you think you can turn into a profit, and you are wondering if you should quit your current career and become an entrepreneur?

Wait. Do not quit your job just yet – there is a possibility to have the best of both worlds!

Who Should Read “Side Hustle” and Why?

“Side Hustle” is a guide that explains how anyone can create a side project that will serve as an extra source of income, without losing the stability and perks that come with holding onto your day job.

We recommend it to everyone who wants to have a taste of entrepreneurship, without bearing too much risk.

About Chris Guillebeau

Chris GuillebeauChris Guillebeau is a bestselling author, a regular contributor to Business Week, CNN.com, and the Huffington Post, and an expert on international travel and creative self-employment.

He recently managed to accomplish his dream of visiting every country on the planet.

“Side Hustle Summary”

We will not even ask you how many times you have wished to quit your job and become your own boss.

We will also not ask you how many times you have heard such advice or stumbled upon motivational articles urging you to do that since we are sure that there have been many such instances.

However, following such thoughts comes with a risk, and you know it.

In reality, not everyone can handle risk and be a successful boss.

Yet, it is important to try.

So, what can you do?

Well, you can have the best of both worlds by becoming a side hustler!

Yes, you have heard us, you can satisfy your entrepreneurial urge while at the same time keeping the benefits of a safe and steady job.

But first, let’s define what we mean by “side hustle.”

A side hustle is a profitable business venture, which you operate part-time, as a complement to your other paid job.

A side hustle does not require much time or energy invested in it – only the bare minimum.

Side hustles are great, since they provide extra security, by letting you harvest income from several different sources.

We are all aware that the days of holding one job for a whole lifetime are long gone, and that extra security is what everyone needs.

A side hustle can also make it easier for you when you decide to change jobs, or even if you want to rest.

Why are side hustles so good?

Because you can get a taste of what it looks like being an entrepreneur, while not bearing the risks that come with starting your own business without any security.

Also, side hustles are jobs which are very easy to do and hence very easy to start.

But what exactly can be a good side hustle?

Well, all hustle worthy ideas that you should take into consideration should be feasible, persuasive and profitable.

Once you do find such an idea, calculate your projected profit by employing the following formula: “anticipated income minus anticipated expenses.”

In other words, to be sure that your hustle is profitable, your expenses need to be lower than the money you bring in.

Once you are sure your idea will make you money, it is time you pitch it.

You do this by making a promise to your customers that you will in some way contribute to changing their life.

Be bold when you make such statements, create a sense of urgency, and employ a call to action.

A good technique for creating a sense of urgency is using the red color, which is usually mentally linked to deadlines and countdowns.

Also use words such as “today” or “now.”

We live in a wired world, and in order to be successful, you will first need a website and a social media profile.

Be careful not to spread on too many social media platforms since it can be a daunting task.

Instead, limit the number to two or three.

Also, think about a scheduling tool, which will save you time, a factor that is crucial when it comes to side hustles.

Finally, set up a payment system before you launch.

Once you do all of the above, you need to start increasing your value in order to generate more money.

You can create value by anticipating your customer’s needs and responding to them.

Lastly, as your side hustle gets more successful, do not be afraid to raise the prices. The more reliable your business proves, the more you should charge.

That is why you should regularly raise the prices you charge, as well as the value you offer.

Remember, since you are starting without much risk, the only way you can go is up.

Key Lessons from “Side Hustle”

1.      Criteria to Check for When Evaluating Your Side Hustle
2.      Transform Your Idea Into A Pitch
3.      Side Hustle’s Basic Requirements

Criteria to Check for When Evaluating Your Side Hustle

When you are evaluating your side hustle, you need to ask yourself three questions.

First, is your idea feasible? If it is, move on to defining if it is profitable. In other words, you have to make sure that your idea brings in more money than you spend. Finally evaluate if it is persuasive, or if customers would like to have it no matter what.

Transform Your Idea Into A Pitch

When you pitch your idea, it is essential that you promise some kind of value to your customers and create a sense of urgency. Include a call to action as well and clearly state the price.

Side Hustle’s Basic Requirements

In order to make your side hustle work for you-you have to have four basic items up to your sleeve: a website, a social media profile, a scheduling tool and a payment system.

After you have set this up, you can start making money immediately.

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Our Critical Review

This is yet another of Chris’s helpful manuals that will show you exactly how you can turn your small idea into a profitable extra source of income.

It is a book that even total beginners in this area can follow easily, and the fact that you can immediately start practicing the advice it gives you makes its value immeasurable.

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The Personal MBA PDF Summary

The Personal MBA PDFMaster the Art of Business

Running a business has always been the most intriguing part of one’s professional enhancement and development.

However, not all companies reach the climax stage.

At this moment, we take into account many elements that may improve or reduce your chances of making your business work in the long run.

Who Should Read “The Personal MBA”? And Why?

The Personal MBA” is indeed a breathtaking book that is filled with tips and suggestions for those willing to manage or operate with different resources.

Don’t hesitate to take your entrepreneurial skills to the next level and learn more from experienced and successful business people.

About Josh Kaufman

Josh KaufmanJosh Kaufman is a business expert, consultant and a coach who helped many start-up companies in their endeavors.

He offers expert services to those in need of business guidance, to get more things done in a shorter time, and improve their financing strategies.

“The Personal MBA PDF Summary”

Are you eager to embark on a new adventure? Do you have a great idea? Eager to make money? Well, take a deep breath and start examining your options.

Many people opt for enrolling at a business school but is it really the break you’ve waited for, let’s find out!

As it turns out, Business Schools are far from cheap, and according to advanced calculations, the accumulated cost can reach up to $300,000.

However, do we at least get something in return, experience or education perhaps that exceeds this price? We sincerely doubt that!

Now, that is evident that you’ll waste a lot of money and get no results, what should you do? – Clinging to factless strategy can prove to be devastating, so in order to get your business flourish, one must stick to a well-designed blueprint.

Are you in it for the money? – You might want to change that.

On the long run, no business can overcome all obstacles if the CEO has no passion for the company itself.

Being in tune with the environment requires defensive resilience to cope with the challenges that lay ahead.

Once you made a secret pact with yourself, that you’ll continue to push forward until all your hopes are alive, you can then focus on investing.

So, finding the investors willing to put up the cash in advance, it’s a risky move for all parties involved.

Leverage your investment! Use loans to increase your influence but beware of hidden financial dangers. Take into consideration every possibility, before taking such drastic measures.

Every successful business, no matter the size or influence, must focus to please its Ideal Buying Persona.

According to Nitin Nohria and Paul Lawrence, there are basically four requirements that pretty much appeal to all humans.

  • The first one represents the desire or the pull to become a valuable member of some community, gain status or respect.
  • The second desire symbolizes our longing to feel loved and appreciated by others.
  • The third one, speaks on behalf of our unsatisfied thirst and hunger to expand our field of knowledge.
  • Fourth, the urge to feel safe and secure.

If your goods or commodities meet these needs, you are all set to launch the brand-new product, right? – Well, we are not quite there, yet.

Although nowadays, we can engage our potential customers through hundreds of online/offline channels; that doesn’t facilitate the processes of getting their attention.

The Free Market tends to unchain these individuals and allow them to pick their favorite products, without any interference, but that’s a nice story.

If you have a score to settle with your competitors, do it openly on the digital battlefield because that’s the only way to provide quality service.

Take testimonials, for example, original illustrations of satisfied customers is an excellent trick for luring new customers into checking your offers and establishing a bigger base.

So, how to convert those passing customer into long-term associates?

In all honesty, there is not one all-encompassing formula that works well in every industry.

However, you can apply the good, old-classic mind-game, and understand what adds to clients’ aversion towards your product.

Usually, the price is the most talked-about attribute!? – If it’s so, you should adjust your product offer, and prove your customers wrong. Give them a test period, with a full refund if they’re not pleased.

One huge mistake salespeople have a habit of making, is becoming too aggressive in their campaign.

Encourage interaction, make your customers come to you, not the other way around. If they feel cornered, there’s a good chance that they’ll drift off.

How to discuss business deals with other companies?

B2B is gaining momentum in the 21st century, but due to intense competition, companies are struggling to get their hands on “wealthy” associates.

Taking into account several factors before an agreement can be reached, is an advisable strategy in the digital age.

  • Make sure that the person on the other side is a valuable member of the operation and an individual with authority.
  • Set a meeting on your turf, an environment that you feel most comfortable in (via phone, in person, online session).
  • Prepare yourself by conducting research and necessary testing to collect data, such as finding more about your competitor’s offer and provide counter-arguments.
  • Anticipate possible reaction and sub-questions.
  • Start negotiating

How often do we trip on the last step – Implementation?

Don’t act with superiority, let them know that you share their concerns and strives.

Good leaders are hard to find, but they are the ones who can make others grow and learn.

Key Lessons from “The Personal MBA

1.      Understand your priorities
2.      Don’t engage yourself in all spheres of influence
3.      Find a better route to success

Understand your priorities

Most people have little clue about the key elements and intentions when starting a business.

Make sure that all the other individuals who are working towards mutual goal and interest, must be informed about the long-term expectations.

Don’t engage yourself in all spheres of influence

Micromanagement is perhaps the most challenging part of the whole process.

In order to avoid full-control that takes both time and energy, you should lay out your intentions, and provide guidelines in various cases.

Find a better route to success

It has been proven on numerous occasions, that MBA doesn’t increase your chances of opening a chain of successful businesses nor getting a better position in a company.

It’s not synchronized nor in correlation with the idea of prosperity, as one may have hopped.

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“The Personal MBA Quotes”

Business schools don't create successful people. They simply accept them, then take credit for their success. Click To Tweet Every time your customers purchase from you, they’re deciding that they value what you have to offer more than they value anything else their money could buy at that moment. Click To Tweet Retired general Colin Powell famously advocates collecting half of the information available, then making a decision, even though your information is clearly incomplete. Click To Tweet Ideas are cheap—what counts is the ability to translate an idea into reality, which is much more difficult than recognizing a good idea. Click To Tweet There is only one boss: the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else. Click To Tweet

Our Critical Review

By all means, this book undoubtedly deserves its bestseller status, on a global scale.

We are pleased to be a part of such amazing journey, driven by an amusing and informative piece of writing.

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Payoff Summary – Dan Ariely

Payoff SummaryThe Hidden Logic That Shapes Our Motivations

The only way to achieve your dreams is to persist.

And, the only way to persist is to continue being motivated.

What is motivation and what are the factors that drive it?

Read on and find out.

Who Should Read “Payoff” and Why?

To be successful, you have to persist.

Hence to achieve results, you have to be highly motivated.

“Payoff” explains the meaning and roots of motivation, as well as which motivation-inducing tools it is best to use.

After reading it, you will feel enlightened, you will finally understand yourself more, and you will know what to do the next time you face a lack of motivation.

We believe that this book is an excellent read for all people who have a problem with persisting in what they do or having a problem finding what they want to do.

About Dan Ariely

Dan ArielyDan Ariel is a best-selling author and a professor of behavioral economics and psychology at Duke University. He has founded The Center for Advanced Hindsight.

“Payoff Summary”

Today, many people work jobs they do not enjoy working.

They are looking at their professions as a way to make ends meet, and are unmotivated to become the best workers they can be.

Motivation, however, is the only thing that can keep you stick to your routine of going to work every day, year after year, without ending up extremely unhappy.

But, wait, everyone talks about motivation, but what exactly is it?

Many people would agree that the best motivator there is is money.

However, they could not be further from the truth.

Motivation is much more complex than people think it is, and it is a mix of pride, achievement, happiness, and many other factors.

Among all these factors, the most significant one is meaning.

Do not mix up meaning and happiness, like most people often do.

Meaningful work does not always bring happiness.

Many times people that do meaningful work do not do it because it makes them happy, but because it gives them a sense that they are doing something that counts.

This helps us arrive at the next conclusion: motivation does not depend on happiness.

But then, what generates meaning?

Most of the time, it is the sense that you are doing something bigger than yourself, that changes more than just your own life.

Repetitive tasks and jobs are contrary to those of meaning. Us, humans, after being faced with repetitiveness, simply quit.

We cannot find the meaning anymore after doing the same task over and over again.

On the other hand, performing activities that feel the meaningful build up people’s motivation. And the key to feeling that you do something meaningful is to feel the promise of achievement.

Another thing that contributes to creating meaning is an effort.

Tasks that you put your time, energy and effort in are more meaningful for you than those you did in a short amount of time, without investing yourself in them.

Next, let us not forget the ownership of the work as a major motivator as well. In other words, when people are given a chance to claim ownership, they feel more motivated, since they are standing behind what they did.

Also, when it comes to motivation, it comes from external and internal sources.

The most central motivator of all is the wish to achieve happiness.

Unfortunately, many people have wrong notions of happiness and the things that would make them happy.

They usually tie happiness to external motivators such as money.

However, these motivators can work only in the short time, while in the long haul people need something more: an internal source that will fuel their efforts and keep them going.

Only in instances when people find pleasure in doing something and are driven from within can they continue working hard toward their goals.

So, stop wishing for happiness that comes from bigger material possessions, and start finding it in small everyday things.

Even if your surroundings are not granting you with motivation, such as a “well done” from your boss, or a sense that you are doing something meaningful, try to find that meaning yourself.

Even in the most mundane tasks, find the things that they help you master, and think of them as only stepping stones to what you will achieve in the long run.

Be your biggest supporter and applaud yourself for every small achievement you make daily.

Key Lessons from “Payoff”

1.      Meaning and Happiness Are Not Connected
2.      Ways to Induce Meaning
3.      Motivation Must Come From the Inside

Meaning and Happiness Are Not Connected

Many factors define the levels of your motivation, but the core one is meaning.

If you find what you do meaningful, you will continue doing it, even in times when you do not feel happy.

That is right, happiness and meaning are not synonyms, and meaningful jobs do not make people feel happy, but still, they keep their motivation levels high.

Ways to Induce Meaning

A sense of meaning usually happens when people feel that they are working for a bigger purpose.

Also, when people put more effort into a task, more time and energy, they will consider it more valuable and thus more meaningful.

Motivation Must Come From the Inside

There are different motivators one can use to persist, but internal and external.

However, external motivators are just momentary and are not sustainable in the long haul.

For a long-term motivation, individuals have to feel motivated from the inside.

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“Payoff” Quotes

These results show that when we are acknowledged for our work, we are willing to work harder for less pay, and when we are not recognized, we lose much of our motivation. Click To Tweet The consultant experiment, I continued, showed that people dramatically underappreciate the extent and depth to which a feeling of accomplishment influences people. Click To Tweet It shows that when we work harder and spend a bit more time and effort, we feel a greater sense of ownership and thus enjoy more the fruits of our efforts. Click To Tweet A society without trust is not a society: it is a collection of people who are continuously afraid of each other. Click To Tweet The lesson here is that a little sweat equity pays us back in meaning—and that is a high return. Click To Tweet

Our Critical Review

“Payoff” is an excellent book on the topic of motivation, that can be read by any age group of readers.

Its biggest strength is that it is short and focused, it is easily read, extremely fun, and full of useful takeaways.

It is time you accomplished all of your goals!

We heartily recommend it.

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One Simple Idea Summary

One Simple Idea SummaryTurn Your Ideas Into a Licensing Goldmine

Having smart ideas for products and services that could satisfy a need on the market is worth nothing if you do not turn them into reality.

But how could you?

Don’t worry, we got you covered.

Who Should Read “One Simple Idea” and Why?

“One Simple Idea” is a book about turning your ideas into reality. We recommend it to all people who never acted on their ideas since they do not believe to be good at entrepreneurship.

You might be proven wrong, so give this book a chance!

About Stephen Key

Stephen KeyStephen Key is an author and an entrepreneur, who shares the secrets he learned during the successful implementation of more than 20 simple ideas, which generated him billions of dollars of profit.

“One Simple Idea Summary”

Have you ever had that moment when you saw a product and thought that you could do better than that?

Or, have you ever needed something and wondered why no one invented a product or service that would satisfy that need?

Many people have moments like that, however, those thoughts remain just thoughts since people believe that there are so many products and businesses in the world, that bringing a new product into the market would not be the smartest idea.

However, this is a wrong mindset.

Regardless of the economic soundness of the country, consumers spend money.

It is a fact that there are some products that consumers desperately need, and those that they find irresistible.

Good entrepreneurs know how to find these products and focus on finding the right way to offer and promote them.

To understand spending you have to understand that consumers are not motivated by the feeling of necessity, but by desire.

Vendors have a much easier time now to sell their products since they do not have to pay enormous sums and fight for shelf space, which also decreases their risk.

Also, they can connect with consumers more than ever, since social media allows them to communicate with their customers, find out their desires and needs, and ultimately target them better.

It is a fact that starting a business is not easy and can be scary, but entrepreneurship is something that can be learned.

And the first step to becoming one is having a passion for your idea, since passion fuels dedication and persistence (and you will need a lot of them).

However, if you decide to start your business, do not complicate things for yourself.

You would be surprised to find out how many businesses fail because the idea they started from was too complicated.

Do not try to be completely new – instead, find an existing idea and make a small but significant modification.

Known products and services are the best to start from since consumers are already acquainted with them, and you do not have to put extra effort to educate your customers about why they would need the product and how it can complement their lifestyle.

It is also much easier to find someone who will produce a known product at a reasonable cost.

Yet, the part “modification” is significant to note, since you want to introduce a known product with a “twist” that would allow you to target a completely different market niche.

The last point takes us to the next thing you have to keep in mind: the market.

In order to succeed in the market, you have to study it.

Analyze the target audience, the competitors, and the prices customers are willing to pay for specific products.

After you do all this, it is time you progress toward creating a business plan.

Business plans help with clearing up your purpose and vision, and project your expenses and revenues, ensuring you that your business will not plummet.

They also are an invaluable tool when looking for external financing, since they serve as promotional material for your business that the investors can evaluate.

After you finish the business plan, you are ready to start.

Remember what we said: start small, and start simple.

Do not take a too risky first step – you can even start by working from your own house.

You see, contrary to what you may believe, a business does not have to be a very costly investment.

It can be something small that you can slowly build up upon.

Of course, there are many more things to learn about businesses, but we will let you educate yourself about them by reading “One Simple Idea” from cover to cover.

Next, we continue with the short overview of the key lessons.

Key Lessons from “One Simple Idea”

1.      Keep Your Friends Close and Your Enemies Closer
2.      Use Referrals
3.      Know Your Audience and Tailor Your Products

Keep Your Friends Close and Your Enemies Closer

You know this saying right?

You should use this tactic in business as well.

One of the easiest ways to eliminate your competition is to stop thinking of them as opponents and partner with them.

Transforming your enemies into allies will save you a lot of stress, money, and time.

Use Referrals

Finding a good manufacturer for your product is crucial since it will be your name that stands on the product, and you will be responsible for any problems it may have.

But how can you get a good manufacturer as a newbie on the market?

Use referrals.

The major players you decided to turn into your allies instead of your enemies can help you with this part as well.

Know Your Audience and Tailor Your Products

It can happen that once you come up with an idea for a product, and it is a success, you will come up with many similar ideas later on.

However, you have to keep your ideas both suited for your audience and fresh at the same time.

You can do this by tailoring a product to suit a sub-audience in your current target group.

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Our Critical Review

This book promises much more than it accomplishes. It is a very theoretical book that describes hard work and persistence, which does not seem to motivate you to take any kind of action.

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Facebook Ads Manual Summary

Facebook Ads Manual Summary

Everything You Need to Know to Get Started

You want to become a social media star? And you’re pretty sure you got what it takes – the only thing is you can’t reach a wider audience no matter what you do?

Mojca Mars’ “Facebook Ads Manual” is here – with a step-by-step Facebook advertising blueprint!

Who Should Read “Facebook Ads Manual”? And Why?

Two years ago, a reviewer at Product Hunt quipped: “Mojca is THE expert on the topic. This book will print you money if you apply her advice with due diligence.”

And, really, the book is probably the best structured, most comprehensible and most up-to-date Facebook advertising manual.

If you’ve never tried Facebook Ads or have tried them but have never seen the results in terms of website visitors, engagement and especially, conversion – this book is the one you should read.

Especially if you’re a consultant or a freelancer.

About Mojca Mars

Mojca MarsMojca Mars is a Slovenian marketing mastermind and the founder of Super Spicy Media, a Facebook advertising agency.

She was fired from Mediamix, an advertising agency she worked for a year and a half, in 2014. Almost immediately, she started Super Spicy Media, and, by the end of the year, she was making twice more money than before.

She has worked with many big companies, speaking at events as diverse as MicroConf, BabelCamp, and Double Your Freelancing Conference.

“Facebook Ads Manual Summary”

Facebook marketing is not that difficult, right?

After all, there are books which have explained it before for 5-year-olds! So, what’s the point in having to read one more book on the subject?

Well, if everything is going well with your business, and you know your way around Facebook Advertising, then you don’t! And Mojca Mars is actually the first one to tell you this. She didn’t write the book for professionals. She wrote it for those who want to become ones.

And the best way to do this is to use her very own, experience-based and reality-proof GRAB2 model.

GRAB2 stands Goal, Results, Audience, Budget, Brand. And, as Mars says – “these 5 words are extracted from the 5 key questions you have to ask yourself before creating each new Facebook Ads Campaign.”

So, let’s go – one by one.

G stands for GOAL. The Question: What is my #1 goal?

Mars reminds you numerous times throughout the book that you can’t have a successful Facebook campaign if you don’t have a single, clearly defined and focused objective. It can be increasing traffic or purchases, increasing the number of app downloads, or creating awareness of your new product.

Either way – it needs to be one. Focusing on more than one goal severely limits your chances for success. On the contrary, directing all of your attention to say, increased signups, will result in many beneficial side effects.

R stands for RESULTS. The Question: What results do I have to achieve to be satisfied with the campaign?

If you’ve ever watched some sports event, you know that the appointing of a new manager is always related to expectations. You can’t expect miracles – so there are managers who are anticipated to win the league, and others who are merely required to build a good team for the future.

So, even before starting a Facebook campaign, write down which outcome should satisfy you.

A stands for AUDIENCE. The Question: Who is my target audience?

This one should be an obvious one. You don’t want an advertising campaign directed at the wrong audience, right? Just think how bad it would look like if you advert your meat products to a vegan!

Facebook has a large array of tools you can use to target the right audience. Be specific. Neither too broad, nor too narrow.

B stands for BUDGET. The Question: What’s my budget?

Of course, you should be realistic when it comes to money. Earning more than you invest is not something which will happen right away. Fortunately, Mars has the ultimate budgeting system – which goes by the name “20/30/50” – and you need no more than $20 to get it under way!

For our intents and purposes, we’ll suppose that you have $500 for your advertising campaign.

First, you start by investing 20% of it – so $100 – for the initial campaign. Of course, you need to have the ads developed beforehand.

Then, once that budget runs out, turn of the lower performing ads, and invest 30% of the initial budget ($150) in the other ones.

Finally, it’s time to narrow down your audience via Facebook powerful optimizing tools. Analyze the data and see where your ads got the best response. And spend the rest of your budget – 50% or, in our case, $250 – to fund the rest of the campaign.

No, we didn’t forget the 2 above GRAB. That’s one more B for you.

B stands for BRAND. The Question: What’s my brand voice?

This one’s for you to ponder. You can’t be successful if you’re like the rest: most of them fail. You have to be different.

And using the GRAB2 model will make you different than about 90% of the Facebook ad creators. And, very probably, more successful than as many.

Key Lessons from “Facebook Ads Manual”

1.      Setting Up a Facebook Ad Campaign? Try the GRAB2 Model!
2.      Budget Your Campaign Using the 20/30/50 Rule
3.      Don’t Be an Advertiser – Be a Friend

Setting Up a Facebook Ad Facebook Campaign? Try the GRAB2 Model!

Mojca Mars provides an easy step-by-step tutorial for everybody who has never tried – or hasn’t been successful in trying – Facebook Ads. It’s a 5-phase process called the GRAB2 Model.

The G stands for Goal – which is what you must have before doing anything (not just a Facebook Ad campaign). The R stands for Results – which are essential to have in mind from the start so that you know whether your campaign is successful or not.

Next, the A stands for Audience: target the right one. The first B stands for Budge – use the ultimate budgeting method explained in our second key lesson. Finally, the second B stands for Brand – build it, if you don’t want to be muffled by the noisy advertising world out there.

Budget Your Campaign Using the 20/30/50 Rule

Your budget will be vital to your campaign. That’s why – use it smartly. Mars’ strategy works great.

First, you invest 20% of your budget in the ad campaign you believe should work. After a while, you check the data and invest 30% of your initial budget only in the best-performing ads.

After that budget runs out as well, you analyze the response of the audience, and invest the rest of your money (50%) in advertising only for the most interested people.

Don’t Be an Advertiser – Be a Friend

But, how should your ads look like?

Well, have in mind that people don’t use Facebook to be bombarded with apps. They use it to catch up with friends and read interesting stuff. Use this to your benefit: make your ads look much more like friendly updates than product-pushing commercials.

Use videos (Facebook autoplays them) and faces (people are more attracted to them; after all – it is Facebook!). Finally, use Canva – it’s easy to learn and even easier to use.

And it will save you money – because you won’t need to pay someone to design an ad for you!

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“Facebook Ads Manual” Quotes

The guys with the big bucks don’t always win. The smart ones do, no matter the budget. Click To Tweet Your #1 goal could be anything from creating awareness for your new product, increasing traffic to your blog post, getting new subscribers, increasing purchases of your product or even increasing the number of app downloads. Click To Tweet Before creating every campaign, write down a specific outcome you would be satisfied with. That will enable you to track the course of the campaign and modify it a little bit to reach or surpass those results. Click To Tweet It’s a beautiful paradox: When you blend in, you actually stand out for your audience. Users don’t visit facebook.com to watch ads; they come to see what their friends are doing. Click To Tweet Here’s the harsh truth - the vast majority of Facebook Ads you see every day are too promotional and totally lack a unique brand voice. Click To Tweet

Our Critical Review

As its title neatly suggests, “Facebook Ads Manual” is about those who want to reach a wider audience via the most popular social networking site. You may think that it’s something you already know how to do it, but once you read this book, you’ll probably realize that you’ve been doing it wrong all the time.

Because like everything else in marketing, Facebook advertising is also based on having a well-thought-out strategy. So, read “Facebook Ads Manual” – and learn the most efficient one.

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Find Your Why Summary

Find Your Why SummaryA Practical Guide for Discovering Purpose for You and Your Team

Unfortunately, most of our lives we spend so much time doing things, that we don’t have the time to ask ourselves why we are doing them. Really: what’s the meaning, the purpose of it all?

After pointing out to you almost a decade ago that you should always start with a why, Simon Sinek is back to teach you how to “Find Your Why.”

Who Should Read “Find Your Why”? And Why?

Simon Sinek is too popular to ignore anything he does.

And “Start With Why” – his debut book – was one of the things which made him so big. So, when that book gets a follow-up, it’s only normal than the answers to the above questions are as generalized as possible: 1) everyone; 2) because everyone wants to have a purpose and a direction in life.

Or, to quote Simon Sinek himself: “Find Your Why” is a book “for all of the people who want to learn their WHY, who want their companies to start with WHY, who want to help others find their WHY . . . for all of the people who want to help build a world in which the vast majority of people wake up inspired to go to work, to feel safe when they are there and to return home fulfilled by the work they do.”

About Simon Sinek, David Mead and Peter Docker

Simon SinekSimon Sinek is a British- American leadership consultant and motivational speaker. To say that he is one of the biggest names in both areas may be an understatement. His TED Talk, “How great leaders inspire action,” is the 3rd most viewed TED talk of all time. “Together Is Better” and “Why Good Leaders Make You Feel Safe” are just as beloved.

“Find Your Why” is his fourth book. Previously, he has published “Start With Why,” “Leaders Eat Last,” and “Together Is Better.”

David MeadDavid Mead is a corporate trainer whose worldview was turned upside down once he met Simon Sinek in 2009.

Inspired by his Golden Circle concept, he started working closely with him, first by developing content and then by organizing popular workshops. He has presented their ideas to over 150 organizations located on 5 continents.

Peter DockerPeter Docker is a keynote motivational speaker and popular leadership consultant. He is a former international negotiator for the UK government and Royal Air Force senior officer with combat experience.

In 2011, he joined Simon Sinek and his Start With Why team. His main focus is transforming Sinek’s theories into practical coaching manuals.

“Find Your Why Summary”

Have you ever asked yourself what’s the point of it all? What’s the meaning behind the things that you’re doing? What’s the purpose of your life?

Or, in short:

WHY are you doing what you’re doing right now?

It can be a depressing thing, we know. To tell you the truth, we ourselves have rarely bothered to ask our hearts and untethered souls such a troubling question. And even now, as we do, we are stunned to face the silence and the lack of satisfying answers.

But don’t take our word for it.

Simon Sinek went through the same process as well. At one point during his life, he discovered that there was nothing which really made him happy. He had lost all passion and enthusiasm for anything. His friends noticed his depression, so, naturally, they tried helping him by offering some advice.

Nothing worked.

Until Sinek decided to delve deep into his past and discover his WHY. Soon enough, he did: he wanted to inspire others. The rest – as they say – is history.

So, why don’t you go and try doing the very same yourself?

Dig deep in to your past and discover whether something you have done sometimes filled you with a feeling you won’t mistake for anything other than happiness. If so, stop – for a second, a minute, an hour, a week, a month! – and think it through why that was.

For example, a woman the authors worked with had all but given up on her life. She didn’t know what to do – and even less why to do it.

Through a series of long – and rather painful – conversations, the authors of “Find Your Why” did manage to locate the root of all her sadness: an abusive father. However, that part belongs to the past and psychology studies. The one which follows belongs to the future and motivational books.

Namely, the woman had a sister. And the thing that really made her feel as if she did something good with her life was few acts of self-sacrifice when she protected her sister. There was the revelation, there was the WHY: she wanted – really, really desired to help vulnerable people in need.

And, suddenly, her life made sense again.

However, discovering your WHY sometimes may not be as simple. You may need some external help such as the woman did in the above example.

So, try to casually slip your WHY conundrum in a conversation with some of your friends. Start retelling stories from the past and see where that will lead you. The only thing you need is a good listener with observant and curious mind. Because these people will try to find your WHY for you.

Few of them – and you just might have a winner.

Key Lessons from “Find Your Why”

1.      There’s No Point in Doing Anything Which Lacks a Profound WHY
2.      Discover Your WHY by Digging Deep into Your Past
3.      Next Time You’re Out with Someone for a Cup of Coffee – Please Tell Them Your WHY

There’s No Point in Doing Anything Which Lacks a Profound WHY

The only things you should be doing in life are the things which make you get out of your bed – happy and smiling. And the things which make you happy – are usually those you do because of a profound reason.

Your WHY.

If you remember Sinek’s “Golden Circle” explanation, this WHY is the center of the said circle, enclosed within the HOW and the WHAT. And it is what people buy – they don’t buy WHAT you do, neither HOW you do it. They buy it because of the WHY, the story behind it.

That’s why Apple is so huge. It just happens to produce computers – because it thinks differently. To them, the WHY is the more important of the HOW and the WHAT. And it is to us as well.

So, if companies can do it – why shouldn’t you be able as well?

Discover Your WHY by Digging Deep into Your Past

If you want to discover your WHY, the best way is to close your eyes and start thinking about the past. See what made you happy when you were a child – and try to find out why.

List all the stories. Maybe you’ll find some interrelations, some things which repeat as if a pattern.

For example, maybe you wanted to visit your grandparents not because you had time during the summer vacation, but because their house is next to a forest, which you were able to explore. And maybe you wanted to do the same when you went on those high school excursions.

If so – shouldn’t you be working as, say, an ecologist, instead of draining your life in that small, dark office of yours?

Next Time You’re Out with Someone for a Cup of Coffee – Please Tell Them Your WHY

Even when you discover your WHY, you’re merely halfway finished. Because – now you need to start following it.

And overcoming fear isn’t really an easy task.

However, there’s a great way to do this. And it’s fairly simple: just share the WHY. Tell it to others. Especially strangers.

When someone you’ve just met asks you “What do you do?” don’t beat around the bush saying things such as “Well, I was this and then that but plan on to become a third thing…”

Just say it out loud: “I’m an ecologist because I want to explore and preserve nature.” It may sound funny at first – but, believe us, your life depends upon it.

Because this practice will not only give you the much-needed confidence. It will also help you adjust your message. And it will also reassure you that you’re doing the right thing.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“Find Your Why” Quotes

If we want to feel an undying passion for our work, if we want to feel we are contributing to something bigger than ourselves, we all need to know our WHY. Click To Tweet There’s just one problem with feelings. They can be tremendously difficult to express in words. That’s the reason we so often resort to metaphors and analogies. Click To Tweet When we align emotionally with our customers and clients, our connection is much stronger and more meaningful than any affiliation based on features and benefits. That’s what starting with WHY is all about. Click To Tweet There are two ways to build a career or a business. We can go through life hunting and pecking, looking for opportunities or customers, hoping that something connects. Or we can go through life with intention, knowing what our piece looks… Click To Tweet The opportunity is not to discover the perfect company for ourselves. The opportunity is to build the perfect company for each other. Click To Tweet

Our Critical Review

Most people are writing self-help books. As Simon Sinek writes in the Foreword to this book, he and his team are focused on creating the “help-others” bookshop section.

True, “Find Your Why” is not as groundbreaking and as inspirational as its predecessor “Start With Why.” In fact, to many, some of the ideas in “Find Your Why” may seem nothing more but recycled versions of previous ideas Sinek has persuasively presented.

However, “Find Your Why” tends to be much more practical and applicable. And, even if repetitive, it can still inspire you to change your life.

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Scaling Up Summary

Scaling Up Summary

How a Few Companies Make It…and Why the Rest Don’t (Mastering the Rockefeller Habits 2.0)

“Scaling Up” is a guideline for growth.

Arm yourself with these useful tools, and spread your business successfully.

About Verne Harnish

Verne Harnish

Verne Varnish is an author, a columnist for fortune and the founder of Gazelles.

“Scaling Up Summary”

Why is it that so many companies are created over the years, and only a few of them become big game changers?

No matter how good your business is going and how superior your product is, the scaling process is an important part of the equation for success.

It seems that getting bigger does not make things easier.

On the contrary, it challenges you more.

So how do you go about the scaling up the process?

First, you need to make sure that you have the right people on board. Provide your staff with coaching, training, and create a culture of constant learning.

Second, find the point of balance between what your stakeholders demand and what your work demands.

Do not overlook the importance of the relationship you have with the stakeholders.

Third, build discipline, because, without it, you will not be able to implement your strategies.

Finally, start acting and making decisions on the most pressing questions.

First, take care of the biggest issues, and then continue to the smaller ones.

You can build these previously mentioned four D’s by focusing on your people, strategy, cash flows, and execution.

First, let’s talk about people.

Establishing communication among your employees is vital since information needs to flow among your teams and sub-teams.

Hence, if you feel that you are stuck in growth, review your team size and the current communication in your company.

Next, you need to establish a core purpose and core values of your company, as well as your goals for the next 20-25 years.

Only then you can build a successful strategy that focuses on the right markets and people.

To reach the goals fast, take the time to determine where your company’s biggest strengths are.

Once you have the strategy, keep the progress of execution in check.

Gather qualitative and quantitative data, develop a steady meeting routine, motivate employees to measure their daily performance, and gather customer feedback.

Finally, you have to understand cash flow and manage to create some cash reserves.

To expand your cash reserves use the cash conversion cycle (CCC). To simplify it, break it down into components: delivery, sales, production/inventory, billing/payment, and work with each of them separately.

Find ways to reduce the cycle and improve your overall business model.

Key Lessons from “Scaling Up”

1.      The Elements of Discipline
2.      Invest in Your People
3.      Find Your Company’s Strengths

The Elements of Discipline

  • Be aware of your priorities
  • Organize regular meetings
  • Review data constantly

Invest in Your People

It is important that you invest in your people and help them achieve their full potential.

You can do this by training, empowerment, simply listening to them, establishing core values and purpose, and setting clear goals and expectations.

Find Your Company’s Strengths

  • Look into your customers’ minds
  • Look at the x-factor that differentiates you from your rivals

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“Scaling Up” Quotes

There are no straight lines in nature or business. Click To Tweet If the Core Values are the soul of the organization, the core Purpose (some call it “mission”) gives it heart. Click To Tweet Letting go and trusting others to do things well is one of the more challenging aspects of being a leader of a growing organization. Click To Tweet People join companies. They leave managers. Click To Tweet

Goals without routines are wishes; routines without goals are aimless. The most successful business leaders have a clear vision and the disciplines (routines) to make it a reality. Click To Tweet

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