This summer I have been working my way through “The $100 Startup” by Chris Guillebeau, not because I am looking to start a bunch more stuff, but because Chris’ book has a bunch of solid wisdom stories and advice for folks starting or who own a company. I got my copy from the library so you can read it whenever I decide to give it back.
This is a book that I recommend you read with notebook. There is a lot of great tips and wisdom that I will forget without recording them somewhere.
I want to share with you something that I wish I would have latched-on to long ago:
“Tip: When thinking about different business ideas, also think about money. Get in the habit of equating “money stuff” with ideas.”
-The $100 Startup, page 28
My initial reaction was,
“…but I need to be free from money and all that business stuff to really create great work!”
I think I went about this all wrong…I made the assumption without context. So, I sat and processed that for a bit. And when I say “processed” I wrote it in my notebook and took a few weeks to think about it. Here I am a few weeks later.
For fun, I plugged this notion of ideas and money into my logo “Dream, Build, Create”. In a talk I have given at a college and at a conference I referenced this process of managing ideas that happen:
Dream: Immerse yourself for a few hours or day and ideate, dream, etc. about what you want to do or make. Do not concern yourself at this point. Grab a whiteboard or moleskine and go bananas with brainstorming your dream.
Build: Take time later from the Dream section (it could be later in the day) to estimate, ideally this is where you make a plan of how it would happen with what you have available.
-What resources do I have to make this happen?
-How much money will it take?
-Who else needs to help me?
Create: In this stage, you make an action plan, set a date, and start creating your dream. And NO MATTER what happens, something must be delivered on this set date. YOU MUST LAUNCH!
After reflecting on this for a few weeks, I have come to the conclusion that the ideas and money concept does fit, but it happens in the “estimate” phase of my formula.
Note to self: don’t forget to figure out the money part!
Here are 3 questions that Guillebeau suggests that your should ask for every idea:
a. How much would I get paid with this idea?
b. How much would I get paid from this idea?
c. Is there a way I could get paid more than once?