Tag: The Bootstrapper’s Bible

Bootstrapping Rule 9 of 9

In 1998, author Seth Godin published the book, “The Bootstrapper’s Bible.” A few years later, he posted a manifesto based on the book. Here are the takeaway lessons I picked up from reading the book.

Observe Those Little Birds that Clean the Teeth of Very Big Rhinos

The tick birds and hippos are examples of mutually-beneficial relationship.

The hippos get the pesky insects off their backs, while the tick birds get themselves a good meal.

There is a lot a bootstrapper can learn from these little birds. By creating a mutually beneficial relationship with a hippo, it is possible to make good money, generate credibility, and avoid being eaten.

Find bigger, well-off, more stable organizations and partner with them.

For the larger organizations, they gain more efficiency by having someone who can take on a specific task and turn company assets into working capital.

Spot bootstrapping opportunities by looking for opportunities to fix problems or recycle/revive idle assets for larger corporations.

Bootstrapping Rule 8 of 9

In 1998, author Seth Godin published the book, “The Bootstrapper’s Bible.” A few years later, he posted a manifesto based on the book. Here are the takeaway lessons I picked up from reading the book.

Get Mentored

When bootstrapping, there is no shame to seek out help so that you do not struggle alone.

Finding the right person in the right industry at the right stage of her career takes some initiative and homework.

Seth had the following recommendations in acquiring a mentor:

  1. Pick an effective mentor. Mentoring should be convenient so that both the mentor and mentee can get the most out of the experience.The mentor also should have the life experience and a network of connections that can help your bootstrapping effort.
  2. Make it easy for the mentor to say Yes and to say or No. As the bootstrapper, you are asking for help so be gracious when the mentor says Yes or No. Always show gratitude after receiving help. Never become a burden for the mentor.
  3. Never ask for resources that aremore than advice. Do not ask for freebies, and never ask for financial resources.

Bootstrapping Rule 7 of 9

In 1998, author Seth Godin published the book, “The Bootstrapper’s Bible.” A few years later, he posted a manifesto based on the book. Here are the takeaway lessons I picked up from reading the book.

Advertise

Advertising feels like an expense, but it is an investment. A consistent and intelligent marketing effort is nearly sure to pay off.

Seth suggested the four most important rules of advertising.

  1. Plan and spend regularly on advertising. If possible, figure out what the competitors do and budget to match the effort. Allocate funds for marketing before you take the same money to pay your own salary.
  2. Achieve persistence by being smart about the reach and frequency of your marketing effort. Frequency is more critical than reach, but do not overlook any potentially viable targets.
  3. Be clear about what you do. Clearly and succinctly outline exactly why people should buy from you.Most of all, be crystal clear about what is in it for the prospective buyers.
  4. Always test and measure the ad’s effectiveness. Use the typical metrics such as contacts and inquiries generated from the ad. Always build some response mechanism into the ad so that you can measure the input and output. If necessary, ask the prospects or the customers what caused them to reach out to you so that you can measure.

In the end, sales are what make your business work. And sales happen when you get access to people who trust you.

Marketing and innovation make sales happen.

“更明智”值多少錢?

(從我的一個喜歡與尊敬的作家,賽斯 高汀

沒有新的成本,沒有新的機器,沒有新的資源。

只有做的更為明智。

對於這個過程做的更為明智,對於這個效果做的更為明智。對於計劃,對於領導,對於管理,對於衡量,都做的更為明智。

那明智能值多少錢?

根據我的經驗,明智通常總是最廉價的,你可以用明智去換取許多其它更有價值的東西。

Bootstrapping Rule 6 of 9 

In 1998, author Seth Godin published the book, “The Bootstrapper’s Bible.” A few years later, he posted a manifesto based on the book. Here are the takeaway lessons I picked up from reading the book.

Beware of Shared Ownership 

When choosing a business partner, Seth suggested the following guidelines: 

  1. Avoid giving away too much business stakes earlier on for acquiring business partnership.
  2. Avoid exchanging business stakes just for acquiring ideas. Ideas by themselves are not worth much, actual, successful execution is. If necessary, promise lump sum payment after the concept has been proven, instead of offering perpetual shares of the business. 
  3. Put agreements down in writing. Structure the deal, so all partners can exit the contract without putting the business in harm’s way. 
  4. Structure the business deals with specific measurements that will reward the partner who made the most significant contribution ends up with more share.
  5. Be clear and agree on who and how the business will make decisions. “Never, confuse profit participation with governance,” said Seth.