Sunday, March 23, 2008

A day with Seth Godin

I have signed up for the A day with Seth Godin event being held in New York City on April 30th. Excited about it! The event price is $2000, and all of it goes to charity (Acumen Fund) ; so effectively I will be getting to spend a day with Seth Godin for free, after making a minor dent in making the world better though my contribution to Acumen Fund!

I came across Seth Godin's name - many times - a few months ago, in my efforts to learn more about starting out on my own. His name kept popping up so frequently that I had to read more about him and by him. Seth's writing is direct, up to the point, insightful and very relevant. His blog is a repository of pithy business & marketing wisdom.

What really captured my imagination about Seth's writing was his comprehensive guide on starting up a business with little or no money - The Bootstrapper's Bible.

Here are excerpts from the book that I noted down for quick reference:
You're going to be running this business a long time. Spend an extra month to figure out what your business model feels like and save yourself some headaches later.

With a business model that works, the deal is simple. You invest time, effort, and money. In return, your market responds with sales, cash flow, and profits.

Business models should have the following five attributes:
1. They should be profitable
2. They should be protectible
3. They should be self-priming
4. They should be adjustable
5. There should be an exit strategy (Optional)

A business model is a machine, a method, a plan for extracting money from a system.

Most people hate to be wrong. Starting a business is the most public, most expensive, riskiest way of all to be wrong.

Without money, there is no business. Run out of money and your creditors will shut you down, your employees will leave, and your spouse will worry.

Here's my best advice for you: Stop planning and start doing.

You don't have to quit your day job. But you do have to get out there and do it. The more you do, the more you do. Doors will open. Opportunities will appear. Your model will change, your reputation will increase, you will become a magnet for smart people, good customers, and investors. But none of this will happen if you stay inside and keep planning.

Build your business. One day at a time, one customer at a time. Lower your downsides, focus on the upsides, and start building. But start.

Revenue is revenue when you see the money. Expenses are expenses when you pay the money. Cash is king and that's what you keep track of.
After entering my details on the Squidoo Lens with the list of people who will be attending the Seminar, I regretted not putting a link for everyone to learn more about me in this post. On Googling for my name, I was thrilled to see my blog come up as the first hit!! I must have been doing somethings right if I get a top hit despite not learning much about Search Engine Optimization techniques!!

1 comment:

Miguel Cavalcanti said...

Hello Prakash,

I´m going to NYC too.

Hope to learn a lot from Seth Godin and for all the people there.

See you there, Miguel, from Brazil