GO IT ALONE

By Bruce Judson

GO-IT-ALONE ENTREPRENEUR’S BUSINESS

Characteristics:

1)Started with a minimal investments

2)Run by a small number of people

3)Founder doesn’t set out to create a small business

PRINCIPLES FOR SUCCESS1)Focus on reducing the risks

2) Never get too far ahead of your customers

3) Create the ability to scale

4) Maintain an experimental attitude

5) Take yourself off the clock

6) Only use off-the-shelf products and services

DO WHAT YOU DO BEST

Choose your business idea

What do you do best?

Does your idea fit with your core competence?

HOW TO CREATE YOUR BUSINESS SYSTEM

Leverage your core competence through relentless repeatability

Identify the important metrics Make time work for you Take advantage of the benefits

of scale Follow the 60% Rule Build for flexibility Make your own luck

THE ABOUT START-UPS

1)Extraordinary risk is essential to success

2)Real businesses are funded by venture capital

3)The size of employee parking lot matters

MANAGING EXTREME OUTSOURCING

Trust and coordinationDefine outsourcing broadlyThe brain vs. the arms and legs

Plan for and expect evolutionRemember, simplicity always winsMonitor competitors

WHEN TO QUIT YOUR DAY JOB

Don’t quit until you have no time to sleep

What do you tell your boss?

FEAR IS THE ENEMY

You gain strength, courage, and confidence by every experience in which you

really stop to look fear in the face… You must do the thing which you think you cannot

do.

Eleanor Roosevelt