Why is it smart to start something stupid?
Sometimes stupid ideas turn into amazing businesses. Asking people to sleep in stranger's homes has turned AirBNB into a global giant. Getting into a stranger's car built Uber. Facebook started as a way for college kids to rate the "attractiveness" of other students on campus. When you boil down a lot of different businesses to their basics, you'll see some strange ideas that might have appeared "stupid" at the time but found a market and became successful.
Do you have a crazy idea that you're embarrassed to share or think others will think is stupid. Well, this is the book for you. That crazy idea might just help you build something great.
These are the key takeaways from The Power of Starting Something Stupid by Richie Norton.
It's ok to start a business that's not going to be big
- It's ok to have a small business that's healthy, profitable, and that you love
- Not every business needs to start out with the goal of being a multi-million-dollar business
- Businesses can start as side gigs or boutique businesses
- If you're passionate about the business, don't let the fact that you don't see the potential to grow it into a huge business hold you back
- You might not be able to see the full potential when you're just starting out. It might become clearer later or with the help of others.
Think of new ventures as experiments
- Calling your new venture an "experimental project" helps take the pressure off
- If you're not married to the "experimental" idea and it doesn't work out you don't feel like a failure. It was an experiment after all.
- Norton emphasizes that it's better to find out if your idea is a flop when the stakes are low rather than waiting your whole life and then finding out it's a failure.
- Norton also suggests we "live in permanent beta" where you can experiment with your "stupid" idea, be nimble, and take risks
Insight relates to your retirement and your dream
- The ability to retire is great! The unintended consequence of retirement planning, however, is that while people plan for future financial savings and investments (a good thing), they get it all mixed up with saving their dreams for later (a bad thing).
- If retirement is the freedom to do what you love and you love working on your business, then do you really need to strive towards "retirement"?
- Your dreams are like milk. They have an expiration date. Don't wait until "retirement" to pursue them.
The Bezos Test
- Ask yourself "Will I regret it when I'm 80?"
- Don't put your dreams on hold. Don't live a deferred life plan.
- If putting off your business idea is something you'll regret when you're 80, then don't put it off
4 questions that will clarify your thinking about your stupid ideas
Norton asks his readers to answer 4 important questions:
- Do you have a pressing thought or idea that simply won't go away? Make a list of the things you have wanted to do for a while or you hope to get around to later.
- Looking at your list and identify which of them you would regret not doing. Are there things on your list that would bring you deep sadness or regret if you didn't pursue them?
- If you had only a short time to live and you had to get rid of all the things from your list except for three or four, which three to four ideas would remain?
- If you had to prioritize these few things in order from most important to least important, which order would you choose?
If you haven't read The Power of Starting Something Stupid by Richie Norton, add it to your reading list today. It's full of great insights and inspiration for business owners and future entrepreneurs.
