In 2012 Guy Raz left NPR’s Weekend All Things Considered to start a podcast. Although a risk at the time, his podcast, “How I Built This,” became a massive success. In this podcast he interviews entrepreneurs about their companies and their stories. In this book each chapter provides a lesson from those interviews. Although these lessons are primarily geared towards business entrepreneurs, I found each chapter helpful to starting a church. Here are my take aways:
1. Everything starts with an idea. Victor Hugo: “One with stands the invasion of armies; one does not withstand the invasion of ideas.”
2. Entrepreneurship is always scary because it is a step into the unknown. Reid Hoffman: “Starting a company is like throwing yourself off the cliff and assembling an airplane on the way down.”
3. Safely leave your safety zone. Most entrepreneurs work their “real jobs” until their endeavor is more viable and demands more of their time.
4. Entrepreneurs do their research and know their stuff. Steve Jobs: “Some people say, ‘Give the customer what they want.’ People don’t know what they want until you show it to them.”
5. Successful endeavors happen not because of great men but because of great partnerships. Find a partner. Oliver Wendell: “Many ideas grow better when transplanted into another mind than in the one they sprang up.”
6. Most new endeavors need “bootstrapping.” Bootstrapping is when you invest everything you have. You max out credit cards, use your life savings, and put in a crazy amount of blood, sweat and tears. This is often a necessity for any new endeavor to get off the ground. It also ensures more control over the organization later on.
7. Every new endeavor needs a vision and that vision should be crafted as a story. Develop that story and tell that story. Guy Raz: “All businesses are stories, and all stories are a process.”
8. If an organzation wants to make it to the next level, eventually it will need “OPM” - “other people’s money.” Guy Raz: “All entrepreneurs will tell you that fundraising is brutally hard at every level. It taxes your time, your energy, your ego, and sometimes your relationships… you are going to need thick skin.”
9. Iteration is “the incremental evolution of a product or service.” This happens as your idea develops as you prepare your endeavor for the public. This also happens when the idea is made public and you make changes based on feedback.
10. Guy Raz: “Go in the side door.” Often times success is not found chasing the large market but finding a niche in the market where you can succeed.
11. Location, location, location. The importance of where your organization is located cannot be overstated.
12. A key of success for entrepreneurs is “building buzz.” This is “a general awareness that your company exists and that there’s something cool or interesting or new (or all of the above) about what you’re doing.” This should create a “surround sound effect” (Tim Ferriss) - giving a sense “that you are everywhere.”
13. Another key for entrepreneurs is “engineering word of mouth.” Mark Zuckerberg: “A trusted referral is the Holy Grail [of marketing].” There is only one way to engineer word of mouth: “you have to make a really good product…. It has to be so good that someone HAS TO recommend it.”
14. “There will come a day well into the entrepreneurial process when you’ll think about quitting.” When this happens get out of the fray and get some perspective.
15. Most companies need venture capital to scale. Venture capitalists know money but they don’t know your business. You need to show that there is a market for your product. Be able to answer all their questions.
16. People within and without will try to destroy what you have built. Protect what you have built.
17. When catastrophe strikes there is an opportunity to build trust or completely lose it.
18. Many organizations pivot away from what they were started to do. Being open to a major pivot is key for any organization to succeed. Guy Raz: “It takes an immense amount of emotional maturity, no matter how old you are to recognize that the business you are leading is bigger and more important than the idea (your idea!) on which that business originally built.”
19. It can’t be all about the money. There must be a larger mission.
20. You need to create a healthy culture within the company. One thing that stops entrepreneurs from doing this is doing everything themselves. Guy Raz: “You don’t scale. Only your idea, and your story, and your values do.”
21. The companies that grew and have lasted from the Gold Rush of the 1800s where not involved in gold but servicing those looking for gold. Guy Raz: “The possibility of succeeding in that kind of capital-intensive, winner take all environment always has been much lower than finding a small niche related but adjacent to a massive boom and building a business there.”
22. The relationships of leaders will make or break a company. Protect those relationships.
23. Know thyself. Knowing your gifts and vision will help you know what to say yes to, what to say no to, and keep you on track.
24. 80% of entrepreneurs will be forced out of their company before they want to leave! Usually at end the entrepreneur’s need to choose between controlling their company and cashing in on their company. Guy Raz promotes a third way - seeking contentment and happiness in the decision. A decision that cares for others and allows you to do something you love.
25. A key characteristic that is usually there with entrepreneurs is kindness. Companies won’t stand the test of time if people hate working for the company.
26. A lot of success comes down to luck. Everyone has been given “luck” that they didn’t work for. What will you do with your luck?