Get Ready, Get Set, Go: Lean Startup

$100 Challenge & "Big Idea" Updates

Some progress on the $100 Challenge. I secured "financing" of limited $20 capital this week from my gracious parents in exchange for providing baking services in their home. Next week I will work on producing earrings, take pictures for my blog and Etsy listing and work on packaging. I purchased the initial materials to start production next week for $18.
The progress this week for my "Big Idea" was selecting an entrepreneur to interview. I will be interviewing Logan Skidmore of LS2 Real Estate Investments. His business deals with real estate investments, credit counseling and small business coaching. Looking forward to probing his brain about getting a financial services small business off the ground in San Antonio.

Weekly Reading Highlights:

Start-Ups on a Shoestring published Aug. 16, 2010 by The Wall Street Journal

Donated 20,000 bracelets to charity and 20% of profits to Plantabillion.org
Even with sales going up, into the second year of business she was not paying herself a salary and she set goals and stuck to them.

Wanted to start a business, but realized that he would have to keep his day job to get the company off the ground.
His advice is to only do something you love to do and plan on working long hours to get the work done that will bring profits.

Have a secure job to fall back on.
When changing fields, he marketed for another company and learned from that owner and business.
Had people fill our surveys on StreetEasy.com, UrbanDigs.com and AngiesList.com (for free publicity).

Acton Heroes Stories

Desh Deshpande-He forged the way in the optical network technology. Deshpande grew up in India and came to America with $8, a positive attitude and a willingness to try new things. Experiencing his share of challenges, he recognized that they were not the end of the road and there was a valuable lesson in each hardship or failure experienced in life.

Ken Zolot-The story of Ken Zolot, founder of companies like Egenera and Heartland Robotics, shows how an entrepreneur can bring balance to business by being bold enough to do what others have not and seeking ongoing input from consumers. Zolot stresses the importance of asking the question "Who Cares?" about your business. Focus on an individual product or service within a business has its merits, but all this effort will not amount to much without attending to the wants and needs of consumers. It's important to being sensitive to the world around us and how our business fits in, even when we are doing something new that may not have had a place before.

Get Ready, Get Set, Go