The first day of 2023 was spent on the couch with this book titled "48-hour start-up formula, from idea to launch in 1 weekend by Fraser Doherty MBE" in my hand.
The book falls in the Business genre. This genre is notorious for being tough to read, having way too theoretical ideas, beating the drum aka success literature, etc without any actionable items or take away for audiences. This book differs from the tough business books by staying up to date with the current omnichannel market strategy.
About the author
The author describes his childhood vividly in the book, He was an enthusiastic child who wants to make money by selling very early as a school-going kid. In this process, he learns everything practically.
Over the period, he makes his success mark with a product called SuperJam which is a product developed with his talented grandma in their kitchen and sold door to door in the initial days. Later the product is put on supermarket shelves and it goes on to make a successful international brand.
The author is well qualified to write a book on startups and launching products. Given his practical learning, the author refrains from ideas that lead to analysis paralysis.
Top 3 ideas from the book
USP is dead.
While finding the perfect idea for our startup, we were told to focus on something unique and not another copy product. But in reality, the real world is full of copy products which are a little different here and there. Maybe better, faster, cheaper, etc.
When there is no USP, we have to come to terms with people who are going to copy your product in parts or as a whole. In that case, the story behind the product is unique to each product and can be a strong anchor point in the customer's mind.
Be second, first
The first mover advantage is great but the first mover has to experiment a lot with his time and money. He has to have a research team to learn about the market. After all this hard work, the chances of the first mover's success are very less compared to the guy who learned from a successful product, made reasonable changes, and sold it.
Someone who starts second has a 75% less chance of failing. This is a perfect example of the commodities/items at the supermarket.
The middle of the road pricing is dangerous
The author discusses the 4P while developing an idea.
- P - Product, what am I selling
- P - Promotion, how will I let the world know that the product exists
- P - Place, where will my customers find me
- P - Price, at what price can I get customers and make a profit
When it comes to pricing, the improvised products take the middle road. They choose to place the price somewhere between the minimum and maximum. This technique is risky because the competition is intense and everyone is doing the same. The companies in the middle are on the decline. However, the space at the minimum and maximum has less competition and more profits.
For instance, Uber, Ryan Air, and Amazon are capturing low-end markets. Companies like Apple and Tesla are capturing high-end markets.
Something I do not agree with
Well, I agree with the ideas in the book. But planning something new minute by minute to be executed on a weekend comes at a cost. It means no time for weekend chores and I bet someone will distract us over the weekend unless you do all of this sitting in a private office.
The author emphasizes the importance of focused work and being in a great moment. Only through focus, the author tells with conviction that you can build your startup in 48 hours
Verdict
The book is written on an important topic that could change your fate and live the life of your dreams. The author has given his best at writing the book by loading it with the latest and greatest tools that he uses or found on the internet. A must-read for entrepreneurial-minded people.