Page 25 - The Bootstrapper Bible

ChangeThis A great idea SECTION 2 can wipe you out I started thinking about this manifesto when I heard a public radio report about an American entrepreneur who was busy installing a string of pay phones in Somalia. His biggest expense, the announcer explained, was armed guards to protect the phones. I shook my head. Perhaps the only thing sillier would have been setting up a Pizza Hut franchise in the war zone. There are enough obstacles to success in choosing your business. Overcoming a flawed busi- ness model shouldnʼt be one of them. You need to start before you start. Figuring out which business to be in is one of the most important things you can do to ensure the success of your new venture, yet itʼs often one of the most poorly thought out decisions bootstrappers make. Donʼt rush it. Donʼt just pick what you know, or what you used to do, or even what you dreamed of doing when you were a teenager. Itʼs way more fun to run a successful vegetable stand than to be a bankrupt comedy club owner. The first law of bootstrapping: Great ideas are not required. In fact, a great idea can wipe you out. Whatʼs a great idea? Something thatʼs never been done before. Something that takes your breath away. Something so bold, so daring, so right, that youʼre certain itʼs worth a bazillion dollars. An idea you need to keep secret. Great ideas will kill you. | iss. 6.01 | i | U | X | + | Want to find the most buzzworthy manifestos? DISCOVER them here. h 25/103 f