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How I Built This

summary ofHow I Built ThisBook by Guy Raz, Nils Parker

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You’ll learn

  • How ideas transform into enterprises
  • Ways planning prevents catastrophes
  • Why resilience is a key in business
  • How partnerships amplify success

first KEY POINT

Every successful business started with a good idea

Entrepreneurs are crazy people who believe in creating products and services that make humanity better. If you're an entrepreneur or looking to become one in the future, then you have a lot of similarities with the explorers of old that you don't realize.In those earlier centuries, explorers were people who challenged the status quo. They believed there was more to the world than everyone around them knew and they were willing to prove it with their lives.Entrepreneurs possess such daring spirits.They don't mind maxing out their credit cards, eating junk, and having sleepless nights, just to deliver the best products to their market. If you say entrepreneurship is a 21st century buzzword for world and mind exploration, you wouldn't be wrong.To qualify for the entrepreneur title, however, you need to have a business… So what does it take to start one?Many things, of course. The business world is so complex that it requires many parts functioning together. But on a priority scale, the first thing you need is a good idea.Ideas are the seeds upon which a business is built. And there are several ways these ideas come. Some people are lucky enough to have ideas strike them when they are not even looking. But for the vast majority of us, you have to be working on something and actively seeking ideas before a good one locates you.If you'd like to get an idea for a groundbreaking, disruptive business, then your best bet isn't to just sit and wait. Actively search for it, and you'd increase your chances.

Good business ideas rarely come to those who fold their hands and do nothing.

Here's an example of how you actively search for a good idea: get engaged in something you're passionate about. This may be a job or a hobby — it doesn't matter. While doing that, search for solutions in your area of passion that you need yourself but can't seem to find. Sometimes the solution may exist, but it's subpar. You can also interview people around you to know what they think about the solution available and what they'd wish they could have. That's what Away co-founders, Stephanie Korey and Jen Rubio did. They enjoy traveling and they wanted a travel bag that would suit their needs, but what they found in the market at the time just didn't measure up. They realized they weren't the only ones with this problem, so they decided to create the solution.

second KEY POINT

Don't leap without a plan

The entrepreneurial journey is often equated with a hero's journey for many reasons.Here's how it goes: the average entrepreneur starts with nothing or quits their job because they have this wonderful idea for a company they believe would be great. For weeks and months, they work hard trying to build the business and it drains them mentally, emotionally, and even financially. That's the battle stage, as with all hero stories.Then after a while, they begin to gain traction. Sales kick-off and the rest is history. Battle won.That's the typical story we hear and this does either of two things to people: for some, it fires them to keep pushing until they find a break. But for other people, stories like this make them recoil. There's no way they're going to suffer all that pain for an idea that may not even work.What category do you belong in?If you're in the first, here's a piece of candid advice. Don't start without a fallback plan. Your idea may be wonderful, but things can still go sour. And even if they don't, you'd need more money to fund your business than you may envisage in the beginning. So have a plan that you can always go back to.This may be retaining your job until the business can sufficiently pay your bills, or having a marketable skill so you won't be out of cash for too long if things go south.Don't believe everything the media tells you, always do your digging. Most of the entrepreneurs you see today had a plan B when they started out and so should you!

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first KEY POINT

Don't fight alone

second KEY POINT

You have two options for funding a startup: bootstrapping and OPM

third KEY POINT

Have a clear mission for your business

fourth KEY POINT

Conclusion

About the author

Guy Raz, a prominent NPR host and podcaster, reaches millions with his engaging storytelling. Nils Parker, acclaimed co-author and editor, excels in shaping compelling narratives across various genres.

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Frequently asked questions

What is 'How I Built This: The Unexpected Paths to Success from the World's Most Inspiring Entrepreneurs' about?

'How I Built This' is a compelling book by Guy Raz that explores the journeys of various successful entrepreneurs. It delves into the unique challenges and innovative solutions they encountered, offering readers inspiration and insights into what it truly takes to build a successful business.

What are the key takeaways from 'How I Built This: The Unexpected Paths to Success from the World's Most Inspiring Entrepreneurs'?

Key takeaways from 'How I Built This' include the importance of resilience, the value of embracing failure, and the power of creativity in entrepreneurship. Each story emphasizes that success does not follow a straight path but is often filled with unexpected twists and turns.

Is 'How I Built This: The Unexpected Paths to Success from the World's Most Inspiring Entrepreneurs' worth reading?

Absolutely! 'How I Built This' by Guy Raz offers rich insights and real-life stories that can motivate aspiring entrepreneurs and seasoned business owners alike. Its engaging narrative style makes it both informative and enjoyable, making it well worth your time.

How many pages is 'How I Built This: The Unexpected Paths to Success from the World's Most Inspiring Entrepreneurs' and when was it published?

'How I Built This' spans approximately 320 pages and was published on September 8, 2020. This length provides a thorough exploration of entrepreneurial experiences without overwhelming the reader.

Who is the author of 'How I Built This: The Unexpected Paths to Success from the World's Most Inspiring Entrepreneurs'?

The book is authored by Guy Raz, a renowned journalist and radio host known for his interviews with successful business leaders. His expertise in storytelling brings a unique perspective to the journeys shared in the book.