In the podcast series, Seth Godin’s Startup School, Seth Godin gave a guided tour to a group of highly-motivated early-stage entrepreneurs on some of the questions they will have to dig deep and ask themselves while they build up their business. Here are my takeaways from various topics discussed in the podcast episodes.
- Differences between entrepreneur and freelancers: Freelancers get paid only when they do work. The output of the freelancing business is primarily from the freelancer herself. Entrepreneurs build businesses that is bigger than himself, and the business can still operate even when the entrepreneur is not present personally.
- When you are a bootstrapper, you may have to operate like a freelancer because you are the cheapest person you can hire. The discipline of entrepreneurship is to figure out how to get others to do work you would do better than you can. You can then be freed up to do what only the entrepreneurial CEO can do such as marketing, getting new clients, figuring out strategy, raising money, and building facilities. The CEO needs to gradually rise above the day-to-day operation cycles and putting himself in a position to grow the organization.
- One myth the entrepreneurs tell themselves is that they have to be with the business and the business will not survive without them. On the contrary, entrepreneurs build industrial systems that can scale the operations without them being the one running the operations.
- How business and marketing are connected? Running an organization is creating value. People are giving the business money because they believe what you are providing is more than what would cost them. That is the story people are telling themselves. Successful businesses carve out attention and a system that get paid all day long giving value to those people.
- Marketing is telling a story about that value that resonates with the people enough that they are willing to give you money for it. As an entrepreneur, we need to figure out how to tell the story, whom do you say it to, and how do you create the value. You win if you can do these three significant tasks over and over again.