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1-Page Summary of The Art of the Start

Overview

The executive summary is the most important part of a business plan because it’s first, and people will read that before anything else. But this same idea holds true for many other documents and presentations. For instance, the most compelling facts and shocking stories should be told at the beginning—they won’t do anyone any good if they’re not awake to hear them!

The Chinese philosopher Lao Zi once said: “A journey of a thousand miles begins with a single step.” However, people often get so caught up in planning every little detail that they don’t take the first step.

That’s why this book won’t go into detail about how to manage a business. Instead, it will give you just enough information to get started on your own. You’ll learn how to pitch for funding and survive even if you don’t get it. You’ll understand how companies can position themselves successfully and create powerful brands.

The book will help you discover: why it’s okay to hire someone who is smarter than you are, how IBM managed to steal the market from the leading brand, and what makes some products so popular that they’re contagious.

Big Idea #1: Entrepreneurs should focus on making meaning, not just money.

Starting a company is not only about making money. It’s also about creating something that makes the world better in some way, whether it be through a service or product.

Making meaning is critical to your company’s success. It will be much easier to become an A-list entrepreneur if you are motivated by making meaning rather than money.

To create meaning, you should come up with a short and powerful statement that reflects your company’s purpose. A good example of this is Nike’s mantra, which is “Authentic athletic performance,” or Disney’s, which is “Fun family entertainment.”

A mantra is a short, direct and memorable statement of the company’s purpose.

For example, Coca-Cola’s mission statement is “The Coca-Cola Company exists to benefit and refresh everyone it touches.” That’s a lot of words. But we could simplify the message by creating a catchier phrase like “Refresh the world,” which would be easier for people to remember.

Big Idea #2: When you are in business, you need to have milestones that will help you perform better. You also need to test your assumptions and define the tasks that should be performed.

Many start-ups are in a constant state of chaos. This is because no one knows where the company is going or how much progress it’s making. To avoid this, you should use the MAT framework (Milestones, Assumptions and Tasks).

First, you should identify the most important events in your plan to achieve success. These milestones are crucial and need to be finalised or an important decision needs to be made.

For example, the first milestone of a start-up is to get proof that their product or service works. Then they can create a prototype and raise money to produce it. This means every key event in creating the product is mapped out in advance.

Of course, it’s not a given that milestones will be reached. You need to be realistic about what business-relevant assumptions you’re making and track them regularly to see if they still hold true. If not, you need to react.

If you’re opening a tailoring shop, and assume that the textiles will cost $1,000 per month, then your suppliers tell you they’re raising their prices for textiles to be $2,000 per month. Clearly you need to either find new suppliers or raise your prices.

Finally, list the tasks that will help you achieve your milestones. These could be something peripheral but nevertheless crucial, like renting office space or paying employee insurance policies. You need to ensure this is taken care of.