Archive for October, 2017

Book Review: Start Something That Mattes, by Blake Mycoskie

October 12, 2017

Blake Mycoskie, is the founder of TOMS shoes.  The company motto is, “for every pair we sell, we donate a pair.”  This is a very  quick read, very well edited, about how he started TOMS, and  how other people started businesses to make the world a better place.  I thought the book would be  hokey, but it isn’t.  Thing is, starting a business is really not as easy as chronicled.  Mycoskie had been a serial entrepreneur, and he had the capital to experiment when he started TOMS.  He acknowledges that he got lucky very fast, and his family was very supportive.

He doesn’t say how long it took for him to develop a working prototype, but he does say he had capital to live on while he was working on getting his shoes developed and manufactured.

I found this book very uplifting, but  I am not sure what value it would be  for the  entrepreneur who doesn’t have access to capital,or who has never even drafted a business plan.  I am really amazed at how many people  make a good pitch on  social funding sites like Indigogo or GoFundMe.  I have been supporting Prosper for over 10 years, where you can ask for a loan for any reason.

If you have an idea for a business,  you can look up  business plan outlines on the internet, and  find a business in your industry where you can  possibly intern, but be realistic and know the amount of money you will need to keep afloat until you break even.  I  want to open a resale store, but I estimate, with rent and overhead, I would need at least $30,000 and at least a year before breaking even.  Is that doable?  Mot for me…. unless I was given rent for free.

One of my favorite TV shows is “Shark Tank,”  where  entrepreneurs make a pitch  for funding and technical assistance to  ‘venture capitalists’ to grow their businesses. The Capitalists ask tough questions, and won’t fund an idea just because it is  ‘good’.  If you really think yo have a money making idea, write it down and  put down on paper  how much it will cost  to  either  manufacture your product or provide your service.