The World's Best Book Summaries
Do you want to create a personal brand? What does it take to build an online brand from the ground up? In his book Crush It!, Gary Vaynerchuk teaches readers how to turn their passions into profits by creating a niche, personal brand. He explains every step of the process in detail so you, too, can do what you love for a living. Continue below for Gary Vaynerchuk’s eight-step guide from Crush It!.
Do you want to create a technology startup company but don’t know where to start? Once you discover your product, how do you manage its development? In Marty Cagan’s book Inspired, product management and product discovery are crucial for a startup’s success. Creating a good product idea is only the beginning, then you must prototype, test, and assess risk. Continue reading for Marty Cagan’s advice on creating a product.
What is the bait-and-hook business model? How do bait-and-hook businesses make a profit? The bait-and-hook business model is where a business sells the main product (for example, coffee machine or printer) at a low cost in order to generate profit by selling complementary products/refills/top-ups (for example, coffee capsules, printer ink) at a high price. In effect, businesses choose to initially make a loss in the hope of making a future profit from ongoing purchases. In this article, we’ll take a look at the concept behind bait-and-hook business models and how they generate revenue.
How do you test new products? What are the four major risks that need to be addressed? A crucial part of the product development and discovery process is new product testing. There are four major risks that need to be addressed during these tests: value, usability, feasibility, and business viability. Keep reading to learn how to assess the four risks of new products.
Why is building a personal brand a good idea for anyone? What are the three top benefits of a personal brand? According to social media guru Gary Vaynerchuk (a.k.a. Gary Vee), every business owner, employee, and aspiring entrepreneur should build a personal brand. The benefits range from boosting sales, to developing a following, to building a resume. Here is Gary Vee’s advice for why you need a personal brand.
How can you organize and structure an effective team? What are the three key roles in a product development team? In the book Inspired, Marty Cagan says that there are five key steps to structuring a product development team. Additionally, there are three key roles plus supporting players who all come together to create an effective team. Here’s how to go about creating your development team.
What is a free business model? How do companies finance the provision of their product/service for free? A free business model is where one or more customer groups receive value at no cost (e.g. a software company offering a limited suite of features for free). Free users are always financed by another part of the business model or by another customer segment. In this article, we’ll look at the different types of free business models, and how they generate revenue.
What does the product ideation process look like? How does this process aid in product discovery? In his book Inspired, Marty Cagan explores the product development process. One part of this process is product ideation or the process of creating and sharing new ideas. There are four parts to the product ideation process: interviewing customers, concierge testing, customer exploration, and hack days. Keep reading for an explanation of each step.
What is the open business model? How do companies with open business models create value for their customers? An open business model is where a business creates value through collaboration with external partners. There are two main ways to do that: 1) integrate their internal resources with the partner, or 2) supply their resources for a fee. We’ll break down both of these principles below.
What ten innovation principles can help your company with the product discovery process? What two strategies can help your teams innovate? In the book Inspired, Marty Cagan shares the innovation principles and strategies that will help your company through the discovery process. Additionally, he helps wean your team off of roadmaps with two strategies. Continue reading for Marty Cagan’s advice from Inspired.