Today I’m writing a summary of the book the The Start-up Of You is a book written by Reid Hoffman (founder of Linkedin) and Ben Casnocha (Top youngest entrepreneur).
I read that book 7 years ago and it’s clearly the business book that influenced me the most throughout the years.
It’s a must read for ANYBODY ! Whether you are an entrepreneur or employee, in fact the point of the book is that employees are also entrepreneurs, we all are ! The principles and knowledge you will incorporate will be useful in any area you are in.
Whether you are a writer, athlete, actor or doctor, this book is going to be useful.
I am myself, Marvin Anthony in a middle of a career transition too so I had to read it again.
Let me share my story so you understand why this book is so important to me. If you don’t really care you can skip it and dive into the summary directly. ^^
MY STORY
For those who don’t know me, I’ve been a professional athlete for 4 years while completing a master degree in finance. Then I worked as a salesman for investments funds at Amundi which is the biggest Asset Management firm in Europe. It can sound boring but I loved it and for years I thought I would be the next Wolf of Wall Street AHAHHAH ! I really did.
I’ve always been doing multiple things at the same time so on the side I was launching a social media marketing agency (hardest thing I did in my life and first entrepreneurial experience). Going door to door in the suburbs of Paris where I grew up. When I went to pitch my first clients I was so afraid, I still remember my body shaking before knocking on doors. I was charging 300€ a month to manage social media and google pages. Charging this amount to my client felt like I was asking for 10 000$ at the time.
I remember my first 2 clients : a driving school called Permilike and a Brasserie/Restaurant called La Bonne Entente. As I look back I was doing so much for them as I was excited to have my first clients (professional pictures, posts, coming for special events, adding a Youtube channel without even them asking). It was the excitement but also my insecurities as I was scared to lose them so I would do ANYTHING !!!
As a young black kid in Paris the only way I thought I could be someday successful was becoming a rapper/singer or an athlete, so when my Basketball dreams were out of the map I was desperate.
I’m not exaggerating or playing the victim here ! The only successful French successful black people were athletes or rappers. We had no Will Smith, Jay-z or Barack Obama or anything like it so it never even crossed my mind that I could be an entrepreneur or do something big. Also, my mom raised me on her own so she didn’t have time or ressources to show me the possibilities. I wasn’t aware of all the things you could do. Maybe I also lacked some curiosity to find out on my own which is something you need in life…
Let’s come back to why I was talking about all of that. I pushed my business hard during 3 years and I was able to make between 3000€ to 4500€ a month. I signed pretty nice restaurants, beauty shops etc. 4500€ a month is a salary I would’ve attained in 15 years staying in my company, so I decided to leave.
Leaving my comfort as an employee to become my own boss and struggle, let’s go !!! ahahah
Now I’m a full time entrepreneur and I don’t know why, everything got tougher all of a sudden. Every transition take more time than you expect and is never easy.
Some of my clients could not see the value I was offering as you cannot really measure returns on social media visibility. Managing Instagram and Facebook pages don’t allow you to track incoming customers. You can find ways to measure but I feel like I haven’t been able to show enough results. Also, clients would see my services as extra expenses so if they had production cost to reduce, I would be the first in line.
Everything became hard and I was suffering. Then the worst happened… COVID.
All businesses shut down and I had 2 clients left…
In the meantime, I got offered to do some TV shows.. Was it destiny ? I don’t know but it definitely changed my life. I was really afraid to take the step as I did not know if I would be suited for it. But I definitely was ! ahahahh
Going forward I win S2 of the Netflix show Too Hot to Handle and I become internationally known.
It resulted with a huge social media audience, offers for other shows and all those things, but this is not what I wanted for me in the long run.
When I did my show I’ve been reached out by Lionsgate for the movie Mayday with Gerard Butler for the supporting role Mike Colter has gotten in the movie and a big TV series on Prime video directed by a huge French Director Ruben Alves. I was really surprised to be considered for serious films and series after THTH especially with big time directors. None of those projects happened at the end but for me it was the calling for that new path I never thought of before : ACTING.
Being an actor is one of the most uncertain profession. You never know what is coming next. You can be a working actor and not book anything for 6 months, 1 year, even more ! You can book one job like Kit Harington for Jon Snow and be on the set for 10 years. The coming opportunities aren’t in your hands, but you have to manage your career the best way possible. FOR ME, this book is one of the keys to manage it the best way.
I’ve been transitioning onto my acting career for 2 years now and I’ve been working on many projects, films, series, stage theatre, etc. I’m not yet a confirmed actor and it’s not my main source of income so I still consider myself in transition.
I made that big introduction to show you that I’ve been through multiple career transitions and now at this exact time, 7th of April 2024 I’m in the middle of one. Throughout the summary I’ll give you some practical examples about how I use those concepts so you can have a reference point.
BOOK SUMMARY
The book explains how mankind must adapt to the world in the same way as a start-up. According to the authors, “we are all born entrepreneurs”!
The 3 main lines are :
Adapt to the future
Invest in yourself
Transform your career
The essence of this book is: “How to make right career choices?”
The book is segmented into 7 chapters:
ALL HUMANS ARE ENTREPRENEURS
DEVELOP A COMPETITIVE EDGE
PLAN YOUR ADAPTATION
NECESSARY NETWORKING
PURSUING INNOVATIVE OPPORTUNITIES
TAKE INTELLIGENT RISKS
WHO YOU KNOW IS WHAT YOU KNOW
1. ALL HUMANS ARE ENTREPRENEURS
The book begins with Muhammad Yunus’ quote
“All humans are entrepreneurs. When Man lived in nature, he found his own food and founded his own life. That’s how human history began. When civilization took hold, we all became a “workforce”. We forgot that we are all entrepreneurs. “
Whether we want to be enterprising or become better at our current job, it’s our job to develop and invest in ourselves.
Today, people must be agile and constantly adapt. Our world is affected by two macro forces that have changed the rules of our economy: Technology and Globalization.
“You have to stay young and agile, you have to be a start-up throughout your life.”
The authors mention the example of Netflix having grown from a simple DVD rental company to an international streaming platform. The book explains how Start-ups adopt a mentality of constant adaptation to market needs.
These successful companies and start-ups are constantly in a testing & execution phase. This is known as “permanent beta”.
As Jeff Bezos (founder of Amazon) says: “Every day is the first day.”
To conclude this chapter, the author explains that: Adaptation creates stability.
2. DEVELOP A COMPETITIVE ADVANTAGE
Our competitive advantages must determine our direction.
3 dominant forces determine your competitive advantage:
Your assets, aspirations and the market reality
ASSETS
The best business idea is often the one that brings together the founder’s inherent strengths and skills.
What you do best with the least effort are the assets you naturally possess. The authors urge you to “prioritize specialization”.
A competitive advantage often comes from a combination of skills, experience and connections.
In my case, I know as an actor my physical abilities and my martial arts background gives me an edge for action films. I know it’s a competitive advantage I can bet on, so I brand myself as an action actor. The goal is to have a brand but not being pigeonhole into it later. I shot an action TV series called Or Noir last year in France and my first action movie called Breaking Free last month. If I hadn’t grow that skill and had footage of me in action I would’ve never booked that film. Thank god I’ve been cast on romances, comedies, drama projects but I know I want to grow my martial art skills and my abilities in that area. This is my way of building and strengthening my competitive advantage and creating my “unique value”.
ASPIRATIONS
Aspirations come from your deepest desires, ideas, goals and vision of the future.
This part comes from our values and what’s important to us (knowledge, autonomy, money, integrity, power).
MARKET REALITY
The third piece of the puzzle is market reality. Entrepreneurs know that their products won’t sell if they don’t meet the needs of a market.
How much do your customers need the value you offer?
An entrepreneur spends most of his time researching which product a customer would be willing to pay for. The same applies to the job market. A job seeker needs to know what skills are in demand to succeed in the job market.
You have to look at the needs of the consumer or the market to sell the right product or have the right skills.
“Turning market reality in your favor is the key to success.”
Putting the pieces together
Study each piece of the puzzle to make your career direction easier.
Your strengths and aspirations won’t necessarily meet the needs of your market.
Sometimes you’ll need to develop new skills. Sometimes you may simply need to change markets. Sometimes it makes sense to move to a less competitive market.
For example, college basketball players in the USA who don’t have NBA level skills often turn to European leagues (after college, there is no intermediate level in the USA).
Application:
Write down some of your key assets.
Identify how you spent your last 5 Saturdays. What you do with your free time will certainly reveal what your interests and aspirations are.
Think about the things you are regularly complimented on – this will certainly reveal your strengths.
Plan ahead and take an interest in markets and opportunities that are developing at high speed.
Meet 3 people and ask them what your greatest qualities are.
3. PLAN YOUR ADAPTATION
Should you listen to your heart or to the market? The answer is: BOTH
Successful people do both. They found companies that match their values and vision, but remain flexible.
ADAPTABLE START-UPS, ADAPTABLE CAREERS
The authors give us examples of start-ups that have changed their offer and concept in response to market feedback.
Flickr, which started out as a multi-gamer platform, became a photography social network. They added a photo-sharing feature to their application, which quickly gained in popularity and naturally took over from the other modules.
The book also includes examples of successful individual careers that changed overnight thanks to new opportunities.
Successful careers, like successful start-ups, are in “permanent beta” (constant progress).
ABZ PLANNING
In order to be mobile and stable at the same time, the authors invented the ABZ concept:
Plan A is what you’re doing now. It’s the current execution of your business.
Plan B is the one you’re ready to pivot to. This could be an industry or skills you’re developing alongside your core business. Your Plan B may become your Plan A as market opportunities and movements evolve.
Plan Z is the one that allows you to take risks on your plans A and B. It’s your day-to-day security.
Your plan Z allows you to tolerate failure and take initiative. For example, having a job at the weekend will ensure that you can meet your substantial expenses and therefore be more aggressive on your plans A and B (being able to invest, for example).
I think ABZ planning is the most brilliant concept of the book because it gives you agility and security at the same time. For me, my plan A is Social Media (Instagram, Snapchat, TikTok…), this is where I make the most money but not necessarily what I love the most and what I see myself doing for the next 20 years. My plan B is Acting, this is what I’d like to do full time and what I love the most. My plan Z is Teaching French, it’s not big money but it’s my only regular source of income which gives me more security.
Prioritize learning
It’s far more important to invest in yourself than in any other project. The more you invest in yourself, the more you’ll be able to create wealth. Reid Hoffmann’s advice is to “grow” your assets and skills and make them a priority.
I’ve now spent two years prioritizing learning new skills : I’ve spent 6 months working on a theatre play without getting paid in order to learn the craft and reducing the gap between me who’s starting in my late twenties and competitors who started at an early age.
I worked on martial arts, I learned how to play guitar, ride a horse, use firearms, American and British dialect, Spanish and many different things in order to be prepared for upcoming opportunities and roles.
As an actor the only thing you do is to find what you could be cast for and work on the skills required to qualify for them.
On my first lead role, I had a scene in which I was playing guitar and when the director found out I was already prepared, it made things even more easier.
Learn by doing
Entrepreneurs plunge into the unknown throughout their careers, making assumptions/tests on a daily basis.
Make small, reversible bets
Keep your business secure and take risks on the side. Try new things, give yourself trial periods on projects.
It’s fine to invest yourself in side projects, but when you have only one thing to define you, you’re vulnerable.
The author even recommends working for free in an industry you want to discover.
When to pivot: Pursue the advantages and avoid the disadvantages
Prepare for change and be ready!
The author suggests pivoting to a niche adjacent to your own. Start learning new things on evenings and weekends, and network with people in an adjacent niche.
To start with, you can simply talk to people in that niche to plan your conversion.
What the author is explaining is that you can get started without even taking a risk and “explore the terrain” bit by bit.
Application :
Make contact with 5 people in an adjacent niche that interests you.
4. A NECESSARY NETWORK
The etymology of the word “company” is “cum” “pane” which means “to cut bread together”. According to Ben Casnocha, playing the “solo” game won’t get you anywhere.
“You need people around you to succeed in business.”
Having a good relationship with your superior can have more impact than your skills on who gets promoted.
The “Self Made Man” as he’s often called can make for a great story. But your success will depend on your ability to make your individual abilities flourish through your network.
Creating honest relationships
Many people have a bad image of “networking”, but here Reid Hoffmann, creator of LinkedIn, explains how to “create professional relationships” rather than “network”.
“This focus on quantity often means that these relationships are weak. Relationship builders, on the other hand, focus on quality relationships rather than a large address book.”
Relationship builders understand that their existing relationships provide a network for meeting new people.
The author compares networking to dating. Before choosing, it’s important to know whether this person will help you to build yourself up, achieve your aspirations and help you in the future.
Helping others first
The first faculty of an entrepreneur is to know what’s going on in other people’s heads.
By the same token, you need to put yourself in other people’s shoes to understand what they want.
“Think about how you can help and collaborate with others, rather than thinking about what they can do for you.”
One study shows that the difference between the best and worst negotiators was the time spent exploring common interests.
The best way to meet new people is via the people you already know.
Who are the people you can Brainstorm with? Who can you trust and talk to about your plans? Who can you ask for feedback on your key projects? These people are your allies.
1. Professional allies
Most people can have between 8 and 10 allies in their entourage.
Characteristics of an ally:
You consult them regularly for advice
You share and collaborate on opportunities together
You’re passionate about the same industry
2. Acquaintances
Acquaintances are people with whom we have no strong ties but who are easily accessible.
Sociologist Mark Granovetter’s study showed that 16% of Americans found a job through someone close to them, compared with 55% through acquaintances.
This is explained by the redundancy of information and opportunities in your close circle. Your acquaintances act as gateways to new information and opportunities that you wouldn’t have access to through your everyday allies.
According to Reid Hoffman, we should ask more often for introductions.
“If you’re not connecting at least one person a month, you’re not committed to expanding your network.”
Strengthening and maintaining your network
The first rule is to “do these people a favor”. This is what will create strong links with your Network.
“Create your own Mafia”.
This is how the creator of Linkedin formed this group of high-quality entrepreneurs.
with common interests, focused on a specific region and industry.
It organizes weekends during which they meet in relaxing locations to exchange ideas and opportunities.
Tools to maintain your Network :
Lunches
Social networking
Application :
Identify 5 people you spend the most time with
Introduce 2 people who don’t know each other to each other’s resources
If you were to lose your current job, who would you call on? Check in with them regularly.
Choose a person with whom you have few ties, but with whom you’d like to have a superior alliance.
Establish a “network fund”, i.e. a budget allocated to Networking (coffees, lunches, etc.). Use this budget to expand your network.
Plan Network events during which your alliances bring along acquaintances to extend your network.
5. PURSUING INNOVATIVE OPPORTUNITIES
Start-up growth isn’t usually slow and steady. Often discoveries or contracts propel the company to accelerated growth.
Mind on fire: be curious
Entrepreneurs are always curious: they see opportunities where others see problems, because when others complain, they ask: WHY?
When your eyes are open and you’re curious, your chances of seizing opportunities increase.
Be resilient
The author gives the example of successful entrepreneurs who started out with very few resources, like AIRBNB.
They lacked knowledge, connections, employees and partners. But this lack of resources enabled them to create new ones.
“When you have no choice but to fight, you fight with all your might.”
Caterina Fake the Founder of Flickr says: “The less money you have, the fewer people and resources you have, the more creative you have to get.”
If Microsoft doesn’t work hard for 1 year, they’ll always have resources, otherwise when a Start-up doesn’t work hard every day, it dies right away.
6. TAKE INTELLIGENT RISKS
In general, we have a pejorative view of the word “risk”. Entrepreneurs are not big risk-takers, but they are the best at assessing and moderating risk.
Today, we think we achieve stability by minimizing risk. On the contrary, in a changing world like ours, the author explains that the greatest risk is to try to minimize it by remaining immobile.
Assessing and managing risk
To begin with, risk has two facets: a personal one and a situational one.
“Most of the time, things aren’t as risky as they seem.
Humans are programmed to overestimate threats and underestimate opportunities and resources.
The question of the worst-case scenario …
Before taking a risk, the first question to ask yourself is:
Could you withstand the worst possible scenario in your risk-taking?
Most people avoid risk. The opportunities with the most potential are the ones you’ll be asking yourself a lot of questions about. Don’t let your uncertainty make you overestimate the risks.
Avoiding risk at all costs can cause you to miss many opportunities in your life.
Today, being immobile and stable means being vulnerable.
“If you don’t find the risk, the risk will find you.”
7. WHO YOU KNOW IS WHAT YOU KNOW
How you access information will determine your success.
You need Network intelligence to navigate through different business challenges. It’s the people who help you understand what your aspirations, strengths and market realities are. It’s people who give you access to potential allies and trusted connections.
Books and magazines can give you the skills you need to improve, but they will never introduce you to a network of opportunity.
Individuals provide you with private, personal observations that you’ll never find in the Wall Street Journal. They provide you with personal opinions
You should constantly search your network for information on current opportunities and trends.
This book will teach you how to network, how to take intelligent risks and how to make constant progress in order to make the right career choices.
Find the book here : https://amzn.to/3U8zeHX
Here’s the video summary below:
MELO SOCIETY 
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