Do More Faster by David Cohen provides a step-by-step guide to launching your startup. In this book, you’ll learn everything else you need to know to start and run a successful business, from developing a marketable product to finding investors to pursuing your dreams.
As you move toward success, from honing your ideas to finding the right team and finding investors, it’s essential to stay on track.
The author stresses the importance of work-life balance while showing you how to accomplish more in less time.
You may be wondering if you should read the book. This book summary will tell you what important lessons you can learn from this book so you can decide if it is worth your time.
At the end of this book summary, I’ll also tell you the best way to get rich by reading and writing.
Without further ado, let’s get started.
Do More Faster Book Summary
Lesson 1: You need a flexible team, a fantastic product, and well-written emails to create a successful business.
Can you make decisions better in a small group or a large one? You probably already know that it’s easier in a smaller group. That’s because smaller groups can adapt to new situations faster.
Sometimes the odds are in your favor, even if it seems like large groups have the upper hand. Large corporations have a hard time running smoothly because of their bureaucracy. They are slower to respond to changes in the marketplace because of excessive bureaucracy. It can be difficult to keep everyone on the same page when there are many different departments and levels of management. Unlike other ventures, starting a business is a unique challenge.
When it comes to making and implementing decisions in a startup, efficiency is in numbers.
However, adaptability is not a prerequisite for success. The production process must also focus on quality. Quality, not quantity, should be the focus of your efforts if you want to see the project through to the end.
The simplest solutions are usually the most effective. If you add too many features, the product can become complicated. It is much easier to sell a product with a few well-designed features than a product with many complex features.
The right perspective is this. What would you choose if you had to decide between an iron that removes wrinkles flawlessly and an iron that performs passably well but also boils water and serves as an answering machine? Not every buyer is interested in a versatile product, but rather one that can fulfill a specific need.
After you have built a solid product and a responsive team, it’s time to court investors. Emails are just as important as physical goods.
The text of an email should be no more than three sentences long. It’s not worth reading a long email because people are too busy. Follow up with a more detailed email if they show interest.
Lesson 2: It is important to gain the confidence of investors, but it is also important to consider alternative financing options.
A professional appearance is critical if you want to attract investors. They are counting on you, so do not let them down.
A company’s founding team will put money into an idea if they believe it has potential. Although there is no universal rule, investors prefer those who are enthusiastic, well-educated, empathetic, and have strong leadership skills. Share some personal anecdotes and anecdotes from your team that illustrate these qualities.
However, investors will not base their decision solely on the strength of the team; they will also want to see a compelling product.
Preparing your own presentation will help you stand out from the competition. Should you shoot a video or give a live demonstration? Create a presentation that is both engaging and educational.
Also, study the industry you are trying to break into. How many customers do you expect? How do they behave? Investors will not be interested in you if you do not understand your market well.
Besides looking for investors, there are other ways to get capital. You should consider the following options.
An angel investor is a wealthy person who believes in your idea but is not looking to make a lot of money from it. Out of sheer curiosity or generosity, they may support the growth of your business.
Maybe your customers can help you, too. One strategy for getting started and raising capital without having to go to investors right away is to sell to a relatively small group of early adopters.
If you partner with a large company, they may be willing to participate as well. Since they may not have been the ones who came up with the original idea, try approaching them directly with the idea.
Keep your eyes open for funding opportunities for tech startups.
Lesson 3: Acquire a basic understanding of the law.
How well do you know the basics of commercial law? If you are not, you can relax. You need very little to get by. In fact, there are currently only two major legal problems.
To what do you attribute the success of your business? In the United States, there are three main types of businesses: Limited Liability Companies (LLCs), Corporations (C-Corps), and Small Businesses (S-Corps) (“Limited Liability Companies”). They have very different tax rates.
Forming a C-Corp is recommended for companies looking to raise venture capital, as it offers many advantages.
Your next step is to set up a system for distributing company shares. If you follow your own rules, everyone should get an equal share.
The best way to invest is to do this. Because of vesting, employees do not immediately have full ownership of their shares in the company. On the contrary, they save them over a period of time, usually four years.
The risk of problems arising from an employee leaving early can be mitigated by allowing them to vest their shares. Suppose there are three original investors, each owning one-third of the company. The company could falter if one of them leaves after a year and still keeps his shares. Investors create incentives for long-term employee retention and protect the company from the negative effects of employee turnover.
You should also hire a good lawyer, preferably one with experience in your industry. You need to keep up to date with the latest case law. For example, if you run a technology company and want to patent an idea, you should make sure it is 100% correct. If it’s not, you could be faced with a lawsuit that could eat up your finances and possibly force you to close your business.
Lesson 4: Maintain a healthy work-life balance by taking breaks and focusing on things other than work.
Working in an area that interests you can be extremely rewarding. However, remember that there is more to life than your job.
A proper work-life balance is necessary for two reasons. The first is that overwork and lack of rest can lead to burnout and subsequent disappointment and frustration.
Your personal relationships can suffer if you prioritize your career over everything else. Not making time for your loved ones will put a strain on your relationships. Increasing your workload will not help you.
Sometimes combining work and leisure is the key to achieving work-life balance. Seth Levine of Foundry Group ( MD ) is such a bike fanatic that he decided to incorporate his hobby into his work.
Foundry Group is a venture capital firm that funds new businesses. As part of Levine’s initiative, he organized a bike ride where members of the startups could meet and talk about their plans. He claims that these bike meetings not only keep him physically fit, but also help him come up with more new ideas.
On the other hand, there are times when being completely cut off from the office is unavoidable. Take a week off every now and then. If you relax and rejuvenate on vacation, you’ll be able to come up with new ideas for your work when you return.
Do not lose sight of work-life balance just because you are in the thick of things. This can cause problems in both your personal and professional life.
Do More Faster Book Review
Do More Faster is a great book I’d like to recommend to anyone who is interested in business. If you spend some time digesting the ideas, it might make a positive impact on your life.
Starting a business should not require a lot of paperwork and math. It needs to be about what you are truly passionate about. So focus on something you are passionate about and surround yourself with people who share your enthusiasm for it. Make a good impression on potential funders, stay within the law, and do not neglect your personal life. Work hard, but do not let it consume you, and you will be successful in the long run.
It is time to walk away from the big companies if they are not getting results for you.
Startups can waste a lot of time if they are not careful when working with larger companies. Do not wait for the big guys if you can move faster on your own.
About The Author
David Cohen, the founder of Techstars, has founded numerous successful businesses. His current investment focus is on internet start-ups.
Brad Feld is a Foundry Group employee as well as an investor and entrepreneur with over 25 years of experience.
Buy The Book: Do More Faster
If you want to buy the book Do More Faster, you can get it from the following links:
How To Get Rich By Reading and Writing?
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