How to Be a Capitalist Without Any Capital Summary, Review PDF

For every innovative visionary like Steve Jobs, there are a hundred rule-breaking entrepreneurs. They did not create their own innovative products, instead mimicking those of their competitors while adding their own unique spin on familiar elements. Instead of trying to carve out their own niche, they took the easy route and let others do so. Don’t you think that’s a little unjust? Who cares in that case? The results are encouraging!

That is the key to success, according to Nathan Latka, a multimillionaire who started with just over a hundred dollars. He discovered through his experiences that he didn’t have to follow anyone else’s rules; in fact, he discovered that going against the grain was practically required for success.

The author Nathan Latka debunks the myth that you need tons of money or an original idea to succeed. In How to Be a Capitalist Without Any Capital, the self-made multimillionaire offers creative hacks and actionable advice. 

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. 

How to Be a Capitalist Without Any Capital Book Summary

Lesson 1: You should model your company after the practices of successful competitors.

Waiting until you’ve come up with your own truly original idea before starting your own business is often portrayed as a badge of honor, and we’re taught to avoid any form of plagiarism. That is the second cardinal sin that any would-be capitalist must commit.

There’s no denying that the most successful companies frequently imitate their competitors’ strategies. They have done so throughout history and will continue to do so in the future. It’s an unspoken truth shared by all successful businesspeople. It’s all about subtlety. Businesses do not simply steal each other’s ideas; rather, they make minor changes, such as adapting an idea from one industry for use in another.

Wealthfront, for example, is an RIA that uses cutting-edge tools to manage its clients’ investments. It pioneered the practice of rewarding existing customers who refer new customers. They will receive $10,000 in financial management services if their referrals result in a new customer.

Andy Rachleff, CEO of Wealthfront, did not come up with this novel idea. He was the first to admit he’d stolen the idea from Dropbox, which at the time gave customers who referred new users extra cloud storage.

Nonetheless, this method can benefit even small businesses. In fact, it works equally well for businesses of any size. The first step is to identify the formulas that work for your competitors. One method is to use online marketplaces such as Etsy to spy on the competition. Let us examine how it works.

Assume you want to create a T-shirt for women that sells extremely well. Observing the market and your competitors can teach you a lot about what kinds of designs sell well. Shirts with images of cats, coffee, and wine are popular today. Another popular stereotype is people’s favorite yoga poses. When you’ve decided on a winning idea, it’s time to look into the current trend. This is commonly done with white text or images on a dark background.

You now have the foundation for a business: T-shirts depicting a cat in a yoga pose while slurping a wine glass. All that remains now is to find a low-cost way to have them designed and printed.

Lesson 2: Because systems are more valuable than individual goals, routine tasks should be outsourced.

Many people are overly focused on their goals. That’s understandable; after all, few things taste as good as overcoming adversity and reaping the benefits of a well-deserved promotion or tropical vacation. The problem is that goal-setting has the potential to be a trap. That’s just another rule you’ll have to break on your way to entrepreneurial greatness.

This is because, in the long run, systems matter more than personal ambitions. Let’s start with a definition: a “system” is any set of steps that facilitates the automation of work output. Consider the author. Heyo, his first venture, was launched in 2010. So, what exactly is the idea? He charged $700 for his personalized Facebook fan pages.

His strategy was initially goal-oriented, with a specific monthly volume of fan page sales in mind. He quickly changed his strategy, however. The author considered his system before beginning to write a program that would allow people to create their own unique fan pages. It took a few years to get that system up and running, but he completely revamped his company after that. Customers were now willing to pay up to $300 per month to use his software and do their own legwork, significantly increasing his revenue.

That exemplifies the benefits of outsourcing mundane tasks as the first step in developing your own system. Assume you spend a significant portion of your day sending out standard emails to people who might be interested in being on your podcast. You could hire someone else to do that job for you.

How? So, let’s go back to our previous example. As a first step, keep as detailed a record of the process as possible. Make a list of your username and password, as well as the names of the people you’ll be contacting and a detailed plan for completing the task. So this is your “system.”

If your regular task goes off without a hitch, all you have to do now is go to your local Starbucks and distribute five $5 gift cards. If they can do it without difficulty, you can be confident that your system is simple and effective. That’s right; you’re willing to hire assistance for that task.

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Lesson 3:  The best way to become wealthy is to contribute to the success of a thriving industry.

Okay, so we’ve looked at a couple of taboos you’ll need to break in order to reach the stratosphere. In this section, we’ll look at a rule that you should follow.

Let’s start with the Gold Rush of the nineteenth century to set the stage. Workers from all over the world flocked to the hotspots in search of the valuable metal. While the miners were sifting streams and dynamiting rocky outcrops, the people who sold jeans and pickaxes to them were making a killing. In a nutshell, that is our policy: we provide pickaxes to gold miners.

The bottom line is that this is all about profiting from thriving markets. The market for delivering perishable foods is one example. Companies such as ThriveMarket, HelloFresh, and Blue Apron are reaping massive profits as a result of the thriving industry. They are, however, all affected by the same logistical issue: how to coordinate delivery personnel and customers.

This is where Onfleet enters the picture. In 2012, the company released its first software to help delivery service providers streamline their operations. By 2016, Onfleet had hundreds of clients, including HelloFresh, and had earned $2.1 million in revenue. You can ensure your success by occasionally taking the easy way out!

But how do you put that concept into action in your company? You’ll need to learn some fundamental techniques at this point. To begin, market an interchangeable item with one that is already in high demand. iPhone case designs are examples of popular Amazon products. Their designers recognized a large market for a similar product and developed a variant. The findings of this study are conclusive.

Similarly, the service industry is affected. GetFeedback, a business app developer, for example, provides software that simplifies the administration of customer satisfaction surveys. Its business model is similar to that of companies that manufacture iPhone cases. You could get in on the action by launching a consulting firm to help businesses make sense of their survey data and develop strategies based on the results.

Lesson 4:  It is more productive to maximize investment returns than to save as little as possible.

If you follow the advice in the preceding lessons, you should have no trouble starting a successful business. The issue is that it takes time to accomplish this. How do you get by when money is scarce until it can be replenished? Obviously, you want to keep costs as low as possible. Don’t worry; this does not imply that you will have to cut corners and save money.

Another option is to follow in the footsteps of the wealthy and maximize the value of what you already have. Consider the author, who has recently moved into the home he purchased in Austin, Texas. An initial down payment of 3% of the $425,000 asking price was required. The mortgage payment and tax payments add up to $2,700 per month.

He decided to list his home on Airbnb because he travels for work approximately 20 days per month. That works out to about $3,500 per month. He not only does not have to pay rent for the time he is in the house, but he also earns an additional $500-$600 per month.

However, automobiles are also excellent cash cows, so don’t limit yourself to real estate. In reality, you’re not getting the most out of your vehicle. That’s not surprising given that, if you’re like most people, you probably leave your car parked in a garage or lot for the majority of the day. If you take the train to work every day, you are aware that it spends a significant amount of time doing nothing.

So, here’s an option: rent out your vehicle when you’re not using it. Your best bet is to use regional car-sharing platforms such as Turo, HyreCar, or GetAround. You can rent it for an hour, a day, or longer depending on your needs. You can expect a monthly income of at least $200 regardless of which version you choose.

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How to Be a Capitalist Without Any Capital Review

How to Be a Capitalist Without Any Capital is a great book I’d like to recommend to anyone who is interested in business. 

If you want to be wealthy and successful, you must begin breaking the law. Contrary to popular belief, there is nothing wrong with becoming a jack of all trades. All you have to do now that you have a streamlined service that offloads mundane tasks to others is watch your business take off.

Maintaining financial stability in the interim can be accomplished by making the best use of available resources and reducing travel expenses. Combine all of that, and you have the makings of lavishly abundant life!

Investing in a company is a complicated process. Simply put, if you aren’t already familiar with the industry, you won’t know what red flags to look for. To counteract this, I recommend that you use your intuition and nose instead.

In Austin, Texas, the author has had a lot of success with his hostel business. He knew he had to support the company because of the inspiring environment and the driven owners. One of the best ways to invest is to watch who is building companies that have a good chance of succeeding.

About the Author

Nathan Latka was 19 years old when he began his journey to success with only $119 in his bank account. His companies include Heyo, which helps businesses market their services on Facebook, and SaaS, which provides cloud computing services.

He also hosts Top Entrepreneurs, a popular podcast in which he interviews world-famous CEOs. His first book is titled How to Be a Capitalist Without Any Capital.

Buy The Book: How to Be a Capitalist Without Any Capital

If you want to buy the book How to Be a Capitalist Without Any Capital, you can get it from the following links:

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How To Get Rich By Reading and Writing?

You must be an avid reader who is hungry for knowledge if you are reading this book summary. Have you thought about making money using your reading and writing skills?

Thanks to the Internet, the world has undergone a massive change in recent years. Blogging has now become the best way to make money online.

Since no tech experience is required, as long as you’re good at writing, you can easily start a blog that generates cash flow for you while you sleep. 

Warren Buffet said, “If you don’t find a way to make money while you sleep, you will work until you die.”

Instead of looking for a 9-5 job and staying in your comfort zone, it’s better if you become your own boss as soon as possible.

Find out how to build a blog and become a wealthy blogger today!

Recommendation: Make Passive Income Online

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