Idea to Execution - Book Summary

Ready to bring your brilliant idea to life in just 24 hours?

Has it ever happened that you've seen a novel product or service and thought, "That was my idea!" Well, what if instead of lamenting that lost opportunity, you had the knowledge and resources to make that idea a reality?

All too often, we are held back by our fears. The idea of building a business from the ground up can seem intimidating, the potential need for a big financial investment, daunting. But here's the secret: times have truly changed.

Setting up a company, and that too quickly and without breaking the bank, is more achievable than ever before. This summary walks you through the process — from the birth of an idea to its execution — and beyond. The magic formula is simple: optimization, automation, and outsourcing.

As we delve into this journey, you'll uncover how:

- Limited funds don't necessarily spell doom for an entrepreneurial dream,

- A team of remote workers can be assembled and managed effectively, and

- Engaging with your customers can be the key to your company's success.

Take the leap and launch your business in a day — it's more feasible than you might think!

Most of us carry the perception that launching a company necessitates years of meticulous planning and in-depth market study. But sometimes, opportunity knocks when we least expect it, making spontaneity and swift action our greatest allies.

Let's debunk a common myth: is it really possible to bring a start-up to life within a single day? Absolutely! Not only is it possible, it has been done, and done successfully.

Picture this: It's August 2015, and authors Ari Meisel and Nick Sonnenberg are enjoying dinner together. Over their meal, an idea takes shape — what if they could offer businesses the services of virtual assistants? Given their strong background in improving business efficiency, the concept didn't seem far-fetched.

Fast forward 24 hours, and their dream was a reality. Their business was operational and ready to serve clients. But what prompted such swift action?

The answer lies in a perfect convergence of opportunity and readiness. Zirtual, a leading virtual assistant company based in the U.S, had just shut down, leaving thousands of clients stranded and hundreds of assistants jobless. Ari and Nick recognized the immense potential in this situation — if they could act quickly.

Armed with the knowledge that every entrepreneurial venture is bound by a ticking clock, the pair seized this unique window of opportunity. Within a night, they had a rudimentary sketch of their new business. By taking advantage of the Zirtual crisis, they secured their first clients and assistants. And with the help of free online tools and apps, their new venture, Less Doing Virtual Assistants, was up, running, and scalable without investing a single penny.

As the months rolled on, Ari and Nick consolidated their business, effectively handling challenges as they cropped up. This adventure-filled journey of a year is the story we will be exploring today.

Spotting flaws in existing services led the authors to revolutionize the virtual assistant market.

Recognizing the shortcomings of other virtual assistant firms, Ari and Nick believed they could bring something different to the table, something that addressed those issues more effectively.

One of the primary hurdles with the existing business models for virtual assistant services was their black and white nature. There were either on-demand assistants, ideal for tackling simple, one-off tasks like arranging appointments, but ineffective for larger projects due to the lack of continuity or long-term relationship. On the other hand, dedicated assistants were there for everything a single client needed, which could potentially create a bottleneck due to their limited hours.

Take Zirtual's business model, for instance. It primarily rested on assigning a wide array of tasks, from scheduling meetings to carrying out marketing research or even designing websites, all to a single dedicated virtual assistant. But realistically speaking, expecting a single individual to master and efficiently handle such a wide variety of tasks was a stretch.

This was the gap in the market Ari and Nick spotted: the need for a new approach that would match a client's needs to assistants with the specific skills to handle those tasks. They realized a golden rule: true business success lies in offering customers something different, something better than the existing options.

Ari and Nick's market-savvy minds realized that time-strapped executives needed a more comprehensive solution when it came to hiring virtual assistants. And that's when they hit upon the innovative idea of a balanced solution. They devised a model where specific client needs would be paired with specific assistant skills, all channeled through their company.

Clients could then enjoy the benefits of a dedicated team of assistants—small enough to offer a personalized experience, yet large enough to ensure the right skills for each task. With a team manager leading each group and serving as the client's primary point of contact, the model ensured maximum efficiency while preserving the personal touch.

Quality reigns supreme, and it's achievable even with a cost-effective startup infrastructure.

It's a common misconception that launching a startup requires a hefty investment in complex, high-end infrastructure. In reality, the digital age has blessed us with an abundance of tools that are not only free but user-friendly, capable of keeping a new business running smoothly.

When it came to managing client tasks, Nick turned to Trello, a free project management software. With its intuitive layout featuring boards for individual projects, status-lists for project progression, and cards outlining remaining tasks, Trello presented a straightforward and efficient solution.

Nick leveraged this software creatively by assigning a board to each client, enabling a clear and individual representation of their tasks and their respective statuses. To ensure consistency, he designed a template for uniform lists for every client. As a result, the startup's basic operational requirements were met cost-effectively.

But free, efficient infrastructure wasn't all they had in their sights. Ari and Nick were determined to exceed client expectations with superior service quality. Given that the virtual assistant industry caters primarily to high-end professionals with demanding expectations, offering top-tier services was non-negotiable for the success of their business.

How did they plan to deliver this excellence? By bringing the best virtual assistants on board. They offered their assistants two to six times the industry-standard pay, thus attracting the cream of the crop. This strategy naturally meant charging their clients four to eight times more than other virtual assistant services, a cost justified by the unmatched level of service they offered. Additionally, they opted for transparency and precision, billing by the second and providing clients with all timesheets.

Take, for example, their client Chip, a real estate agent. They built a professional website for Chip and had a virtual assistant follow up on the incoming leads. The assistant filtered through the leads, booking appointments for Chip only with the qualified ones. This meant that all Chip needed to do was turn up at the scheduled time, all set to close a deal. In essence, they helped Chip do less but achieve more.

Living up to their name, Ari and Nick made sure they delivered the kind of time-saving service they promised!

Mastering the art of hiring calls for strategy and the right eye for spotting proactive potential.

Job hunting can feel like a never-ending marathon. On the flip side, hiring can be an equally exhausting endeavor for a young company.

When it's time for a startup to expand its team, a sound, effective hiring strategy is not just a nice-to-have — it's a must-have.

Once Ari and Nick had the foundational infrastructure in place for their startup, the next mission was to onboard high-quality virtual assistants. The goal was clear: achieve the maximum output with minimal effort.

Their first step was to create two dedicated email addresses: [email protected] for applicants to send in their applications, and [email protected] for the next level of the hiring process.

On applying to [email protected], candidates received an automated response outlining the available role. The prospective applicant was then tasked with recording a two-minute video pitch, uploading it to YouTube, and then forwarding the link to [email protected].

This two-tier process served as an effective filter, eliminating approximately 80 percent of the applicants. Those who struggled with the instructions or delivered a sub-par video were screened out at the early stage.

Ari and Nick held the belief that if an applicant was unable to solve this simple problem creatively, they probably wouldn't make a great virtual assistant.

Their second step was to identify proactive candidates boasting a go-getter attitude. Exceptional virtual assistants must possess solid problem-solving skills and an eye for future planning and opportunity identification.

The story of one of Less Doing’s virtual assistants exemplifies this ideal profile. By consistently following a significant client's Facebook posts, this assistant discovered the client's preference for a specific whiskey brand. Armed with this information, the company sent the client a bottle of that very whiskey on their birthday as a personalized gift.

Such instances underline the distinguishing qualities of a proactive worker — the attention to detail and a commitment to outstanding customer service. These are the traits that set a business a notch above the rest.

Networking as a growth catalyst and the subsequent structural tweaks it may necessitate.

Networking is the magic key that can unlock rapid growth for your company. A great product is just the beginning - the true test lies in bringing it into the spotlight for the world to see.

Ari and Nick got an invaluable networking opportunity in November 2015 when they were invited to deliver a talk at a Genius Network event, a gathering that Ari had previously attended. This exclusive forum by Joe Polish welcomes industry luminaries, acclaimed authors, and power-packed entrepreneurs.

Despite time constraints leaving little room for thorough preparation, Ari and Nick managed to hold the audience spellbound for three and a half hours. Their improvised presentation was all about their startup's unique approach to tracking and outsourcing tasks.

As the audience members posed questions, Ari and Nick found themselves demonstrating their problem-solving prowess in real-time, exemplifying their business model.

Post the workshop, 90 percent of the attendees signed up for Less Doing's virtual assistant services – making the networking endeavor a resounding success!

However, a sudden influx of new clients, while a welcome development, can often bring its own set of challenges and necessitate structural realignment.

To manage this surge in clientele, Nick quickly developed a custom-coded dashboard that would provide a comprehensive overview of all their Trello client boards to him and Ari.

The dashboard, with its ability to display all tasks and their respective statuses, helped them streamline their focus and effectively manage their team's attention.

Armed with this tool, the team was now able to maintain a bird's eye view of the company's overall performance, paving the way for sustainable rapid growth.

Negative feedback as a catalyst for improvement: The power of innovative problem-solving.

Feedback is crucial for growth, even when it's not all rosy. It's never pleasant to hear criticism about something you've poured your heart into, but when such feedback comes knocking, it's crucial to respond promptly and remedy the situation before it takes a toll on your venture.

By the dawn of 2016, Less Doing was making significant strides, but there were murmurs of discontent regarding the not-so-smooth onboarding process.

When Ari and Nick identified this hurdle as a client repellent, they decided to confront the problematic areas head-on. One of the innovative techniques they embraced was the 5 Whys method.

This approach calls for clearly defining the problem at hand and then questioning why it exists. You repeat the "Why?" five times, digging deeper with each iteration, until you unearth the root cause.

Applying this technique, Ari and Nick realized that a simplified software interface and more explicit user instructions were needed to smoothen out the onboarding process. Once implemented, these changes made client onboarding a breeze.

To preempt any future complaints, the duo decided to foster a culture of proactive thinking. They adopted another tool — the Kaizen method.

Originally practiced by Japanese giants like Toyota and Mitsubishi, Kaizen — translating to "change for the better" — encourages every individual within an organization, regardless of their rank, to suggest improvements based on their personal experience.

Implementing Kaizen at Less Doing meant asking every virtual assistant to propose a weekly idea for improving company processes.

Very soon, this approach revealed a significant pain point — virtual assistants were uncertain about the proper protocol for charging clients. Unintentionally, they had been shouldering extra administrative tasks without compensation, leading to mounting frustration.

Thanks to the Kaizen method, this issue was promptly highlighted and effectively addressed, ensuring a win-win situation for both clients and assistants.

Translating business success into a learning platform for others.

Once your business gathers momentum and sails smooth, you not only possess a successful company but also a treasure trove of hard-earned skills and deep-seated insights. This invaluable knowledge provides a perfect springboard for you to embark on a secondary revenue stream - teaching your learnings to budding entrepreneurs.

In order to test the waters of this newfound educational offering, Less Doing decided to conduct a business boot camp and publicized the event on Facebook.

The response was positive, with around 20 enthusiasts signing up. The event itself was well-executed, but the feedback that followed was a reality check. The participants felt overwhelmed by the avalanche of technical jargon and demonstrations.

Although it felt like a misstep, this event served as a gold mine of useful insights for Ari and Nick. They realized that live events not only demand a sizable chunk of their time but also may not be the best vehicle for the knowledge they intended to impart.

This underlines a critical lesson: When you venture into uncharted territories in your business, be open to recalibrating your path as you learn along the way.

Undeterred by this initial hiccup, Ari and Nick decided to give their teaching project a makeover, not a farewell. By transitioning all their activities online, they made this new venture a viable component of their business.

Navigating the path to process optimization and client commitment.

Steering a company towards success demands relentless optimization of business processes. This often involves deciding which tasks can be shared, delegated, or even outsourced.

As companies expand, many entrepreneurs try to tighten their grip, when, in reality, it might be more effective to take a step back from everyday operations.

Until April 2016, Ari was responsible for managing Less Doing's dashboard. His job was to ensure that tasks were completed on time, and all clients were satisfied. Eventually, he passed this responsibility onto a virtual assistant whose remarkable performance led to her being promoted to General Manager within just two weeks.

Following this success, Ari and Nick decided to groom another virtual assistant to take care of financial matters and payroll. Soon enough, she was appointed as Less Doing's financial head.

These strategic delegations allowed Ari and Nick to focus on enhancing other aspects of the company, making each situation a win-win.

However, having a great service is only half the battle. The real challenge is to ensure that clients engage with the product at a deeper level. Less Doing was still grappling with this issue. Some clients preferred to carry out tasks by themselves that could have been easily managed by a virtual assistant.

In their quest to boost client participation, Ari and Nick enlisted the expertise of Nir Eyal, a behavioral psychologist and author of the bestseller 'Hooked'. They learned the importance of investing time and energy into the onboarding process, ensuring clients become reliant on the Less Doing service.

They revamped their approach. Instead of having a quick 15-minute call with a new client, virtual assistants now spent an hour, guiding clients on how to leverage Less Doing software to meet their personal and professional needs effectively.

This deeper interaction familiarized clients with the full spectrum of Less Doing services, allowing them to use their time more wisely and increasing their reliance on virtual assistance.

Strengthening company foundations: working with data and continuous investments.

Once you've fortified your company's operations, it's time to play the numbers game and explore the insights that your performance metrics offer.

When Ari and Nick examined the data pertaining to their business, they realized that to take the next step forward, they needed to optimize the company's "churn rate"—a term commonly used in the industry to denote the proportion of customers discontinuing a company's service or product over a certain period, say three months.

To track the usage duration of Less Doing's services, they employed a tool named ChartMogul. Their analysis revealed that the customers who eventually discontinued the service were those who used it sporadically, say less than once in a few weeks.

Armed with this insight, Ari and Nick set a new protocol in place. Whenever a customer lay dormant for two weeks, they ensured that they personally reached out to them, identifying and resolving any issues, thereby reducing the chances of losing their business.

Such proactive steps might seem time-consuming, but the costs of losing a client due to inaction are invariably higher. Staying motivated to continually invest such effort and resources can be challenging. The path can often be discouraging when a year's toil still requires you to heavily invest time and money into the business.

However, the golden rule of growth dictates that you have to keep investing. By the middle of 2016, Ari and Nick were still committed to improving Less Doing. Ari devoted countless hours communicating with inactive clients, striving to drive the churn rate down from 11 percent to just three percent. Nick automated several components of the dashboard, relieving the team from menial tasks. They also personalized their newsletter and enhanced their presence on Facebook to amplify their outreach efforts.

As the management team of Less Doing expanded, the founders thought it was appropriate to offer key members a stake in the company. Their continuous investments and concerted efforts bore fruit. In July 2016, Less Doing celebrated its most lucrative month, racking up a hundred thousand dollars in revenue—a commendable feat for a company that was merely a dinner conversation not too long ago!

Final takeaway

Launching a startup doesn't necessarily demand a massive financial investment. The real secret lies in harnessing available tools to craft a robust company structure and maintaining relentless persistence to refine your services.