Book Notes #052 - Company of One by Paul Jarvis
In today's issue of this book club newsletter, I am happy to share my notes on Company of One by Paul Jarvis.
“If you are utilizing systems, automations, and processes to build a long-term business, you’re not trading time for money, but instead operating and profiting outside of the time you spend working..."
- Paul Jarvis
⭐️ BOOK REVIEW
Rating: 4/5 ⭐️ (Good) Topic: Non-Fiction - Business & entrepreneurship.
Main Ideas - Good.
Examples & Stories - Good.
Engagement - Medium.
💭 PERSONAL REFLECTION
Lately, I have been thinking a lot about what kind of business I want to build. For the past two years, I have been involved in three main entrepreneurial projects. 1) Skyhook: A startup started by my father-in-law in the construction industry (product-based). 2) My own marketing agency: Started by the need to pay bills at the end of last year (service-based). 3) Hustle Outlet: My passion project (currently working on digital products and creating content). I have recently exited Skyhook as the company stumbled with one of the main problems to keep a startup going... funding. That left me with two main projects. 1) My marketing agency which pays the bills. 2) And Hustle Outlet, this newsletter and future digital products. The biggest lesson I have learned so far is that risk is very attached to starting a company or joining a new one, as you never know if your next paycheck will come. If you want to start or have a business of your own, the main thing you have to decide is the amount of risk you want to have in your life. There is a difference between losing $1,000 or $100,000 of your own and/or other people's money. I picked up this book as I want to transition into doing more things that I truly enjoy and are more aligned with my life milestones. So what is a company of one? “A company of one is simply a business that questions growth. People assume more is better, but that is not always the case. Since “more” too often equates to more stress, more problems, and more responsibilities in both life and business. If you’re a company of one, your mindset is to build your business around your life, not the other way around." Inside this book, you can expect to learn what a "Company of One" means and what it takes to make it successful. My favourite takeaways from the books were... 1) The four main traits a company of one must have in order to succeed. Resilience, autonomy/control, speed, and simplicity. 2) The areas of competence a leader of the project must learn to run the company successfully. Psychology, communication, resilience, focus, and decisiveness. 3) And your Minimum Viable Profit number: A company of one can be a full-time endeavour only when it’s making enough to support at least one person (that being you). Overall, this is a good book to read if you are interested in learning more about what it takes to start or run your own "company of one" or, if you are like me, transitioning into a lifestyle business. And just remember... "Just because you work for yourself doesn’t mean you have to work by yourself.” - Paul Jarvis. Find a community that pushes you toward your desired path, in business and in life. Hope this helps. Until next week! - Agustin
✍️ QUOTES
"When you’re the boss of you, there’s no HR department to handle payroll, benefits, and training. There’s no accounting department to handle payables and receivables or to chase after folks who haven’t paid you yet. There’s no sales and marketing team drumming up new business leads for you. On top of the main skill you use to make money, you’ve got to do all the other jobs as well.
"A company of one isn’t simply a practicing freelancer either. While freelancing is a perfect first step to becoming a company of one, freelancers are different because they exchange time for money."
"Working for yourself requires ego and purpose in equal measure."