This is a summary of the book titled “How I built this” written by Guy Raz and published by Pan Books in 2020. It dives into the stories of successful entrepreneurs to show readers how to navigate and overcome the challenges of starting your own business. It draws from the experiences of the interviewees of the author as a podcast host. His compilations: Start with an idea that resonates with your personal passion and solves real problems. What’s dangerous is not scary and vice versa. Solid research must be paired with creativity and vision. Getting funding from professional investors must be last step in the long-drawn process of fundraising. Consider competition and location to successfully launch a new business. Get others to talk about your product. Distance yourself from difficult situations to get a better perspective. If your business cannot survive without you long-term, you have failed. Partnership is much like marriage. You must work on it. Selling your business is not about losing control but gaining contentment.

A great entrepreneurial idea should built on personal passion and solve real problems. Entrepreneurs need an open mind to see opportunities and must weigh the risks and viability of their business idea. Starting a business can be dangerous, but it can be less so if you have a backup plan. Many successful entrepreneurs didn't immediately quit their day jobs to start their ventures, as having a skill to fall back on can make the first step easier.

Pairing solid research with creativity and vision allows entrepreneurs to find innovative solutions. However, they must research their markets and be wise about what data to consider. For example, Jen Rubio and Steph Korey, who had no prior affiliation with luggage manufacturing, found that understanding people's packing habits and asking open-ended questions about travel scenarios inspired their luggage brand, Away.

Partnership is crucial for successful business ventures, as it can balance weaknesses, add a different perspective, and offer support when things get difficult. For example, management consultant Jim Koch started Samuel Adams Boston Lager with his assistant Rhonda Kallman, who had mastery of practical skills he lacked.

Getting funding from professional investors is often the last step in the fundraising process for start-ups. Entrepreneurs often seek resources from family, friends, and acquaintances to scale up their business. A good story that explains why people should care about your product, sets you apart from competitors, and explains your solution to a problem people may not realize they have is essential.

Competition and location are crucial for successful business launch. Bigger players in the market can put up obstacles to new competitors, so it's easier to enter through a "side door" and establish your product before they notice you. Location can also have a significant effect on how your business develops.

Creating buzz around your product, even pre-launch, can be more effective than talking about it yourself. Instagram founders Kevin Systrom and Mike Krieger invited journalists and designers to use their app before it launched, knowing that they cared about good images.

Securing funding from professional investors, attracting support from family and friends, and considering competition and location are essential for a successful business.

Business founders often face obstacles that seem insurmountable, such as legal battles or product disputes. Jeni Britton Bauer, founder of Jeni's Splendid Ice Creams, faced a crisis when listeria was found in her ice cream, but chose to face it with honesty and transparency. She and her employees fixed the problem, explaining the process and hiring a quality control leader. This approach helped customers stick with Jeni's Splendid Ice Creams and left encouraging notes on the closed shops.

Leadership professor Ronald Heifetz suggests that entrepreneurs should step away from the day-to-day of running their business and onto the balcony to discern patterns within the difficult situation. If a business cannot survive without the founder, it has failed. Entrepreneurs should learn to entrust their business to the people they work with, sharing their purpose and values with their staff. A mission-focused business culture will attract employees who understand the company's goals and set the tone for the future.

Collaboration with a partner is essential for creating a successful business, but it can also be a stumbling block. Unresolved issues and conflicts can lead to internal dysfunction and suboptimal business performance. Managing professional differences and clashing roles can be challenging, especially in friendships. Considering your business as a child and yourself as a parent can help manage interpersonal work. Selling your business can be a difficult decision, but it can also lead to contentment and a better understanding of the company and its employees.