Rating: 8.5/10 Genre: Business, Entrepreneurship, Marketing Pages: 240

Introduction

Noah Kagan is a renowned entrepreneur. He is most famous for being the 30th employee at Facebook (which eventually fired him) and later becoming CEO of AppSumo, which he founded over a weekend. His company, AppSumo, a platform specializing in daily software deals for small businesses and entrepreneurs, has become a great success, amassing a revenue of $80 million in 2023.

Summary

Million Dollar Weekend is a practical guide for aspiring entrepreneurs who want to launch their business in one weekend. Using his expertise and real-world examples, Kagan empowers readers to take decisive action to expedite their entrepreneurial endeavors.

The book is divided into three parts: 

• Part one focuses on the mindset and emotional work of starting a business.
• Part two focuses on building a successful business in 48 hours.
• Part three focuses on growing the business for lasting success.

Part One: “Start It”

Part one of the book focuses on the mindset and emotional factors of starting a business. 

I found this portion of the book very comforting because starting your own business or brand can be mentally taxing, especially if you don’t have the right mindset.

What I liked about part one was the confidence that Kagan gave me to begin embracing rejection more. He introduces a Yiddish term, “Chutzpah,” which means having the audacity or nerve to do something. Kagan claims that those with “chutzpah” ask questions without fear of rejection or judgment. In doing this, they develop courage while embracing the possibility of rejection.

“Once you reframe rejection as something desirable, the act of asking becomes a power all its own.”

Noah Kagan, Million Dollar Weekend

He then challenges readers to set rejection goals to help enhance their “chutzpah.” By intentionally exposing ourselves to rejection, we decrease rejection’s emotional impact on us. As a result, we become more courageous and develop stronger chutzpah—which is essential as entrepreneurs. 

Part Two: “Build It”

In part two, Kagan teaches readers how to build their business in 48 hours, using what he refers to as the “validation process.”

First, we need to validate a business idea to determine whether it will be successful. Kagan recommends asking a list of 10 people you know whether they would be interested in your idea. If at least three people say yes within 48 hours, you have a great idea worth pursuing. 

However, there’s a slight twist to this process. Once at least three people say yes, Kagan advises collecting the money for your product or service upfront—even if you have not developed your business yet. Once you’ve collected their money, use it to fulfill the order.

Typically, we begin a company and then try to sell the product or service by creating a demand. However, in Kagan’s approach, we sell the idea before we start our business to see if there’s an existing market instead of trying to create one. If there’s a market, then we have a successful idea. If there’s no market, we move on to a new idea. 

Although I like this approach’s uniqueness, I question whether it’s realistic for measuring an idea’s long-term success.

For example, three people saying “yes” doesn’t mean you necessarily have a great idea – especially if the three people who said “yes” know you personally. They might agree to buy your product or service simply because they want to support their friend, not because they’re genuinely in the market for it. In other words, your social group may not be the ideal sample group to test a business idea since the social pressure of saying “yes” might be more prevalent than the demand for a product or service.

Part Three: “Grow It”

Lastly, in part three, Kagan teaches readers how to grow their businesses effectively through marketing and an online social media presence. 

In this section, Kagan argues the importance of having an email list, creating valuable content, trying different marketing strategies, and establishing an online community. 

This section was the most helpful since Kagan strategically maps out how to grow your business, emphasizing marketing and community-building. You can have a great idea, but your business may struggle if you don’t sell it to the right customers on the right platform. Knowing what you’re selling, your target demographic, and where you can find them is imperative for a successful business.

One key idea I valued in this section is the importance of quality over quantity. For example, having a significant social media presence of 10,000 followers is only meaningful if there is a sense of community. Otherwise, turning those followers into customers may take a lot of work. 

However, having a small following – let’s say only 1,000 people –  who value you, your business, and the community you built is more impactful for long-term success. 

In a world that values vanity metrics above all else, the real value is in the community you grow—online and in person. The greater the community, the more others will be willing to invest in you and your business endeavors. 

Conclusion

Although I was familiar with most of the content, seeing all the information and ideas strategically mapped out for implementation was beneficial. Kagan’s engaging and straightforward writing style made Million Dollar Weekend effortless and easy to read.

If you want to learn how to start your own business without wasting too much time and effort, then I highly recommend reading Million Dollar Weekend.

You can purchase the book here.