Saturday, 14 March 2020

[Book 50] The Lean Marketplace: A Practical Guide to Building a Successful Online Marketplace Business

Serial No.-50

Category:- Informative Book (2. Business & Investing)

The Lean Marketplace: A Practical Guide to Building a Successful Online Marketplace Business

Author:- Juho Makkonen and Cristobal Gracia

Language:- English

Publisher:- Zaccheus Entertainment

Published:- 2018

No. of Pages:- 210

My after reading review (March 15, 2020):-  As an entrepreneur, establishing an online marketplace is my dream business. For a while I was planning to build my own online marketplace of digital intangible products. But I have no idea where to start, how to start and what to do to build an online marketplace. So I decided to read a good and updated book on this topic. And I choose this one “The Lean Marketplace”.

I know building a marketplace is not an easy task. As you need to solve the “chicken and egg” problem. You need to bring buyers and sellers to your marketplace at the same time. Sellers will not want to come if there is no buyer and buyers will not want to come if there is no seller in your marketplace. This is the most challenging part you need to solve.

I knew this is one of the most challenging (also most rewarding) business models right now. But after reading this book, it seems more tough than I expected. No work is easy, but this is seriously a hard one. You need time, you need financial power, you need lots of efforts, hard work, patience and goal oriented. You need to go through the “trial and error” process  again and again until you find what is working for your platform. You have to satisfy both sides of your marketplace  - supply side and customers. You have to consider your marketplace reputation, constant growth and lots of other important key factors.

After reading this book I realized that I am not ready to build a marketplace right now. This book opens my eyes. It helps me to understand myself if I am ready or not. This is the beauty of reading books. It helps you to prevent any mistakes. Books help you and guide you to do the work you want to do. It also helps you to realize if you are ready to do the job or not. So you do not take any foolish steps.

Whatever this is a great practical guide book on building an online marketplace. Authors describe everything in a great way with lots of examples of well established marketplaces, such as amazon, ebay, etsy, Airbnb, BlaBlaCar, Uber etc. They mentioned what those successful marketplaces did in their early days and what steps they are taking constantly to improve  The book is divided into three parts - 1. Getting Started,
           2. Building a Platform and
           3. Launching and Growing the Marketplace.
Though I feel that I am not ready right now, I put it in my business list. I will work on it in near future.


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