First ask yourself why you want to be an entrepreneur. Do you want to take a chance or sit on the sidelines and let others live out their goals? Ask yourself, “are you cut out for the lifestyle? Is the risk high? Absolutely! Is it worth it? Absolutely! How does the author spot a good entrepreneur? First, the owner of the business must have worked in the industry. Second, they must possess a sense of reality. These are important because it means that the entrepreneur has an intimate knowledge of their market and environment.
The author describes how a simple business plan should just be the basics. Five-year and ten-year projections along with statistical information is what the author considers “fluff.” It should contain: 1. Executive summary, a one or two page summary of your business concept, the industry, your market, and the highlights of how your business will operate. 2. Profit and Loss Statement, this one page assessment will show whether you have a grasp of the fundamentals of your business. 3. Human Resources, show that you have enough industry and product knowledge to know what you’re doing.
Things that must be known before you start your business venture:
- Product of service – know what you’re selling
- Financials – cost of operating
- Market sector – what will the industry be?
- Customers – who and where are they?
- Market Research – Cornerstone, learn about the market.
- Competition – learn who you’re up against.
- Price – what are people used to paying?
- Marketing – Advertise.
- Sales – have a sales strategy.
- Production – process to end up with the finished product.
- Distribution – how to get product to customers.
- Administration – legal business structure, sole proprietorship, LLC, S or C corp.
The author explains that realistic expectations is key for success. How much is needed to begin your business? Where will you get it? Understanding profitability is essential to the overall health of your company. Prepare a professional presentation when approaching potential investors. The author talks about hiring the right people and when to fire. Keep negative energy away from your business and take training your employees seriously but have fun at the same time.
Leadership comes down to 4 steps:
- Create the vision.
- Sell the vision.
- Execute the vision.
- Monitor the vision.
Success depends on you! You are responsible not only for your own actions but also for those of your company. The two keys to success are patience and persistence. If you don’t build your own public image, one will be made for you.
In closing, I would say overall the author does well in explain the basis of starting a business without the added “fluff” as the calls it. He does a good job in breaking down the steps from the plan to the growth of your business all the way to eventually selling if you wish to do so.
Why I chose to read this book. My goal is to have my own automotive repair shop and this book helped me get a better view on what is needed to be successful.
What I learned from this book: To not focus on “fluff” as the author calls it, and focus on the basics. To do my research on the industry and my competition. I have a better understanding of what must be done from beginning my shop to continuing to grow and scale and eventually selling it or retiring.
How it will contribute to my success upon release: I am more focused on what I need to do upon release with an attitude of determination. My goal is to open an automotive repair shop with my wife and this book helped with getting my mind on what I need to do to prepare.