Your best chance of achieving wealth in the millions is to become part of an early stage entrepreneurial firm.
While failure rates for early stage ventures are reasonably high, most fail because they lack the fundamentals of a good business. Most businesses fail because the business idea was never properly researched, the founder lacked any business training or they had inadequate funding to see their business through the early development stage.
Avoiding the basic mistakes, ensuring you have some business education and learning from the mistakes of others, substantially increases the likelihood of success.
In this book I have set out what I consider to be the 101 rules for survival, growth and profitability of a business. It comes from twenty years in a series of early stage ventures, a deep understanding of entrepreneurship based on my personal experience but also seven years as a Professor of Entrepreneurship and many years as a mentor and coach to a wide range of entrepreneurial ventures.
Your best chance of joining the millionaires club is to be part of an entrepreneurial venture.
Dr. Tom McKaskill:
Global serial entrepreneur, educator, author and angel investor, Dr McKaskill is an authority on how entrepreneurs’ start, develop and harvest their ventures. He is the world’s expert on exit strategies for high growth enterprises. His experience includes multiple start-ups in the UK and USA, raising venture capital twice, undertaking two acquisitions and strategic trade sales of three businesses. Dr. McKaskill has qualifications in Economics, Accounting, Marketing and Manufacturing. Recently retired from the Richard Pratt Chair in Entrepreneurship at the Australian Graduate School of Entrepreneurship, Dr. McKaskill is the author of 20 books covering such topics as new venture growth, raising venture capital, selling a business, acquisitions strategy and angel investing. See www.amazon.com for the full range of ebooks.
www.tommckaskill.com
Table of Contents
1. Begin With The End In Mind
2. Hire The Best
3. Share The Wealth
4. Have A Consistent Message
5. Keep Fit and Healthy
6. Hire Slow – Fire Fast
7. Create Deep Expertise
8. Someone Has To Be The Boss
9. Define What Problem You Solve
10. Stick To What You Know Best
11. Chase The Money
12. Obtain The Best Advice
13. Create Interesting And Challenging Jobs
14. Use Innovation To Compete
15. Be Accountable To A Board
16. Reward Exceptional Performance
17. Set The Right Customer Expectations
18. Plan For The Worst Case
19. Keep The Bank Informed
20. To Control You Have To Measure
21. Educate And Cross Train Workers
22. Ask Your Customers For Feedback
23. Build Recurring Revenue
24. Engage Your Customers
25. Develop Strong Values
26. Use Complaints As Feedback
27. Productize Knowledge
28. If Its Not Fun – Get Out
29. Don't Compromise On Ethics
30. Find The Compelling Need
31. Build Teams Not Islands
32. Use Deal Makers Not Deal Breakers
33. Make Everyone Accountable
34. Develop Strategic Partners
35. Cash Is King
36. Set Realistic Targets
37. Lock In Customers
38. Document Your Processes
39. Plan For Succession
40. Admit Mistakes and Fix Them
41. Reward Having A Go
42. Develop An Exit Plan
43. Have An Escalation Process
44. Find Unmet Needs
45. Measure Activity Against Targets
46. Exclude Personal Expenses
47. Install a Good Reporting System
48. Pragmatic Beats Perfection
49. Focus, Focus, Focus
50. Shotgun Marketing Is A Waste
51. Lowest Price Is Fragile Positioning
52. Always Pay Market Price
53. Join A Peer Group
54. Try Before They Buy
55. Quality Pays
56. Keep Staff Informed
57. Leave Your Ego At The Door
58. Never Oversell Or Over Promise
59. What Will Go Wrong Probably Will
60. Create Value Beyond Functionality
61. Find A Business Partner
62. No One Is Indispensable
63. Have Your Business Audited
64. You May Have To Fire Your Friends
65. Have Customers Sign Off
66. Barter Where You Can
67. Don't Forget Your Family
68. Don't Assume – Get The Evidence
69. Check Your Brand Image
70. Acquisitions Are Problematic
71. Beware The Management Fads
72. Have An Internal Devil’s Advocate
73. Have A Business Plan
74. Never Trash The Competition
75. Marketing Is Not Just Advertising
76. Distributors Have Their Own Agendas
77. Overseas Takes A Long Time
78. Green Is Good
79. Make Sure You Can Deliver
80. Be Ready For The Acquisition Offer
81. Wait Until The Money Is In The Bank
82. Implement A Zero Tolerance Policy
83. Set The Example
84. Treat Suppliers Fairly
85. Create Good Customer Experiences
86. Don't Over Borrow
87. Develop Networks
88. Create Good Job Descriptions
89. Benchmark Your Business
90. Measure Customer Satisfaction
91. Watch Out For The Large Customer
92. Raising Funds Takes A Long Time
93. Educate Yourself
94. Loyalty Is Often Only Skin Deep
95. Salespeople Always Want More
96. Beware Of The Tax Department
97. Build A Reputation
98. Avoid Litigation Whenever Possible
99. Empathy Not Excuses
100. What If There Is No Right Answer
101. The Buck Stops Here
Objectives and Themes
This book aims to provide entrepreneurs with actionable, common-sense advice to successfully navigate the lifecycle of a business, from startup to exit, ultimately increasing the probability of achieving significant wealth.
- Strategic planning and goal setting for business success.
- Human resource management, including hiring, leadership, and team development.
- Customer relationship management and focus on recurring revenue.
- Financial discipline, risk management, and the importance of cash flow.
Excerpt from the Book
1. Begin With The End In Mind
There are many things we do in business which take years to come to fruition. Without a plan to make it happen it is highly unlikely we will achieve our personal and business objectives. Start with what you want from the business – security, status, wealth, interesting and challenging activities and so on. With the end in mind, you have a way of judging every decision you make. Does it advance you towards your goal or is a distraction?
You need to set out what you want the business to look like in 1, 3 and 5 years time and then build a plan to get you there. Even if it is your intention to sell the business, work out who the best buyers are and what you need to do to make it a great deal for them. Make your goal realistic but challenging. Set out the intermediate steps you need to achieve and use these to measure progress. But don't be a slave to the plan. If a better opportunity comes along, be open to evaluating it against your prior goal.
Summary of Chapters
1. Begin With The End In Mind: Emphasizes setting long-term goals and a strategic plan to guide daily business decisions.
6. Hire Slow – Fire Fast: Explains the importance of rigorous hiring and the necessity of acting quickly when an employee is not the right fit.
35. Cash Is King: Highlights cash flow management as the primary driver of business survival and health.
48. Pragmatic Beats Perfection: Advises entrepreneurs to prioritize bringing a functional product to market over perfecting it indefinitely.
Keywords
Entrepreneurship, Business Growth, Exit Strategy, Startup, Wealth Accumulation, Management, Customer Satisfaction, Risk Management, Cash Flow, Strategic Planning, Business Success, Leadership, Innovation, Scaling, Efficiency.
Frequently Asked Questions
What is the core purpose of this book?
The book serves as a practical guide for entrepreneurs to survive, grow, and profitably exit their business ventures by following fundamental management principles.
What are the primary themes discussed?
The central themes include effective leadership, financial management, customer engagement, building resilient teams, and strategic long-term planning.
What is the author's primary goal with these tips?
The author aims to increase the probability of entrepreneurial success by helping founders avoid common mistakes through practical wisdom and business education.
What methodology does the author apply?
The author utilizes a pragmatic, experience-based approach, distilling decades of personal consulting and entrepreneurial experience into actionable rules for survival and growth.
What topics are covered in the main body?
The main body consists of 101 specific, bite-sized tips covering operational, strategic, financial, and personnel-related aspects of running a business.
Which keywords best describe this work?
Key terms include Entrepreneurship, Business Growth, Exit Strategy, Cash Flow, Management, and Strategic Planning.
Why does the author advocate for 'hiring slow and firing fast'?
It ensures that the right culture is maintained and that underperforming staff, who can drain productivity and morale, are removed promptly.
How should an entrepreneur view the role of the bank?
The author suggests viewing the bank as an essential supplier that must be kept informed about the business's health to ensure continued support, especially during difficult times.
- Quote paper
- Tom McKaskill (Author), 2011, Make Millions From Your Business, Munich, GRIN Verlag, https://www.grin.com/document/171994
