Money Hunt - PCC - ebook

Thinking about starting a business?Taking the entrepreneurial path to financial independence and perhaps even wealth? Or maybe you already run a business and want to learn how to take it to the next level? If so, please read on... MoneyHunt, by Miles Spencer and Cliff Ennico, cohosts of the popular television series of the same name, is your guide to business success. Their twenty-seven rules for creating and growing a breakaway busi-ness make for some of the most brutally honest advice you are ever likely to hear in your business life. Each chapter presents a powerful lesson in the art and science of building a business. Each lesson is brought home forcefully using the story of a real-life entrepreneur who has been there, done that. You will encounter the lives of small-business owners from a wide variety of industries and backgrounds, providing you with a rich fabric of trials and triumphs. The book is divided into seven parts, covering the most vital issues facing the small-business owner--or the individual thinking about going into business. You'll find answers to these questions and more: What does it take to succeed in the rough-and--tumble world of entrepreneurship? Where do the best ideas come from? How do you discern what the marketplace is really looking for? People--you can't work with them, you can't succeed without them. What do you do? Money is the lifeblood of a business. How do you I keep it flowing? How do you deal with the legal issues that can make you or break you? When is it time to "take the money and run"? Most entrepreneurs are flying without a map, and most eventually crash and burn. But this witty and wise book, filled with advice, lessons, and tips from guests, mentors, and friends of the MoneyHunt television show, can quickly show you how to avoid disaster as you work to create and grow a dynamic business. All the realities of going it alone in business are here, in all their harsh but splendid glory. Whether it's just an idea that you've been tossing around with friends or a carefully researched and structured plan that you've been developing for years, MoneyHunt helps you learn from the experiences of others and provides you with the real realities of the business world, the facts and the truths that are left out of the textbooks.

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Section 1Do You Have What It Takes?

Rule#1   To survive starting your own business, you need a healthy dose of paranoia.

Successful business developers are worriers about everything--a mass of insecurities, in fact, about the fine points most people don't even think of, such as:

Whether their products and services are right.

What the trends are in the marketplace.

What competitors are doing--and how to respond.

Whether the business will have enough capital to grow.

Whether investors are happy.

Whether the right management team has been assembled.

The legal environment, which the business exists in.

The business offices, and the image they project.

Whether they personally have the right mix of skills.

As soon as a business builder thinks they have this question nailed down, that's the time, they should really start worrying--because it means that have become complacent and thus an easy target for someone else to beat.

Successful business builders never stop worrying about everything and anything.

Key Thoughts

"One of the great myths about entrepreneurs is that they are masters of their own destinies. Contrary to the popular image, the people who succeed as entrepreneurs are extremely insecure about who they are and what they do."

Miles Spencer and Cliff Ennico

"There are only two great motivators in business: fear and passion. Fear, by far, is the better motivator of the two."

Cliff Ennico

"To be successful in business you must cultivate insecurity until it becomes a habit. Once you start feeling complacent about your business and where it is going, that very complacency becomes a habit that will have to be overcome."

Miles Spencer and Cliff Ennico

Rule#2   Starting and growing your own business is the loneliest job in the world--there's no one else to blame.

The nature of the task guarantees that building a business is a lonely and sometimes thankless assignment. If funding is limited, you'll have to do everything yourself. Alternatively, if funds are available for staff, you have to make the mental shift from "doer" to "manager"--a jump many people fail to make.

If you can't live with the idea of having definitive proof generated on a daily basis that you're not infallible, don't start a business. You'll be far better off (and happier) working for someone else.

Key Thoughts

"One of the hard realities of the entrepreneurial life is that business owners are lonely people. In an entrepreneurial company, there is often no one to talk to. You cannot bounce ideas off other people. If a decision turns out badly, there are no scapegoats you can blame (or fire) but yourself."

Miles Spencer and Cliff Ennico

Rule#3   All business builders are optimists. They take an original approach and find opportunity in disaster.

In any start-up situation, you're never going to be able to nail everything down with certainty. The unexpected always eventuates. Business builders learn to think on their feet--to change and adapt as circumstances demand.

But more than adaptability, business builders combine optimism with self-belief to make things work--even if they have to use a little creativity blended with sheer terror. Successful entrepreneurs don't get derailed by problems--they accept them, they look for ways to turn them to their own advantage and they keep moving onwards and upwards.

Key Thoughts

"Entrepreneurs make three or four 'bet the company' decisions each year in the first two years of their existence"

David Chapman, North Point Ventures

Rule #4   When things get tight--as they always do--business builders get ruthless.

A ruthless person does what he or she thinks is best:

Regardless of what anyone else thinks.

Irrespective of what the commonly used approach is.