Doomed from the start. If you’re an entrepreneur or a would-be entrepreneur, it’s probably difficult to keep those four words from causing you to second guess your every move as you plan and run your small business. They become especially hard to ignore when you consider the fact that less than 30 percent of businesses last more than 10 years, and most failures happen within the first few years of operation. The truth is, many things could go wrong: an ill-conceived business idea, poor planning, lack of capital, ineffective leadership, and more. In the high stakes world of running a business, those are the facts.
But, author Bill McBean, has developed a manifesto that outlines the important facts about business ownership. Facts that Mr. McBean says could help you avoid the mistakes and pitfalls that trip up so many small business owners. He calls them the Facts of Business Life. That’s also the title of his new book The Facts of Business Life: What Every Successful Business Owner Knows That You Don’t (Wiley, 2013)
Mr. McBean has come to the conclusion that there are seven essential concepts needed to create a successful business. And he knows what he’s talking about. Bill McBean is a mega serial entrepreneur many times over and a trusted mentor to numerous small businesses. His book is filled with a lifetime worth of business wisdom that you can put to use right away. He provides a thorough explanation of each fact and why their sequential order is important.
What I really loved about his book is what he defines as the five levels through which every successful business evolves— Ownership and Opportunity, Creating Your Company’s DNA, From Survival to Success, Maintaining Success, and Moving On When It’s Time to Go.
Best of all, The Facts of Business Life makes it clear when each fact should be implemented and how they should be implemented on each level. (Make no mistake—while the facts will always remain the same, their application will change as your business grows and matures!) That’s where the book’s greatest value can be found: Mr. McBean makes it very clear how and why each level signals to an owner that it’s time to change up the way he or she leads, manages, markets, etc., and he provides actionable advice on how to best proceed.
Here are Mr. McBean’s Seven Facts of Business Life:
- Fact 1: If you don’t lead, no one will follow
- Fact 2: If you don’t control it, you don’t own it.
- Fact 3: Protecting your company’s assets should be your first priority.
- Fact 4: Planning is about preparing for the future, not predicting it.
- Fact 5: If you don’t market your business, you won’t have one.
- Fact 6: The marketplace is a war zone.
- Fact 7: You don’t just have to know the business you’re in; you have to know business.
He doesn’t believe that any entrepreneur can succeed without knowing, understanding, and applying these seven Facts of Business Life, and he believes it’s equally important to understand how these facts are interrelated.
He writes, “Being able to develop strategic plans or market your product will mean little if you don’t have a good grasp of business in general.”
He wants small business to commit to understanding these facts while being prepared for their implementation. He says you must be willing to change as your business goes through its inevitable life cycle, to create a best scenario for success.
Reading this book was like sitting at the feet of a master telling you what you need to know to run a successful business. Try The Facts of Business Life: What Every Successful Business Owner Knows That You Don’t by Bill McBean. You will not be disappointed.
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