All too often we hear new entrepreneurs say they aren’t excelling because they don’t have the capital to invest – so they can really dig in and build their business. And we get it—we were there, too, once. When we got started in online/ affiliate marketing, we invested $50,000+ savings—into getting it up and running.

It was a massive leap of faith and one that, for years, didn’t seem to be paying off. But then, thanks to the hard work and proverbial blood, sweat, and tears – that things started to happen. First a few thousand dollars. Then a few more. And, before we knew it, our Online business was in motion—big time.

Because we weren’t one of those lucky entrepreneurs with windfall investments and tons of startup cash, we really appreciate Daymond John’s book, The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage.

The founder of lifestyle and apparel brand FUBU and a star of the smash TV hit Shark Tank, Daymond knows a thing or two (or 2,000…) about success and entrepreneurship.

And, like us—and, probably, like you—he started from nothing. He literally sold home-sewn t-shirts on the streets in Queens, with a $40 budget and no marketing experience. But Daymond excelled, clearly. He had to cook up out-of-the-box methods for marketing his shirts and building his customer base. As a marketer and business owner, he was desperate but passionate a powerhouse combination, from where we sit. Because Daymond was able to convert that desperation into innovation and build out a creative campaign that eventually turned into FUBU a $6 billion brand.

His advice is simple, straightforward and completely actionable, no matter where you are in your journey.

Daymond advocates that broke forces entrepreneurs to think differently and creatively, leveraging resources more efficiently and connecting with customers more authentically. And those powers combined, he explains, helps fledgling business owners make a meaningful mark.

By drawing on his own experiences and the experiences of entrepreneurs including DJ Steve Aoki, Gigi Butler, and Mo Bridges, Daymond shares the secrets to success that only the scrappiest, most passionate doers and dreamers can fully embrace scrappy entrepreneurs just like you (and us too).

We are here to help you, let us guide you through building your Online Business – Just Private Message Us at our Facebook Messenger link.

If you don’t have the capital to start your business, we recommend that you READ Daymond John’s book, The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage.

Talk Soon,
Dave and Nicky

You’ve been told to work hard, save money, get out of debt, and live below your means. That advice is obsolete if you want to get ahead in life. Robert Kiyosaki argues these exact points in his new book, Rich Dad’s Increase Your Financial IQ.

Which is the latest volume in Kiyosaki’s popular “Rich Dad” series of books – two books include: Rich Dad Poor Dad, and Rich Dad’s Cashflow Quadrant.

Robert T. KiyosakiThese best-sellers have motivated many people (including my family) to take control of their financial lives. Both of these books have been summarized for you here.

Here’s My Rich Dad’s Increase
Your Financial IQ Book Summary!

Financial Intelligence

“It is not real estate, stocks, mutual funds, businesses, or money that make a person rich. It is information, knowledge, wisdom, and know-how, a.k.a. financial intelligence, that makes one wealthy.” – Robert Kiyosaki. 

Kiyosaki divides financial intelligence into five “Financial IQs”:

  1. Making more money. This is measured by how much money you earn. If you make $120,000 a year, you have a higher Financial IQ than someone earning $40,000 a year.
  2. Protecting your money. Once you earn your money, you need to hold onto it. So you need to protecting your money, especially from taxes.
  3. Budgeting your money. “Being able to live well and still invest no matter how much you make requires a high level of financial intelligence,” Kiyosaki writes. This Financial IQ is measured by how much money you have left after expenses.
  4. Leveraging your money. This Financial IQ is measured by return on investment. Answer this: How well do you make your budget surplus generate more money?
  5. Improving your financial information. Financial information doesn’t just mean knowledge of basic financial concepts, but also means detailed knowledge of the investments you make.

Most of the book is devoted to exploring these five aspects of financial intelligence in detail.

Financial IQ #1: Making More Money

Many people fail to acquire wealth, Kiyosaki says, because they want the money without the work. He writes,“What many people do not realize is that it’s the process that makes them rich, not the money.”

online profits in bags of money

It’s by learning to make money that you can continue to make money.

In order to make money, you must also learn to control your emotions. You must learn to defer gratification. Don’t sacrifice your financial future for a few bucks today.

According to Kiyosaki, the key to making money is learning to solve problems. “In order to grow wealthy you must come to terms with the fact that problems will never go away,” he writes.

Identify the problems preventing you from wealth, tackle them head-on, and the money will follow.

Financial IQ #2: Protecting Your Money

Once you’ve begun to make money, you need to protect it from the 7 financial predators.

  1. Bureaucrats — We need to pay taxes, but it’s our job to (legally) pay as little as possible.
  2. Bankers — Banks are constantly trying to siphon bits of your money in the form of fees. It’s important to watch out for and protect against this.
  3. Brokers — Like fees from brokers they can chip away at your wealth. He cites brokers who “churn” accounts, buying and selling stocks frequently in order to generate more commissions.
  4. Businesses — “All businesses have something to sell,” Kiyosaki writes. As their job is to part you from your money; yours is to keep it. He suggests asking yourself whether any particular purchase will make you richer or poorer.
  5. Brides and beaus — Money plays an key role in any relationship. You must trust your partner, must reach an understanding about finances.
  6. Brothers-in-law — Here, his point is that in order to protect your estate from family members you don’t intend to share it with, you need to plan for your death.
  7. Barristers — Finally, it’s important to protect yourself from legal difficulties.

Even though Kiyosaki lists seven possible pitfalls, he offers little practical advice for coping with them.

Financial IQ #3: Budgeting Your Money

million-dollar marketing on a budget

There are two ways to solve a budget crunch: decrease your spending or increase your income. Either will erase a budget deficit, but Kiyosaki believes (as I do) that in the long run, increasing income is a better solution.

Kiyosaki explains that it’s important to think of a budget surplus as a fixed expense. If you decide to save 10% of your income, then make this ten percent a fixed item in your budget.

Treat it just as you would any other bill. Pay yourself first. It’s also important to refuse to live below your means – instead increase your means.

Financial IQ #4: Leveraging Your Money

leverage moneyI found this chapter to be the longest and most frustrating chapter of the entire book. It represents the core of Kiyosaki’s financial philosophy. However it’s not presented in a way that makes it relevant to the average person.

Leverage — borrowing money to increase the power of your own cash is good. If you have the financial intelligence to control the investment. But if you’re not in control of the investment, then leverage is risky.

“Most of the people being hurt by the real estate meltdown are people who were counting on the real estate market to keep going up and increasing their home’s value,” he writes.

They borrowed against their home’s inflated value, however had no control over whether the housing market rose or fell. This is a lack of financial intelligence.

Kiyosaki argues that one should use leverage to make low-risk investments, investments in which you, as the investor, have control. This sounds great, but he doesn’t provide any relevant examples.

He only discusses his recent purchase of a 300-unit, $17 million apartment complex in Tulsa, Oklahoma. I don’t know about you but I do not $17 million to invest into one investment. The average person might only have $17,000? or even $1,700 to invest with right now?

So we are left wondering at the end of this character on how does the average person make leverage work for them?

Financial IQ #5: Improving Your Financial Information

Financial Tools for Small Business
In order to improve your financial information, it’s important to:

  • Separate fact from opinion. Many gurus are happy to offer their opinions — “gold is going up!” — but it’s foolish to make financial decisions based on these. Base your decisions on facts.
  • Verify information. Don’t trust just one source of information, but seek confirmation from other parties.
  • Know the rules. If you don’t understand how an investment works, don’t make it. “Rules provide a valuable source of information about how the game of money is played,” Kiyosaki writes.
  • Understand trends. Trends are historical facts. Smart investors can use trends to make informed decisions. However, it’s important to note that trends do not project to future facts. Only to opinions about possible futures. Still, trends are valuable sources of financial information.

“Ultimately,” Kiyosaki writes, “it is not the asset that makes you rich. Information makes you rich.”

Though an overview of the five Financial IQs forms the bulk of this 200-page book, it’s actually the last fifty pages that hold the most value. Where Kiyosaki discusses “the integrity of money” and explains how to develop your financial genius.

Financial Integrity

I like the idea of Rich Dad’s Increase Your Financial IQ. The book fills a niche about which little has been written.

It’s motivational. It’s a breath of fresh air and offers a perspective often missing in personal finance discussion. I also like that his writing always motivates me to action, pushing me to pursue my goals.

However, there is #1 Point I Really Do Not Agree With…

Robert T. Kiyosaki

Diversification isn’t a hoax, or a scam. Other than Kiyosaki, it’s embraced by most financial authors I’ve ever read or heared about.

Diversification is a central belief of the modern portfolio theory. It’s backed by facts, not opinions.

In the book Kiyosaki says “The richest investor in the world, Warren Buffett, does not diversify.” His implication is that you should not diversify either, but that’s completely counter to what Buffett believes.

Warren Buffett quote make money while you sleep

For 99% of all investors, Buffett recommends diversified index funds. So It’s duplicitous of Kiyosaki to pretend otherwise.

I hope you enjoyed my summary of Rich Dad’s Increase Your Financial IQ. If you would like to read it yourself you can get a copy here.

As always with Kiyosaki, there were more golden nuggets of information to be found in his book to really get you thinking.

If you want or need any help connect with us on one of our social media platforms or just Messenger us (Private Message Us) on our Facebook Messenger link – m.me/EasyOnlineBizSolution

I will leave you with this message: ‘if you do what you love – money will follow.’

Talk Soon,
Nicky Cane

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“We don’t buy and sell stocks based upon what other people think the stock market is going to do
(I never have an opinion) but rather upon what we think the company is going to do.”

– Warren Buffett

I’m in awe of what Warren Buffett has accomplished. He continues to write, rewrite and break the rules of investing, business, and entrepreneurship. There’s an endless amount that can be learnt from Buffett’s decades in business.

One of the things that impresses me most, though, is that this is all Warren everything he’s accomplished has been on his terms. No one handed him the proverbial silver spoon.

He worked hard, thought outside the box and continued to innovate, elevate and accelerate. And it paid off big time.

That said, it didn’t happen overnight.

Warren has been building his fortune for more than 60 years. As chairman and the single largest shareholder of Berkshire Hathaway for nearly 50 years, Warren’s investment decisions have been carefully watched and highly scrutinized. They’ve also, though, been so on-point it seems almost unfair—like he has a crystal ball hidden away somewhere.

In my quest to understand Warren’s methods and processes, I stumbled on Jeremy Miller’s book, Warren Buffett’s Ground Rules. The author Jeremy C. Miller is an investment analyst for a mutual fund company and a 15-year veteran of the financial industry.
Warren Buffett with Author Jeremy Miller
Miller’s book is a must-read whether you’re a huge Warren Buffett fan or simply want to gain that critical edge in business and in life.

Ground Rules covers Warren’s first 14 years as a true business mogul, including his tenure at the helm of Buffett Partnership Limited.

While there’s lots to dive into in Ground Rules, what I find most fascinating is the fact that the book itself is based on 33 letters Warren wrote to his partners from 1956 to 1970, outlining his business strategies and philosophy.

Miller puts it all into his book with a powerful context and strong narrative that weaves every piece together and creates a solid work any entrepreneur, business leader or investor can learn from. You’ll find lots of important tidbits here, many of which can be directly applied to your business—even if you haven’t reached Warren Buffett status just yet.

Overall, the content in Ground Rules is perfect for the business leader or long-term investor who wants to protect their assets and grow their success. In fact, Warren himself endorsed this book and gave the author express permission to work with his letters. If that doesn’t speak to the quality of Ground Rules, I don’t know what does.

Warren Buffetts Ground Rules Book SummaryWarren Buffett’s Ground Rules Book Layout:

  • Part I lays out the investment principles and ground rules employed by Warren between 1956-1970. It also describes the Partnership structure and the fees that all partners paid to Warren based on the investment returns realized each year.
  • Part II explains the different investment categories. In the beginning there were three; Generals-Private Owner, Workouts, and Controls. A fourth category was added later on: Generals-Relatively Undervalued.
  • Part III contains a few different topics, all related to investing; “Conservative Versus Conventional,” “Taxes,” “Size Versus Performance,” “Go-Go or No-Go,” “Parting Wisdom,” and “Toward a Higher Form.” Each one of the chapters touch upon important questions to consider for an investor, and at the same time shows what Warren’s thoughts looked like in these areas.

This book is much more than a compilation of excerpts from Buffett’s letters, smartly organized by investment theme. Miller begins every chapter with an articulate and insightful synthesis, which helps the reader understand Buffett’s key ground rules on each theme.

My Take Aways…

“Timeless Guidance”

Buffett’s correspondence with his early partners was folksy and insightful. Buffett never wrote an investment guide. These letters make up the closest thing investors will ever have to a Buffett textbook on investing.
Among Buffett’s early beliefs are:

  • Performance is Relative – Buffett aimed to beat the Dow, which he referred to as his “yardstick.” If the Dow fell 10% in a given year and Buffett’s investments were off only 5%, he considered his performance a victory. He promised not to celebrate a 20% gain if the Dow posted 25% for the year. He told his partners he welcomed criticism for the “right reason” – underperforming the Dow.
  • Look at the Long-Term – Buffett didn’t care about short-term results. He considered three years “an absolute minimum” for benchmarking. In frothy markets characterized by rampant speculation, Buffett asked his investors to judge his performance over five years.
  • Pick Companies, Not Markets – Trying to predict the direction of the market or the economy is a fool’s errand. Buffett focused on finding undervalued companies with solid products and savvy managers. A bull market lifts all stocks. But Buffett argued his most important gift was not his ability to divine moves in the broad market; his underlying analysis of a specific company was the crucial factor in any investment decision. He relied on a fundamental analysis: were a firm’s assets worth more than its market value?

I Personally found Ground Rules to be a powerful tour through the mind of a man who has consistently astonished the modern investment world. In this book, we get a better understanding of his unorthodox philosophy of diversification, which reversed what was then considered common knowledge when published.

We also get a unique opportunity to follow the development and reasoning behind Warren’s conservative long-term strategies, which have proven effective for decades despite endless movement in the marketplace.

This book is well worth reading and will make you rethink your financial, business and investing views…at least a little.

Talk Soon,
Nicky

P.S. We Can Show You How to Make More Money Online Easily and
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Just Apply for an Online Business Strategy Session Today!

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Do you have a hobby you wish you could indulge in all day?
An obsession that keeps you up at night?

Now is the perfect time to take that passion and make a living doing what you love.

In Gary Vaynerchuk’s book Crush It!: Why NOW Is the Time to Cash In on Your Passion, you will learn how to harness the power of the Internet to make their entrepreneurial dreams come true.

Online marketing guru Gary Vaynerchuk tells business owners what they need to do to boost their sales using the internet. He would know as build his family’s wine store from a $4 million business to a $60 million.

This book is comes in a trilogy of the evolution of social media – the other two are: “The Thank You Economy” and “Jab, Jab, Jab, Right Hook” (read my summary) which are a great read too.

Let’s Begin with My ‘Crush It’ Book Summary:

Build Your Personal Brand

Branding Matters

Developing your personal brand is key to monetizing your passion online.

When you’re selling a very similar product/service/content to someone else, it’s your personal brand and liveability that will set you apart and keep people coming back.

It’s a must to build authenticity through your content.

Your personal brand will help determine which channels you’re going to use to market yourself.

For example, podcasting and video favours someone outgoing. But if you’re shy and lack confidence, then perhaps writing is more your thing – that’s more me.

Summarise your personal brand in a sentence. How are you different?

Create Great Content

To everyone who is freaking out because they fear the noise and distraction of all the additional content on the Internet, you can relax.

Quality is a tremendous filter. Cream always rises, no matter how many cups of coffee you pour.

“Talking about what you love brings passion to the table. You come across more credible and entertaining when you talk about the thing you love. You also won’t need a script” – Simon Sinek.

To monetize your personal brand into a business using social marketing networks, two pillars need to be in place: product and content.

Great content is what you’re going to pump into your social media networks to draw eyeballs to your blog. It exists as a result of passion plus expertise, so make sure you can talk about your product like no one else.

If you could talk forever about it then you’ve picked the right product. No matter what it is. Stories are a great way of communicating content.

Ask yourself:
“Is marketing/tech/ sport my greatest passion?”
“Can I be the best blogger about this subject?”

The answers should both be ‘yes’.

You can monetize any passion, but the level at which you can monetize will be affected by the size of your niche and whether you are able to differentiate yourself enough from the other players in it.”

First, you must know yourself. Choose the right medium, choose the right topic, create awesome content, and you can make a lot of money being happy.

Passion is Everything

“Passion is energy. Feel the power that comes from
focusing on what excites you.”
-Oprah Winfrey

Golden rules for success:
1. Love your family.
2. Work super hard.
3. Live your passion.

You should measure your success by how happy you are, not how big the business is or how much money you’ve made.

If you’re going to live and breath your business and personal brand, you have to love what you do. This is what will set you apart from the rest and make you jump out of bed each morning.

The Internet makes it possible for anyone to be 100 percent true to themselves and make serious cash by turning what they love most into their personal brand.

Storytelling is by far the most underrated skill in business.

Storytelling

Choose Your Platform

When someone re-tweets what you say, they’re saying you’re worth paying attention to. You’re in business to serve your community.

Don’t ever forget it.

AUTHENTICITY:
Being authentic, and being perceived as such by your audience. This relies on your ability to ensure that every decision you make when it comes to your business is rooted in being true to yourself.

HUSTLE:

Hustle Mode is OnI’ve said over and over that if you live your passion and work the social networking tools to the max, opportunities to monetize will present themselves.

With one exception.

Someone with less passion and talent and poorer content can totally beat you if they’re willing to work longer and harder than you are.

So Hustle! Without it, you should just pack up your toys and go home.

PATIENCE:

Building a business and success takes time.
You have to live your passion. Think of building a business as a marathon, not a sprint.

You have to love what you do as it’s the only way you’ll keep going. And even if you fail, you won’t have any regrets because you were doing what you loved.

Create Community: Digging Your Internet Trench

Volunteering in the Community

Creating a community is where the bulk of your hustle is going to go and where the bulk of your success will be determined.

Comment on other blogs and get a conversation going. Link back to your content. Also, comment when people reply to you.

It’s the quality of the conversation and community that matters most.
Not the numbers.

Nothing in life ever goes exactly the way you think it will, and that goes for all of your carefully planned entrepreneurial dreams and goals. Reactionary business allows you to make a couple of crucial moves when the landscape starts to change.

Legacy is Greater Than Currency

Legacy is Greater than Currency

“This is why every decision I make I weigh in terms of currency and legacy. Will this business deal make me money? Yes? Good. Will I be proud of how I made that money? Yes? Okay, then, let’s do this. If the answer is no, I don’t go there, ever. Legacy always wins.”
– Gary Vaynerchuk

Follow your passion, not the money.

Now that you’re in the public eye, you have to be careful with how you interact and respond to people. The internet is not very forgiving.

Think through every business decision before you make it. Take a long-term view.

The Time is Now, the Message is Forever

Time Management

The book is only a blueprint for how to act and what to do. But when you read it, the world will already be a very different world. Roll with the changes.

If there’s any message I want you to take away, it’s that true success—financial, personal, and professional—lies above all in loving your family, working hard, and living your passion

The Steps to Building Your Personal Brand

1. Identify your passion.
2. Make sure you can think of at least fifty awesome blog topics.
3. Answer the following questions:
1) Am I sure my passion is what I think it is?
2) Can I talk about it better than anyone else?
4. 
Name your personal brand.
You don’t have to refer to it anywhere in your content, but you should have a clear idea of what it is.
5. Buy your user name—.com or even .tv.
6. Choose your MAIN Medium:
video, audio, or the written word.
7. Start a WordPress or ClickFunnels account.
8. Hire a Web designer.
9. Include a Facebook Connect link, Call-to-Action buttons, Share Functions, and a button that invites people to do business with you in a prominent place on your blog.
10. Create a Facebook fan page.
11. Sign up for a Social Media Management Platform –
Buffer or Zoho Social (I love this one).
12. Select all of the platforms to which you want to distribute your content. Choosing Twitter and Facebook is imperative (vital); the others you can select according to your needs and preference.
13. Post your content fairly regularly.
14. Start creating community by leaving comments on other people’s blogs and forums and replying to comments to your own comment.
15. Use Twitter Search (or Search.Twitter) to find as many people as possible talking about your topic, and communicate with them.
16. Use BlogSearchGoogle.org to find more blogs that are relevant to your subject.
17. Join as many active Facebook fan pages and groups relating to your blog topic as possible.
18. Repeat steps 13 through 17 over and over and over and over and over.
19. Do it again.
20. And again.
21. When you feel your personal brand has gained sufficient attention and stickiness, start reaching out to advertisers and begin monetizing.
22. Enjoy the ride.

If you like Crush It Book Summary then here is the link, so you can read the full book too.

Crush It By Gary VaynerchukThe book “Crush It!: Why NOW Is the Time to Cash In on Your Passion” gives a detailed blueprint of internet marketing which is not entirely covered in this summary.

If you are looking to be present everywhere on social media, I suggest you should buy this book.

Now the best Entrepreneurs learn how to use attraction marketing effectively. Attraction marketing is the concept of leading with value to attract your perfect prospects to you. We recommend that like us and our mentors that you check out the affiliate program that teaches Entrepreneurs attraction marketing and much much more.

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Talk Soon,
Nicky

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”

~Colin Powell

Here’s some advice; as you build your business, put an equal focus on investing the proceeds of your business with the concept of ‘planting flags.’

Most people who come into their first fortune from their own business, soon lose it all.

Just because you’re great at generating cash through your business, it doesn’t mean you’re any good at protecting it, and making it work for you in the long term.

Here’s just 6 things most newly-wealthy people do which causes them to lose all their money (avoid these at all costs).

MindsetAnyway, today I want to talk to you about what you’re doing to feed your mind with the right information to maximise your chances of success in business.

At the end of the day, the main thing which separates you from the super wealthy is knowledge and the application of that knowledge.

Everything they do and have done to get where they are, can be learned.

Which biographies about successful entrepreneurs and business people are you reading right now?

If there’s one common “secret” I see over and over again in these biographies, it’s the willingness to put in hard, focused work. Everyone wants shortcuts, and there are some systems that can simplify and automate the selling process. However hard work is the real secret to success.

 Look at people like Ray Kroc, who started with very little at the age of 52 when he built McDonald’s, a tremendous global corporation that’s still thriving years after his death.McDonalds Founder Ray Kroc

Ray Kroc’s Biography – Grinding It Out: The Making of McDonalds

And there’s Bill Gates. On the day he dropped out of college, he told his father that he wasn’t going back. His father said, “Son, you’ve just thrown your whole life away.” Of course, we all know the Bill Gates story didn’t turn out that way.Microsoft Founder Bill Gates

Biography – Bill Gates: The Life and Business Lessons of Bill Gates

He worked his tail off, and you know the rest of the Microsoft story.

He was so focused at one point in 1981 that he called and told his mom that he wasn’t going to call or come over for his usual Sunday lunch for the next six months. Weeks would go by when he would barely leave his office and he wouldn’t even go home to shower for days.

There’s a book called The Secret by Rhonda Byrne that made the rounds in the self-help circle over 10 years ago. It’s main message is that you can affirm your way to success. But the truth is, success really isn’t a secret at all.

The Secret by Rhonda ByrneDownload The Secret Book Summary Here!

When you read books about people who have actually turned small sums of money into huge fortunes, you’ll find out they didn’t use The Secret to make themselves the successes they are today.

They didn’t just sit around and affirm their success, chant positive things, and get their minds right. All that has its place – attitude definitely plays a big role in success, there’s no question about that – but it’s hardly the major component in business success.

The most successful people all worked hard, focused constantly on what they wanted, and practiced dramatic self-discipline and sacrifice to get where they are today.

I encourage you to read the stories of other successful people, the ones that are mostly told in biographies (don’t just read autobiographies – they’re too unreliable), and you’ll find that it took a lot of work for that success to happen. They serve as models for the rest of us.

Record Your Personal Best

If you want to be successful at anything… business, sports, music… you do have to devote the time, energy, and effort to what you’ve chosen. One expert said it takes 10,000 hours of dedication to master something.

But here’s the thing. If you’re going to spend that much time and energy giving yourself to an endeavor, it better be something you love. Because there’s a price that has to be paid for success in anything.

That’s reality. And that’s the real secret.

If you get into it, and it’s the right thing, what you thought was work really isn’t work after all. You end up devoting a lot of hours to it, and the payoff both in financial terms and in what you become and achieve is well worth the effort that’s involved to get there.

The Online Alliance Entrepreneurs GroupGet ACCESS to our Best FREE Tools and Resources for Entrepreneurs – visit our Tips and Tools page or Subscribe to our Entrepreneurs Newsletter.

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Talk Soon,

Nicky

I finished re-reading the book ‘The E-Myth Revisited: Why Most Small businesses Don’t Work and What to Do About It’ by Michael E. Gerber.

This book explains why 80% of small businesses fail especially in the first 3-5 years. Also how to overcome common mistakes in business, so you can build a successful business that not only works but is also deeply rewarding for you (and your stakeholders).

Ensure your business isn’t among those by building a company that’s based on systems and not on the work of a single individual.

The MAIN key idea of the book is this – your business is really an extension of who you are. So transforming your business starts with transforming yourself.

The E-Myth Revisited Book Summary

Summary of ‘The E-Myth Revisited: Why Most Small businesses Don’t Work and What to Do About It’

Here’s our overview of the 3 key segments of the book – the E-Myth, the Turn-Key Revolution, and how to build a successful small business.

1. The Entrepreneurial Myth (E-Myth)

It’s a myth that small businesses are started by true-blue entrepreneurs. The truth is, most businesses are started by people who were initially working for others. They are good at what they do, decide to go into business and make the fatal assumption that their strong technical skills are enough for them to run a technical business.

We all have multi-faceted personalities, with often-conflicting traits.

Your 3 Business Personalities to BeA business owner is not just an entrepreneur, a manager or a technician. He is all 3 personalities rolled into one at the same time. Hence, he has to deal with their differing tendencies, needs and wants.

In order for businesses to grow and evolve, the business owner must be willing to change to meet the business needs. Gerber explains the 3 growth stages of businesses – Infancy, Adolescence, and Maturity.

Businesses fail due to the owners’ inability to perform the roles required of them. The key is to start your business with the expectation and plan for it to grow and work without you.

You also need a business model that will allow you to balance all 3 personalities. So the Entrepreneur drives the business, the Manager ensures it’s sustainable, and the Technician can stay in touch with the nuts and bolts of the work being done.

2. The Turn-Key Revolution

Your business is not your life, and it is imperative that you work on the business and not in it. You should build your business such that you can duplicate it.

Regardless of whether you actually sell or franchise it in the future, this is the best way to ensure your business is successful and is not dependent on you.

To do that, the concept of the “Business Format Franchise” comes into play. It’s where the franchisee is not only given the right to market a known product, but also an entire system for doing business.

Unlike the high failure rates of conventional business, Business Format Franchises have a 95% success rate.

Get a copy of the book now for more mojo and powerful examples!

The “Franchise Prototype” is where ideas are incubated, tested and perfected until they work predictably before they are deployed in business.

Using the example of McDonald’s, Gerber explains how every detail (from how long french fries are left in the warming bin) is tested and standardized. Which is done with the goal of leaving nothing to chance and operational discretion.

Your goal is to create such a prototype for your business, so it can be successfully cloned into thousands more like it. Just like a successful franchise. But, it must fulfill 6 criteria or rules:

Get the 6 Rules for a Successful Duplicable Business1. Provide consistent value to your stakeholders, beyond expectations.
2. Be operable by people with the lowest possible level of skill.
3. Demonstrate precision and order.
4. Capture all the work to be done in operations manuals.
5. Provide a consistent and predictable service to the customer.
6. Use consistent systems/ codes to create a duplicatable business with same or similar Brand(e.g. colour, dress, facilities).

These criteria are covered in more detail in the book.

3. Building a Small Business that Works

Your Prototype will constantly evolve as part of your business development process. What it means you need to constantly refine your business with the Innovation-Quantification-Orchestration loop (more details in the book).

This is more than just a habit or process. When you fully immerse yourself in continuous improvement, you feel a deeper connection with your work and enjoy a deeper level of fulfillment.

Your Business Development Program

Your business should support your life goals, not be your life goals. That way, you can work on your business and not in it.

To do that one must follow…

7 Step Business Development Program

In a nutshell, the 7 parts of the process are:
• Determine your Primary Aim (your life goals);
• State your Strategic Objective, i.e. how your business  will look like when it’s “done”, and how it will help you to achieve your Primary Aim;
• Develop your Organizational Strategy, so you can start testing, documenting and building roles today, toward your ideal future organization;
• Establish your Management Strategy, so a predictable experience can be replicated by anyone you hire;
• Identify your People Strategy, i.e. get your team to do what you want them to do;
• Develop your Marketing Strategy. By understanding your customers’ perceived needs and then constructing and testing a Prototype that meets those needs.
• Put in place your Systems Strategy, including your hard systems, soft systems, and information systems to deliver your customer promise.

Read the book for more details! This is a must-read for any business owner or aspiring entrepreneur.

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Talk Soon,

Nicky

This list is not organized in order of importance since that depends on the needs of the reader. Also, this is not my “top 6″ lessons from the book overall either. It’s just 6 nuggets of wisdom that I picked up about social media marketing.

If you’re not getting the most out of your social media game yet (trust me, you aren’t), then this is for you.

“The most delightful surprise in life is to suddenly recognize your own worth.” – Dr Maxwell Maltz

I just finished reading Psycho-Cybernetics which was recommended to me from Drew Innes who is the Founder of the Online Alliance. I found the book to be quite excellent.

Motivational and self-help experts in personal development, including Zig Ziglar, Tony Robbins, Brian Tracy have based their techniques on this book.

Read more

As promised in my last article; How Being A Perfectionist Can Hinder Your Business & Life, I will be telling you the Strategies for Coping with Perfectionism. These come from the book “When Perfect Isn’t Good Enough” written by Martin M. Antony PhD and Richard P. Swinson MD.

In this book, you discover – the root cause of your perfectionism, explore the impact of perfectionism on your life, and find new, proven-effective coping skills to help you overcome your anxiety about making mistakes.

Also includes tips for dealing with other perfectionists and discussions about how perfectionism is linked to worry, depression, anger, social anxiety, and body image. Read more