BlaOnemE 09-01-001

The One Minute Entrepreneur

The Secret to Creating and Sustaining a Successful Business

Ken Blanchard, Don Hutson, and Ethan Willis

Doubleday, 2008, 139 pp., ISBN 978-0-385-52602-9

 

 

This is another of Ken Blanchard's fables, this one illustrating principles for starting and sustaining a business. It incorporates a number of quotes from highly respected entrepreneurs and motivational speakers.

 

Here are some of the key points from the book.

Entrepreneurs tend to make the fatal mistake of ignoring vital parts of the business while they are consumed with what they are good at.

 

Four primary keys to building and sustaining a business:

  1. Manage the money. Spend less than you make and collect your bills. You must have cash, cash, cash.
  2. Empower your people so they become like owners and treat the business like you do.
  3. Take care of your customers.
  4. Take care of your people. (41)

 

"At any given time, we are becoming the average of the five people with whom we are most closely associated." (3)

 

Keep a notebook of the wisdom you learn and distill it into key insights. (8)

 

"Five years from now, you will be the same as you are today except for the people you meet and the books you read." (10, attributed to Charlie 'Tremendous' Jones)

 

"Lead with your ears!" (11)

 

Your fears will subside as you master the basics. (21)

 

"Take care of your numbers and your numbers will take care of you." (25)

 

"When you want to start a business, you have to play to your passion." "What do you like to do most?" If you don't love it you won't work hard enough to make it. (26) Then you have to ask whether anyone will give you money to do it! (28)

 

"Don't quit your day job until you've got some success under your belt." (29)

 

Create new avenues of income that build off what you are already doing, that build on your passion. (48)

 

Seek advice when your business goes to the next level. (51)

 

"Profit is the applause you get for taking care of your customers and creating a motivating environment for your people." (57)

 

The Moment of Truth is any contact a customer has with any part of your organization. (66) Little Moments of Truth can make or break a customer relationship. (67)

 

"Today's knowledge workers want a partnership relationship with their leaders." (79) "People want managers who will work with them to accomplish goals." (81) Encourage everyone to become a leader. They will begin to take responsibility. (82)

 

Coaching is the most important aspect of managing. (87) "Effective leadership is about treating people the right way by providing the direction and encouragement they need to be their best." (91)

 

"Work to balance your business life with the rest of your life." (104)

 

"Continually seek the wisdom of your mentors." (104)

 

Make it a monthly habit to tithe, no matter how low your income is. (118, citing John Templeton)

 

 

 

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