Review of “The Little Black Book of Entrepreneurship” for Coaching

Overview: The author offers a unique and insightful approach to considering whether entrepreneurship is the right thing for you in your situation; he looks at the reasons new business fail. Separating these factors in to fourteen reasons businesses fail in five categories, he proposes that in going through the information you will either determine that entrepreneurship is not for you, or you will determine to go ahead anyway and do so with a greater awareness of obstacles, thereby increasing your likelihood of success (for example with a Coaching business.) The insight provided in this book is the core of what matters, and his approach is to go straight to the point. Whether you are considering starting a business for the first time or you are simply starting another business, I recommend this book. The points provoke thought and provide a perspective that means you can now anticipate the common pitfalls. Through recognition of the pitfalls, you are in a position to avoid them and create results.

What the Book Covers: In the first category or section on reasons for failure, the author is exploring what is behind your desire to start a business, the value of the idea, and pushes you to consider the need to stay with your dream through the tough times.

In the second category of reasons for failures, the author explores going solo or partnering to start a business. He looks at a few pros and cons of solo versus partnering, and then explores approach should you choose to partner.

Is starting a business about the idea, the sector of the economy, or about passion? In this category, the author explores the difference between a great concept and a sustainable business plan. He looks at the value of industry sector experience, and how to compensate if you do not have the necessary knowledge.

It often boils down to money: in this section the author looks at the reality. Are you financially prepared to make it? Are you emotionally prepared? He pushes you to anticipate and prepare for your needs.

If the author has not yet discouraged you from starting a business, he now has you looking at the long-term. By making tough decisions, you can focus on profits rather than a quick sale that ultimately is not worth it. Once you do have a sustainable business, do you want to transition into running it or move on to the next opportunity for entrepreneurship?

In Summary: Starting a new venture is exciting. Success in the new venture is based on a realistic analysis of your motivation and endurance, the pros and cons of partnering, the market sector and economy, financial realities, and long-term outcomes.

There are countless resources available on how to start and run a business. In most major cities there are small business development centers or agencies providing training and resources. On the internet business plans and marketing plans are readily available. With a little research, it is easy to find economic indicators, economy sector trends, marketing trends, and market share holders. Because this information is so readily accessible, the book does not spend time covering it. Instead, the book focuses on what is really behind success or failure, and challenges you to assess for yourself whether you are the right person with the right idea, the right business model, the right partners, the right financial set-up, the right understanding of long-term implications, the right attitude, and the right motivation.

This book provokes thought in areas many forget to even think about when starting a business. The realities of each of the failure factors covered is real, and thus each warrants consideration. That the book provides you with the ideas to prevent or overcome the obstacles simply adds to the value of reading it. It is a quick, easy read and it will enhance your entrepreneurial talents with insight and planning.

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