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You Need To Be A Little Bit Crazy: The Truth About Starting And Growing Your Business
By Barry J. Moltz
Barry Moltz, founder of three start-up companies, shares what he's learned about being an entrepreneur in You Need To Be A Little Bit Crazy: The Truth About Starting And Growing Your Business.
Moltz writes: "The reader should make no mistake; it is easier and in the long run more profitable to get a job than to start your own business. If you want to have your own business for the money, then forget it: go get a job. That motivation will never sustain you through the ups and downs of starting and building your business."
Moltz describes himself as an entrepreneurholic and says entrepreneurship is a disease, a curse even. He also says the natural business world is indifferent to your success or failure. He says high-tech entrepreneurs need to forget the 1990's and need to learn how to "right-size" their dreams.
Moltz writes: "Not every business that an entrepreneur starts must have $100 million in sales and go public. These are the unrealistic dreams that we artificially pumped into the veins of the start-up entrepreneurs in the 1990s….Plenty of wonderful companies never get beyond a few million dollars in sales. The owners of these businesses can live very financially successful and happy lives….Our dreams should be downsized to match what will make us happily successful. How do you right-size your dream? What will it take for you to feel like you have succeeded with your business? These individual benchmarks are important for you to find fulfillment in running your own business."
You Need To Be A Little Bit Crazy: The Truth About Starting And Growing Your Business is refreshingly realistic about the psychological ups and downs of running a business and the issues entrepreneurs face.
Some of my favorite observations include:
* "Your network is your life." While Moltz says that the business world is indifferent to your plight, your team members—family, friends, mentors—do care. So, you're not completely alone! Moltz says you should review your contact list every few months and contact people you haven't been in touch with for awhile. He says you need to meet face-to-face to cement relationships and that you must be proactive and take the initiative to get what you want from a relationship.
* Work with people who you can trust and who you've worked with successfully in the past. Moltz says, "I could sell chairs if I were doing it with people I respected…who you are in business with is more important than what business you are in."
* Don't look for the next big thing, whether it's the Internet, wireless technology, or nanotechnology. Moltz says, "Go out and find pain points for prospective customers that they will pay money to fix."
* You don't know whether or not you'll be successful until you try to sell your idea to customers. Moltz says, "Primarily, I tell entrepreneurs to think for a short period of time, make a decision, and then do. The market will teach you more than you can ever learn from planning."
You Need To Be A Little Bit Crazy: The Truth About Starting And Growing Your Business is a great read for entrepreneurs who are starting a business or who already own one.