Former administrator offering secrets of success
"The Engine of America: The Secrets to Small Business Success…" by Hector Barreto, John Wiley & Sons, $24.95.
As the former administrator of the U.S. Small Business Administration and an entrepreneur, Mr. Barreto has seen it and done it. His perspective of small business is honed by interviews with successful entrepreneurs.
Start this book with Chapter 13 because its ABCs of Success provide the framework for understanding the "how and why" behind the advice in the other chapters.
Here are some of the ABCs: A - Attitude, Ability; B - Believe; C - Commitment, Caring, Confidence, Customer; D - Dedication, Determination, Direction; E - Education, Execution, Enthusiasm; F - Focus, Fear, Family; H - Honesty; P - Passion, Patience, Persistence, Planning, Priorities; W - Will to Win.
A solid business plan is the starting pointing. Can you describe both your business idea and your market niche in 50 words or less? If you can't, you'll have trouble explaining what you do and how you do it to others (i.e. potential investors, financial institutions, employees, customers).
How do expect to get your idea accepted in the market? New ideas travel a long acceptance route. Variations on existing ideas have to be significant to convince customers to leave your competition.
What are your qualifications for building a business in your market? First and foremost: Can you manage operations, employees, time and customer relationships? Other qualifications include: work experience in the industry, education (What do you know and how do you expect to find out what you don't know?) and specific skills (i.e. production, selling, finances). It takes more than a positive attitude to launch a business.
Do you have personal goals that encompass your business and personal life? Goals of independence, personal satisfaction and income are required. So is the goal of work-life balance. The wholehearted support of your family is essential when you're working long hours every week.
Answering these questions when creating your business plan "forces you to take an objective, critical and unemotional look at your business prior to and after its inception." Even the best plans seldom go as planned; be prepared to tweak.
Barreto's advice will deter some readers from starting a business; it will inspire others.
"Fire Them Up! 7 Simple Secrets…" by Carmine Gallo, John Wiley & Sons, $21.95.
Based upon interviews with "Fired Up" executives, Mr. Gallo identifies seven things they have in common when it comes to motivating those around them.
The first four form the base for "Firing Them Up! "Secret 1 - Inspire your enthusiasm. Both optimism and pessimism are contagious. You have to believe in yourself and your vision in order to convince others to believe.
Secret 2 - Navigate the way. Be the leader. Clarity is defining what must be done and why is critical to getting and maintaining buy-in from stakeholders. Your core purpose must remain focused over time. "Flavor of the day" management sends confused messages that hamper execution.
Secret 3 - Sell the benefits. Tell people why they should be excited. Sell "what's in it for them." Focus your listener by using simple language that identifies the problem first. Then segue into your solution; backing it with examples helps sell it.
Secret 4 - Paint a picture. Use stories to either illustrate your commitment and reinforce your key message. The stories should communicate action required in their morals. Start with a stage-setting story about "Why?", not a "this is what I'm going to tell you" opening. People want to know "Why?" first because it engages them in the story.
The last eight chapters show how these individuals employ the seven secrets in their businesses.