“How to Make Big Money in Your Own Small Business” is written by Jeffery J. Fox best known for his book “How to Become CEO”. Mr Fox runs a successful Marketing consulting firm.
- Do what comes easy to you, but is hard for others
- Pick up paper Clips, but overspend on customers
- Pick fortune over fame (Money over medals, rewards over awards)
- Always price to value
- Use the leverage levers such as delegate, outsource etc
- Patent, Protect and Padlock
- Never let anyone outwork you
- Stay off boards and committees
- Get today’s technology but wait until tomorrow
- Sign 500 holiday cards
One drawback of the book is that many times advises are presented as rules. So, I would suggest to read the book critically. Every business owner is different, and not all rules apply to everyone. As you are reading the book, you can start categorizing the advises (rules) into three categories, 1) Rules that apply to you completely, you should always follow these. 2) Rules that might apply to you based on situation, apply subjectivity here. 3) Rules that will never apply to you, these can be ignored or even changed according to your business.
Therefore, While the book is structured as advice/rule book, I will suggest you use it as guidebook. For example, having a customer is rule number one and Fox advises to use market research, test marketing etc to find if you will have customers. While all business must have customers, it may not always be possible to find the market size even using common sense. You might have different priorities than what is provided in chapter “Small Business Owner’s Business Priorities”, so use it as a guide to decide your own list of priorities. Fox advises to hire family first before you run out of family member to hire – another advises which is not universally true. In fact, I feel if you hire mostly family members, than non-family hires may not feel comfortable working for your business. Home office is an absolute no, but it can work well for some people. If you are passionate about your business, than you are less likely to be distracted at home. Always take the business first, and then determine how to deliver. While this advice can work well most of the time, this can get you into legal trouble if you cannot deliver since you will be contractually obligated to deliver. If nothing else, it will ruin your reputation. To do list in the book may not be perfect to do list for you. So use this as guide, and come up with your own to do list.
I recommend “How to Make Big Money In Your Own Small Business” to all entrepreneurs and all the people who are looking to start their venture any time soon. But use the book as guide, read it critically and make sure to adapt the advises to your own situation before you apply them.