The One Minute Entrepreneur
by Ken Blanchard, Don Hutson with Ethan Willis
Book Review - 3.5 Stars
The full title of this book is "The One Minute Entrepreneur: Reinvent Your Life for Fun and Profit".
I love the early One Minute Manager books and I had high hopes for The One Minute Entrepreneur.
Based on my review it doesn't quite live up to expectations although it does have some strong insights and is worth reading for any budding entrepreneur.
It follows a story format as usual for the One Minute series, looking at the story of Jud and Terri McCarley and their speaking business JTA.
The Need For The One Minute Entrepreneur
The foreword by Michael Gerber quotes some scary statistics
- Nearly 1 million businesses start in the US every year
- 40% fail in year 1
- 80% don't get to celebrate their 5th anniversary
- 96% fail before their 10th birthday
Why does this happen? Because businesses are started by technicians - see Michael Gerber's "E Myth Revisited"
It is very clear that budding entrepreneurs need to learn more before they start which is often when many key decisions are made and need to continue to enhance their skills throughout their business life.
The professions - accountants, solicitors, doctors, dentists - have a requirement for continued professional development and education. But no one says that entrepreneurs need to continue to learn.
But it is this learning that this blog is all about and what my business coaching practice is all about - supporting entrepreneurs and helping them to continually upgrade their business skills.
The Cornerstones of the One Minute Entrepreneur
The four big cornerstones of The One Minute Entrepreneur book are very simple but capture the essence of being in business:
- Sales have to exceed expenses
- Collect your bills
- Take care of customers
- Take care of your people
I bet you knew that didn't you. But many people don't do it.
It's that old problem, of moving from thoughts, ideas and knowledge and putting it into action consistently.
As you would expect from a story of entrepreneurship, it is a roller-coaster ride. At one time things appear to be going well on the surface but underneath there are problems. Michael Gerber tells a similar story himself in "The Power Point" and "E Myth Mastery".
The One Minute Entrepreneur Style
Again in usual One Minute style, you have the story and summary pages with a few bullet points to reinforce the message of The One Minute Entrepreneur. This is a very effective way of communicating and means that you can read it at two levels - the detail or just flicking through reminding yourself of the key messages which is invaluable.
Various insights are highlighted including:
- Associate with people you admire
- Be open minded
- Keep a notebook of ideas
- Success occurs when opportunity and preparation meet
- Don't quit your day job until you have some success under your belt
- If no one will pay you, you have a hobby
- Profit is the applause for taking care of your customers and creating a motivating environment for your team
It ends with a list of 20 attributes of successful entrepreneurs and there is a One Minute Entrepreneur website that offers a free assessment.
Review Rating For The One Minute Manager
My expectations of this book from Ken Blanchard, Don Hutson and Ethan Willis were high and while it didn't live up to those expectations I still think it is valuable for any would be entrepreneur to takes a look at The One Minute Entrepreneur.
I rate this book at the 3.5 star level, interesting and worthwhile but not a book I can generally recommend
You can buy The One Minute Entrepreneur from Amazon (affiliate links)
For a better book about entrepreneurship,I recommend The E Myth Revisited by Michael Gerber.
What Do You Think About The One Minute Entrepreneur?
Have you read this book? If so I'd love to read your opinion of "The One Minute Entrepreneur" by Ken Blanchard, Don Hutson and Ethan Willis.