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The Entrepreneur Equation: Evaluating the Realities, Risks, and Rewards of Having Your Own Business Paperback – March 6, 2012
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This month's Book With Buzz: "Little Fires Everywhere" by Celeste Ng
From the bestselling author of Everything I Never Told You, a riveting novel that traces the intertwined fates of the picture - perfect Richardson family and the enigmatic mother and daughter who upend their lives. See more
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The author’s aim is to lay out the realities of starting, buying, or owning a business and help the reader make a comprehensive assessment of the risks and rewards associated with that effort. She does a thorough job of exploring every aspect of the process and ultimately guides the reader through building a personal 'Entrepreneur Equation.'
The Entrepreneur Equation is a definitive guide that will help any would-be entrepreneur objectively assess whether or not to venture into business ownership. Carol Roth’s advice and wisdom will likely make that decision a lot easier.”
Barry Silverstein, ForeWord Reviews
"Carol delivers the reality check that today's entrepreneur needs to succeed."
JJ Ramberg, Host of MSNBC’s Your Business and CEO of Goodsearch.com
In a sea of feel-good yes-you-can’ books that lure people into mindlessly wasting their limited time and resources on business ideas that don't stand up, The Entrepreneur Equation stands alone as a masterly, compelling reality check that every would-be entrepreneur disregards at their peril.”
Les McKeown, author of the Wall Street Journal bestselling book Predictable Success and CEO of Predictable Success
Aspiring entrepreneurs and small business owners alike can generate the best return on their success simply by investing their time reading The Entrepreneur Equation. Written in Carol’s frank and fun style, this book gives you the key tools that you need to stack the odds of success in your favor.”
Loral Langemeier, CEO/Founder of Live Out Loud, international speaker, and bestselling author of the Millionaire Maker 3 book series and Put More Cash In Your Pocket
The Entrepreneur Equation is a best friend’s advice, risk management handbook, and an entrepreneurs’ pre-qualification checklist all rolled into one. It’s communicated in a heartfelt anecdotal style by someone who has been in the trenches’ and who truly cares about the people who aspire to be entrepreneurs.”
Paul Nizzere, Former CEO of Pelouze (Sold to Newell Rubbermaid) and CEO of Windsor Park, LLC
I wish I’d had The Entrepreneur Equation when I started my business. It would have saved a lot of time, stress, and heartache through the growth while I made a go of it alone. If you’re thinking about starting a business, already running a business that is not profitable, or you haven’t been able to take your business to the next level, this book is for you.”
Gini Dietrich, CEO of Arment Dietrich, Inc. and author of Spin Sucks
As an entrepreneur who’s built a successful company with a bit of luck and a lot of perseverance, I know how important it is for business owners to have access to advice from someone like Carol. The Entrepreneur Equation will lead you down the right path, as you ask of yourself if you should be an entrepreneur and do a true self evaluation of your potential for success.”
Percy Newsum, President of Integrity Toys
Carol Roth leverages her experience as both an entrepreneur and a strategist for businesses to provide valuable and unique insights on entrepreneurship in today’s business landscape. Whether you are an aspiring entrepreneur or even an existing business owner, The Entrepreneur Equation provides a roadmap to help you determine how and if owning your own business will help you achieve the American Dream.”
Adam Kaplan, Chief Portfolio Officer of Banyan Mezzanine
Finally! Someone asks the million-dollar questionand then answers it. It isn’t about CAN you be an entrepreneur? It is really about SHOULD you be an entrepreneur? You can spend thousands of dollars and years of your valuable life figuring it out. Or, you can read this book.”
Shama Kabani, author of The Zen of Social Media Marketing and President of the Marketing Zen Group
By reading The Entrepreneur Equation, you’ll not only think differently about what entrepreneurship means for you, but also create an opportunity to get the best, most successful return on your investment.”
Harry Schulman, Past CEO of Applica, Non Executive Chairman of New Vitality and Director of Amoena, Hancock Fabrics, and Backyard Leisure
The book perfectly mirrors [Roth’s] no-holds-barred style and conveys her genuine empathy and desire to see every entrepreneur succeed.”
Laura Provenzale, Head of Consumer & Retail Investment Banking Group, Raymond James
In an era where ideas are heralded as the be-all-end all of business, the importance lies in execution. Carol gives readers a roadmap to transform their dreams into viable businesses, allowing both aspiring entrepreneurs and small business owners the BEST chance to build successful, profitable businesses.”
Cameron Herold, Former COO of 1-800-GOT-JUNK? and CEO of BackPocketCOO.com
Carol delivers innovative, rock-solid thinking that has the power to fix what is broken in business. The Entrepreneur Equation is a fresh new approach to what entrepreneurship really means today.”
Liz Strauss, Business Strategist and online real-ebrity” of LizStrauss.com and Successful-Blog.com
In The Entrepreneur Equation, Carol will help you confront what it really takes to be an entrepreneur and run a business for success (because there are no guarantees).”
Martin Chimes, serial entrepreneur, Former CEO of Corporate Express Australia, and Chairman of Unistraw International LTD
About the Author
Roth is a frequent radio, television and print media contributor on the topics of business and entrepreneurship, having appeared on Fox News, MSNBC, Fox Business, WGN TV Chicago and more. Her Unsolicited Business Advice blog at CarolRoth.com was recently named as one of the Top 10 small business blogs online.
Roth holds a B.S. from the Wharton School of Business at the University of Pennsylvania, where she graduated Magna Cum Laude. She resides in the Chicagoland area with her husband Kurt, who is also an investment banker (and her former business partner). They have no children, pets or plants and are avid sports fans (particularly of NFL football). Roth is also a recovering toy collector, recently trading in a portion of her collection for a more sophisticated toy (a "Simpsons" pinball machine).
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A one-owner business is not a "job-business" as the author purports (try telling the tax authorities that your one-owner business isn't really a business but a job. Good luck with that one). A one-owner business is still a bona-fide business because the owner is engaged in commerce and in the operation of a commercial enterprise. The fundamentals to run a one-owner enterprise are the same as running a large corporate enterprise. The only difference is size or scalability, but the fundamentals are the same. As an owner, it's YOUR responsibility to decide what size business is best for YOU. There is no one right way.
The underlying issue faced by most self-employed and small business owners is that they're often trying to operate a business with an "employee mentality" and lack a "serious business attitude." This is especially the case if you've been a successful employee for 10, 20, 30, or even 50 years. The skills and attitude needed to be a good employee are different than what's required to be self-employed or a business owner. Just because you start a business or become an independent advisor, attorney, freelancer, etc. doesn't mean that you no longer think like an employee. To make the mental shift, you must make a concerted and intentional effort to change your mentality because the employee mindset is deeply ingrained (starts with our early schooling).
If you're starting or currently own a business with the idea that you're a "job-owner" and that your "customers are your boss" (and everyone else you do business with) as suggested by the author, then you're approaching your venture with an employee mentality. Your customers don't determine the direction or success of your business. YOU DO! This is why you're the BOSS! You're not an employee anymore! Your customers and business associates are your "partners." The business owner-customer relationship is peer-to-peer where equal value is being created. Your customers get services or goods of value, and you as an owner also get something of value (usually monetary). It's a value-for-value relationship. It's not a command-and-control or hierarchical (employer-employee) type of relationship. It's commerce; lateral or a flat type of relationship.
As an aside, many criminal organizations are sole proprietorships (unincorporated businesses) where the bosses are directly involved in the business. I doubt very few people would deny that these businesses (albeit illegal) are REAL businesses (the government sure doesn't). I also doubt that these criminal heads view their customers and business associates as their bosses. But you see, there's a different mentality at play. Criminal organization bosses have a serious business attitude and don't think like an employee. They know that they're engaged in a commercial enterprise and they run their operations as such. In contrast, those of us who have been indoctrinated to be good employees tend to do quite the opposite.
I would be in support of this book if it encouraged business owners to adopt a serious business attitude and encouraged the need for a shift to independence in one's mentality before getting in business or commerce. But unfortunately, the book promotes a mentality or philosophy (in the spirit of "telling it like it is") I feel is very damaging to aspiring and current entrepreneurs. On this basis, I strongly recommend that you skip on this book and purchase a book that helps you to make the mental shift from an employee or paycheck mentality to a self-employed mindset or serious business mentality.
* You have an idea that you want to sell.
* You have an idea that you want someone else to execute without you being centrally involved in making it happen.
* You think your idea is going to allow you to get rich quickly.
* The more work you do to implement your business idea, the more value you will receive, because the value is all in the implementation.
This is just a sample of some of the thought processes that many follow in their pursuit of business ownership that actually lead them the wrong way and can result in failure and often bankruptcy. Hats off to Carol Roth for providing the information that will enable so many to see the error of their ways!
It's also the scariest.
That's because Carol holds nothing back. She portrays the work and sacrifice, as well as the rewards, in a clear and forthright manner that may send you scrambling back to your cubicle.
And that's the point. Being an entrepreneur is not glamorous; it's hard work. It's not for everyone; smarts do not always trump the ability to schmooze and create relationships. Doing what you love can quickly lead to hating that very thing.
The best part of this book are all the numerous assessments and exercises appearing throughout. Thanks to those tools, and Carol's no-nonsense approach, the question of whether or not the entrepreneur's path is right for you will be answered by the time you reach the end.