The one quote I noted in the book “The Intelligent Entrepreneur” by Bill Murphy Jr. was from page 75: “For the intelligent entrepreneur – and especially for the first time entrepreneur – opportunity is personal, not universal. It grows out of your talents, experiences, interests – and the problems that you’re uniquely positioned to perceive in the world.” I really liked this statement because to me, it explains why I am a person who has the passion and skills to solve what I see as a problem. If I hadn’t had particular experiences, then I would probably not be on my current path.
The book basically went back and forth between following three specific Harvard Business School graduates and analyzing how they implemented the “ten key rules.” All of us found the book inspirational and some other realizations included not thinking big enough, not utilizing the network of friends and mentors enough, and identifying with the characters’ ways of thinking or actions.
Other items to note from Chapter two about the process of entrepreneurship:
- Evaluate the opportunity.
- Assess required resources.
- Acquire the resource.
- Manage the venture.
- Harvest the value
And, in case you are wondering, here are the “Ten Key Rules,” according to the author:
- Make the commitment.
- Find a problem, then solve it.
- Think big, think new, think again.
- You can’t do it alone.
- You must do it alone.
- Manage risk.
- Learn to lead.
- Learn to sell.
- Persist, persevere, prevail.
- Play the game for life.
Finally, from Chapter 20:
- Keep a record of what you do, make sure it is private.
- Be a student of business.
- Go to the well.
- Take full advantage of your relationship with mentors.
- As your business grows, reach out to other entrepreneurs.
- When you can’t move forward, move on.
If you are into listening to the audio versions of books, note that there is an interview with the three characters that is recommended. We heard part of it as a group during what was the beginning of a lively discussion.
For anyone who has thought about or is an entrepreneur, this book was unanimously recommended by tonight’s discussion group.
What do you think?
Stacy (a.k.a. “The Book Lady”)