Owning and running a small business is both challenging and exciting. Entrepreneurs face exciting opportunities to build a business from the ground up, while they develop skills and learn new skills along the way. Owners are faced with challenges such as managing a small business budget, determining profitability, establishing office space and equipment, marketing the business and maintaining employee loyalty. The business owner must also face challenges such as dealing with suppliers, clients and coworkers. All these challenges and more can be found in The Economy of Success by Andrew Rusbatch.
Time commitment. Typically when someone starts a small business, it’s going to come with a fairly large amount of time and/or money commitment. This makes all the other responsibilities and tasks the entrepreneur must handle much more difficult. Many small-business owners report being working over eighty hours per week managing everything from buying to bankrolling to marketing to advertising.
Successful entrepreneurs are not only work-obsessed but intelligent. They understand what needs to be done and how it needs to be accomplished. They also realize that there are principles and strategies they must follow to achieve their goals. In The Economy of Success by Andrew Rusbatch, the author examines successful business owners and what these principles are. The book consists of eleven chapters and twelve case studies. These case studies describe different small business problems and solutions.
First, the chapters examine key principles and common practices of successful business owners. These include establishing goals, defining strengths and weaknesses, identifying opportunities, creating a vision, finding a mentor, developing contacts, working with others, creating a business plan, working effectively, managing money, and setting and achieving goals. These principles and practices to guide the entrepreneur through each day’s activities. They help the entrepreneur to determine which behaviors make good sense and which ones do not. Rusbatch provides practical advice for making decisions based on sound principles.
The second chapter focuses on common myths about owning a small business. It reviews common misconceptions about the nature of small business and explores some of the benefits of owning one. These benefits include increased financial security and independence. Additionally, the author examines why owning a small business is preferable over working for someone else and examines the potential pitfalls of this arrangement.
The case studies provided by the end of the book evaluate various different situations. The authors examine common management challenges and areas for improvement. The case studies describe successful businesses in all areas and deal with aspects of the entrepreneur’s personality that contribute to success. The case studies provide insight into the manner in which the entrepreneur operates and the aspects of his business that make him successful.
The final chapter of The Economy of Success deals with choosing a small business. The book discusses several ways in which to choose a business that will be profitable and long-term. The six steps that the author calls the six P’s outline the process of selecting a business. The six factors, the author considers most important are location, competition, profitability, Persistence, commitment and risk.
The case studies provide specific examples of small businesses that have been developed using the six P’s. The final chapter of this book reviews each of the six factors that the author used in her analysis. She concludes the book by describing six small business success stories. The authors identify the characteristics of successful small businesses and provide detailed explanations of how these factors were selected.
A few resources that readers can use include the Small Business Administration website and the Small Business Development Centers web site. The SBA is an excellent resource for information on federal agencies that provide advice and assistance to small business owners. They provide criteria for determining which business are eligible for government loans and grant money. The SBA works with entrepreneurs and small business owners on a daily basis to help them achieve maximum profitability. Finally, the author’s personal web site contains a number of interesting articles that describe her own success and provides links to additional reading material and resources.
The book is organized by category. The first category focuses on six factors that determine whether a small business will succeed or fail. These factors include the owner’s entrepreneurial vision and commitment, management and leadership skills, financial and accounting issues, business planning and marketing strategies. The second category focuses on six areas that are related to profitability such as market entry, customer service, sales, marketing, workforce, technology and human resources.
Illustrations and photographs help readers keep focused on the text. The book contains more than 200 full-color case studies of different small business entrepreneurs from all over the country. Each case study gives the reader a small business idea or problem-solving strategy that the author has applied to her own small business. This is a perfect book for the aspiring entrepreneur who wishes to dig deeper and understand more about how to develop their own ideas into successful businesses.