In my review of
Wake Up and Change Your Life by Duncan Bannatyne
posted on Amazon.co.uk, I gave this book Four Stars.
This means that I think it is Good and Well Worth Reading.
Here is my book review.
Recommended for anyone thinking about starting a business
This book provides the inspiration for you to move from thinking and talking about starting your own business to actually making the commitment to literally change your life.
It’s a no nonsense guide to getting your idea developed and your business started.
There’s no doubt that Duncan Bannatyne has had an interesting life and done remarkably well from it and while this isn’t an autobiography, he does share some of his own story.
He wasn’t born with the normal advantages which you may think you need to be a hugely successful entrepreneur. His family wasn’t rich, he left school without any qualifications, he was dishonourably discharged from the Royal Navy and he admits that he bummed around for ten years before he showed any entrepreneurial flair.
The message is that if he can do it, then so can you.
Here is an outline of the book:
- Chapter 1 focuses on Removing the Barriers – whatever is stopping you from starting a business.
- Chapter 2 is about The Idea for your business and how you can find it and check that it’s a good one. He lists the ten reasons why some new businesses fail and the seven myths about starting a new business.
- Chapter 3 looks at You to make sure that you’re made of the right stuff to be a business owner.
- Chapter 4 looks at your business plan and why you should do it and not pass it on to someone else. I thought some of his comments about the Profit & Loss account and cash flow were confusing.
- Chapter 5 on Raising Finance is excellent. It starts with finding the funds needed from your own resources, moves on to bank finance, other sources of funds and then to business angels and finally venture capitalists.
- Chapter 6 is Running Your Business which is a wide ranging chapter covering the business name, branding, the legal form of the business, premises, hiring staff and VAT. There are some useful tips here but the book starts to feel a little superficial in its coverage.
- Chapter 7 is Growing Your Business which is about marketing and building your team. Again there are some interesting tips but it’s a brief summary of huge topics.
- Chapter 8 is called Millionaire and looks at how you turn your successful business into big money by selling it, floating it on the stock market or stepping back and retaining ownership but passing the management over to someone else.
The main strength of this book is in the first five chapters which make it an ideal primer for anyone thinking about starting a business. While it’s an interesting read, it is much less relevant for business owners who already have their businesses up and running and want to improve performance.
The book is recommended for anybody who is thinking about starting a business and especially for those who love the Dragons Den TV programme.
Get To Know Me
- Finance on a Beermat by Mike Southan, Chris West, Stephen King and Jeff Macklin
- Is It A Good Idea For Someone Else To Write Your Business Plan?
- 10 Tips for Scaling Up Your Business When Life Gets Crazy by Jimmy Akela
- Your Primary Aim – Michael Gerber’s Guide To Finding Your Work/Life Balance
- The E Myth Revisited by Michael Gerber – 5 Stars