Summary: Money Hunt

Review and Analysis of Spencer and Ennico's Book

BusinessNews Publishing, BusinessNews Publishing

• Publisher: Business Book Summaries
• Year: 2014
• Print ISBN: 9782511048894
• eBook ISBN: 9782511016152
• Topic: Business
• Subtopic: Entrepreneurship
• Index: Business

The must-read summary of Miles Spencer and Cliff Ennico's book: "Money Hunt: 27 New Rules for Creating and Growing a Breakaway Business". This complete summary of the ideas from Miles Spencer and Cliff Ennico's book "Money Hunt" shows that there has never been a better time to start your own business - as long as you go into it with your eyes open. In their book, the authors explain how starting and growing a successful business is a challenge, and things will invariably go wrong. Spencer and Ennico provide 27 rules that will help you to overcome obstacles and emulate what has worked for others. This summary will serve as your guide to creating your own company and ensuring that it survives. Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge To learn more, read "Money Hunt" and discover the key to implementing the best practices of others and overcoming obstacles in your entrepreneurial journey.

Summary of Money Hunt (Miles Spencer and Cliff Ennico)

Section 1
Do You Have What It Takes?

Rule #1
To survive starting your own business,
you need a healthy dose of paranoia.

Successful business developers are worriers about everything – a mass of insecurities, in fact, about the fine points most people don’t even think of, such as:

• Whether their products and services are right.
• What the trends are in the marketplace.
• What competitors are doing – and how to respond.
• Whether the business will have enough capital to grow.
• Whether investors are happy.
• Whether the right management team has been assembled.
• The legal environment which the business exists in.
• The business offices, and the image they project.
• Whether they personally have the right mix of skills.

As soon as a business builder thinks they have these questions nailed down, that’s the time they should really start worrying –because it means that have become complacent and thus an easy target for someone else to beat.

Successful business builders never stop worrying about everything and anything.

“One of the great myths about entrepreneurs is that they are masters of their own destinies. Contrary to the popular image, the people who succeed as entrepreneurs are extremely insecure about who they are and what they do.”

– Miles Spencer and Cliff Ennico

“There are only two great motivators in business: fear and passion. Fear, by far, is the better motivator of the two.”

– Cliff Ennico

“To be successful in business you must cultivate insecurity until it becomes a habit. Once you start feeling complacent about your business and where it is going, that very complacency becomes a habit that will have to be overcome.”

– Miles Spencer and Cliff Ennico

Rule #2
Starting and growing your own business is the loneliest
job in the world – there’s no one else to blame.

The nature of the task guarantees that building a business is a lonely and sometimes thankless assignment. If funding is limited, you’ll have to do everything yourself. Alternatively, if funds are available for staff, you have to make the mental shift from “doer” to “manager” – a jump many people fail to make.

If you can’t live with the idea of having definitive proof generated on a daily basis that you’re not infallible, don’t start a business. You’ll be far better off (and happier) working for someone else.

“One of the hard realities of the entrepreneurial life is that business owners are lonely people. In an entrepreneurial company, there is often no one to talk to. You cannot bounce ideas off other people. If a decision turns out badly, there are no scapegoats you can blame (or fire) but yourself.”

– Miles Spencer and Cliff Ennico

“The keys for success in any business are to always make sure (1) there is a market for your products and services, and (2) that you can sell them at a profit. Everything else is mere window dressing.”

– Miles Spencer and Cliff Ennico

Rule #3
All business builders are optimists. They take an
original approach and find opportunity in disaster.

In any start-up situation, you’re never going to be able to nail everything down with certainty. The unexpected always eventuates. Business builders learn to think on their feet – to change and adapt as circumstances demand.

But more than adaptability, business builders combine optimism with self-belief to make things work – even if they have to use a little creativity blended with sheer terror. Successful entrepreneurs don’t get derailed by problems – they accept them, they look for ways to turn them to their own advantage and they keep moving onwards and upwards.

“Entrepreneurs make three or four “bet the company” decisions each year in the first two years of their existence.”

– David Chapman, North Point Ventures

“Sometimes in business you have to start down a road without knowing precisely where it will lead because there isn’t time to analyze the situation. Business is, in many ways, a game, and who can predict the outcome of a chess match from the first couple of moves?”

– Miles Spencer and Cliff Ennico

Rule #4
When things get tight – as they always do –
business builders get ruthless.

A ruthless person does what he or she thinks is best:

• Regardless of what anyone else thinks.
• Irrespective of what the commonly used approach is.
• Without worrying about the negative impact on others.

Calling a busine...

Table of contents

• Title page
• Book Presentation
• Summary of Money Hunt (Miles Spencer and Cliff Ennico)
• About the Summary Publisher
• Copyright