Business Consultant Michael Masterson on Starting a Business: Book Review

Is there a right way and a wrong way to start a business?

There certainly is according to Michael Masterson.

The Reluctant Entrepreneur: Turning Dreams into Profits by Michael Masterson (published by Wiley) is a great book for the person new to business.

The book, which reads more like a summary guide, offers compelling information and stories on how to start a business venture the right way.

Masterson himself has built several multi-million dollar businesses himself and today continues to work as a business and management consultant to other business owners.

He speaks from experience and discusses marketing, hiring, building relationships, leadership and management.

What’s interesting is that getting from $0 to $1million is often much more difficult than getting to any of the other levels.

If you’ve read Ready, Fire, Aim, Masterson’s previous book, I would suggest you read that one again and skip purchasing this one.

If you haven’t yet read the previous title and are just getting started in business than the Reluctant Entrepreneur will give you some great lessons…though I would be included to recommend the previous title (to anyone).

With that said, here’s why I really enjoyed Ready, Fire, Aim…

Masterson breaks a business down into 4 stages. For each stage he prescribes different steps and strategies to take to continue making that business more successful.

Here are the 4 stages:

Stage 1 – Infancy – At this stage your business is making $0 to $1 million dollars.
The goal here is to figure out what you’re doing and start making profitable sales.
The skills you need are determination and selling.

Stage 2 – Childhood – You’re now doing $1million to $10 million.
The business should be breaking even or getting close.
You build more products and add services.
At this time it’s important to roll out new initiatives quickly.

Stage 3 – Adolescence – The business is generating $10 to $50 million in revenue.
Managing the business and putting systems into place is critical.

Stage 4 – Adulthood – Revenue is up to $100 million at this point.

What’s interesting is that getting from $0 to $1million is often much more difficult than getting to any of the other levels.

Ready, Fire, Aim goes into much more detail than the Reluctant Entrepreneur (which looks at Stage 1 almost exclusively). It provides more detailed ideas and guidance.

You can take a look at both books here: Michael Masterson Books

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