Have you ever wondered why companies such as Apple, Disney, eBay, and Starbucks succeeded? What common factors did they—and most other successful startups—share? Dr. Ernesto Sirolli, one of the world’s leading consultants on the topic of economic development, has the answer: None of the entrepreneurs who founded the world’s greatest companies did it on their own. They put together an effective team that allowed their ventures to get off the ground, flourish, and grow. And in his new book, How to Start a Business & Ignite Your Life, Ernesto Sirolli has written down an easy-to-follow formula for success so that passionate people can transform their ideas into thriving businesses.
Ernesto Sirolli’s approach to entrepreneurship is guided by the Trinity of Management, a business model and philosophy based on the idea that there are three key areas in all companies—product, marketing, and financial management. A business has the greatest chance of achieving long-term success when there is a team with the talent and knowledge needed to manage each area effectively. The first half of the book provides an overview of this concept before delving more deeply into the three areas, highlighting various personality traits and skills required for each role. In the second half, Dr. Sirolli explains how these ideas can be practically applied to your startup, enabling you to turn it into a prosperous enterprise.
Whether you are an aspiring entrepreneur or a current business owner looking to revitalize your company, How to Start a Business & Ignite Your Life will give you the tools you need to make a living by simply doing what you love.
1. Why Some Entrepreneurs Succeed While Others Fail
2. The Trinity of Management
3. The “P’s” of Business--Product People
4. The “Ms” of Business--Marketers
5. The “FMs” of Business--Financial Managers
6. Six Common Misconceptions About Business
7. Putting It All Together--The Trinity of Management Applied to Your Business
8. Your Bankable Business Plan
9. The Social Aspect of Entrepreneurship
About the Author
What makes an entrepreneur successful? Some may argue that it takes genius and vision, or a ground-breaking product or service. Others may say education and years of training. And still others may insist that it all comes down to money and publicity. Certainly, all of these things are helpful and can contribute to the success of a business, but not a single one alone determines whether or not an entrepreneur’s risk ultimately pays off. So what does? This is the question that you must ask yourself when starting your own business, and the one that this book both explores and answers.
I have counseled aspiring and struggling entrepreneurs for three decades, and if my work has taught me anything, it’s that personality plays an intricate--and often overlooked--role in business. Our personalities shape our interests, skills, and talents; they determine our strengths and weaknesses; and they make us better suited to certain professions. This understanding is crucial for entrepreneurs, who all too often try to singlehandedly run a business that, by its very nature, is multifaceted and requires a wide range of skills. For starters, every business must have someone to make a product or provide a service, someone to market and sell the product to the public, and someone to oversee finances and make sure bills are paid on time. Obviously, these tasks are very different and, therefore, are more closely matched to certain personality types better than others. One individual cannot possibly excel in all of these areas. More important, no one, not even the most ingenious entrepreneur, is passionate about every area of a business. And ultimately, it is passion that sustains companies.
The relationship between business, personality, and passion lies at the heart of the Trinity of Management, a business model and philosophy that I believe should guide every entrepreneur. This model recognizes that a business is the sum of its individual parts, and in order for the business to succeed, every part must be managed by a person who is adept, motivated, and passionate. In other words, the success of a business is dependent not only on the ideas and expertise of the entrepreneur, but also the talents of others. The most fundamental principle of the Trinity of Management is this: Entrepreneurs should focus on the area of business that they love, and surround themselves with people who love the other areas. This simple piece of wisdom is the foundation of nearly every successful enterprise.
The Trinity of Management is one of the central tenets of How to Start a Business and Ignite Your Life. This book has been designed to guide you through the process of starting your own business, from figuring out the area of business for which you are best suited, to forming your team, to writing a business plan, and everything in between. If you already have your own business, this book will answer many questions you may have or shed light on problems that your company is currently facing. It also challenges the common perception that entrepreneurs are geniuses who can “do it all” in business, and reveals how this myth only hurts small business owners.
Chapter 1 explores the question of what makes a business successful, explaining the roles that psychology, personality, and passion play in shaping entrepreneurs. Then, Chapter 2 takes a more in-depth look at the Trinity of Management business model and provides overviews of the three most significant areas of any business--product, marketing, and financial management. Chapters 3, 4, and 5 cover the three areas in greater detail and describe the type of personality best suited to each role in the Trinity. In these chapters, I also present examples of “good” and “bad” product people, marketers, and financial managers, accompanied by stories of success and failure. This information will help you understand the strengths that allow them to thrive in their positions, as well as the weaknesses that can cause their downfall. At the end of each of these chapters is a questionnaire that has been created to help you figure out which area of business is right for you. If you already own a company, the self-assessments will allow you to reflect on whether you are currently focusing on the area in which you excel, or stuck doing work that you find difficult or uninspiring.
The last several chapters of the book contain practical advice for running a business according to the Trinity of Management model.This guidance, which covers topics such as choosing business team members and seeking financial assistance, is based on what I have learned as a business facilitator over the past three decades. I also expose several common misconceptions about business and tell you how to objectively assess the quality of your company’s (present or future) management. This information is vital to ensure that your business stays viable or, alternatively, to restore the health of your ailing company.
One thing I must make clear, though, is that this book is intended for people who are truly passionate and want to turn their passion into successful business ventures. If you are hoping to start your own business simply to make money, you should close this book right now. Entrepreneurs whose sole motivation is money will not have long-term success. Rather, it is passion that drives successful entrepreneurs, and allows them to surmount the trials and tribulations involved in entrepreneurship.
By the time you have completed this book, you will understand that you cannot fulfill your dreams unless you have two basic things--passion and a passionate team. You will also understand the significance of the quote, “On our own, we are like an exquisite high speed aircraft which, for lack of a tiny part, is left stranded beside the runway, rendered slower than a tractor or bicycle.”<+>1<+> Yes, it is possible for you to make your ideas and dreams a reality, and turn your passion into a sustainable living. But the key to this transformation is the Trinity of Management. So read on, and be empowered to start a business, vitalize your company, and ignite your life.