Book Review: The Knack

Today’s book is The Knack: How Street-Smart Entrepreneurs Learn to Handle Whatever Comes Up by Norm Brodsky and Bo Burlingham.

What I like about the book

When I saw the title, I thought the book would be about applying the lessons of business to life in general, but it turned out that the book is very focused on business per se. Still, it was an interesting read and I went through it amazingly quickly in two days, which goes to show how well-written and easy to understand it was.

The book offers practical advice for starting and growing a business from the perspective of an entrepreneur who has started and grown 6 companies, some of which made it to the Fortune 500 list. Unlike the usual general advice you get in some books, this one gives concrete numbers, details and examples. I enjoyed the stories of real entrepreneurs and their experiences.

I’m a strong believer that it’s easy to waffle on in the abstract, but to get down to specifics and take a stand on what to do in real life situations takes courage and this book has that in bundles. Brodsky does not offer one-size-fits-all tips, but coaches the reader on the kind of thinking it takes to know what to do in each situation that crops up.

Who should read this book and why

Would-be entrepreneurs

Most people starting out in business will make mistakes, and some of these can be avoided by learning from those who have made the same mistakes before. Some of the mistakes highlighted in this book include focusing on sales rather than profits, basing projections on desires rather than reality, and neglecting to pay attention to cashflow.

Entrepreneurs ready to grow their companies

The skills and mindset required to start a company and to take it to another level once it’s established are different. Starting a company requires passion and a willingness to charge ahead, whilst managing an established company calls for attention to detail and patience. Brodsky shares his own experience in making the transition, providing a good roadmap for those wanting to do the same.

Those interested in learning about business

Even if you are not interested in being an entrepreneur yourself, you will deal with all sorts of businesses in your daily life or work for one. It helps to know which business are sound, so that you can choose these over the companies that may not meet your needs as well. Some of the lessons, like how to negotiate, also apply to life in general.

Quotes from the book

My favourite quote

“Good things happen when you accept the idea of walking away from a dispute a little unhappy. You stop letting your emotions dictate your business decisions. You don’t get caught up in anger, or revenge. You look for solutions instead of problems. You start to think about outcomes you can live with, rather than trying to get everything you want.” (page 102)

Other quotes

“The initial goal of every business is to survive long enough to see whether or not it’s viable. I don’t care what business you’re talking about or how much capital you have. You never know for sure if a business is viable until you do it in the real world. But viability is just a step on the way to somewhere else, and I want to know where somewhere else is. I want to hear what people have to say. What I’m listening for are goals that can’t be achieved by business, or goals that will get in the way of the business, or goals that are totally unrealistic given the particular business you’re looking at. I’m listening for what’s really motivating people. Usually, it’s something emotional.” (page 6)

“To be successful you have to get over your panic. Not only must you develop confidence in your ability to handle problems, but your whole way of thinking about them has to change. You have to accept a never-ending flood of complications as a normal part of the business process, and you have to learn to enjoy that process. How? By getting caught up in the fun and excitement of finding solutions.” (page 39)

“In a negotiating situation, you have to keep the other party guessing about your real needs and priorities, or you may not get what you want. If you do get it, you’ll have to settle for a less attractive deal… Negotiate first about a secondary matter, understanding that – at the end of the process – you’ll probably let the other party get most of what it wants on the issue in question. Your concession on the first negotiating point will give you additional bargaining power when you bring your number one issue to the table… Two more of my negotiating rules: The first is, don’t go in with any preconceived notions. By that, I mean don’t make any assumptions about what the other party is thinking. Right or wrong, your assumptions will cloud your mind and keep you from hearing what’s being said. The second rule is: always assume that everyone else in the room is smarter than you. If you get the idea that you can outsmart other people, you stop paying attention to them.” (page 93

Other reviews of the book

Ramon Ray reviews the book at Open Forum, providing a list of useful advice that he got from the book, useful for those who want the tips without reading the book.

John gives a brief summary of the book at his blog Business Opportunities and Ideas highlighting the six key lessons that he learnt from the book.

Crystal Williams gives a detailed review from an entrepreneur’s perspective at Babe Of Business, providing yet another list of useful tips she gleaned from the book.



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Posted by Daphne | December 7, 2008 | in Book Reviews


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