Book Review: "Lessons My Brothers Taught Me" by Charlie McCarrick

Last year, I had the pleasure of welcoming entrepreneur Charles McCarrick to speak to my undergraduate class, Introduction to Entrepreneurship. Charlie provided a highly entertaining, down-to-earth, and informative session on the realities of starting a business. He captured his lessons in a book, “Lessons My Brothers Taught Me ,” which provides excellent illustrations of Effectuation , the main framework of entrepreneurship we teach to our students at the University of Virginia.

In this book, readers are granted an extraordinary opportunity to delve into the mind of an entrepreneur who's been through it all. McCarrick's wisdom and insight come alive through his personal anecdotes, providing a roadmap for aspiring business leaders. This book not only offers practical advice but also ingeniously aligns with the principles of effectuation, forming a bridge between theory and practice in a seamless and inspiring manner.

McCarrick's raw journey through entrepreneurship harmonizes seamlessly with the theory of effectuation. Effectuation, which champions action and adaptability over predictive planning, finds a living embodiment in McCarrick's experiences. The concept of "salability" and "sensibility" put forth by McCarrick corresponds strikingly to effectuation's emphasis on relationship-building and problem-solution fit. In parallel, “McCarrick's Law" that "If something can go wrong, it already has" (p. xxiii) echoes effectuation's acknowledgment of the unpredictable nature of entrepreneurship and the need to remain adaptable in the face of challenges.

McCarrick kicks off his entrepreneurial voyage by probing the bedrock of ambition: Why does one desire success in business? Analogous to the core concept of the "Bird in Hand” Principle in effectuation, he challenges readers to embark on a journey of introspection to uncover their own true motives. McCarrick advises entrepreneurs to start with an inventory of themselves, harnessing their existing resources. He aptly suggests, "Start with an inventory of yourself," a sentiment that beautifully aligns with the essence of effectuation's principle of leveraging available means to create opportunities. His assertion, "The decision to start my own business was an easy one…as if it had been thrust upon me with a vengeance" (p. 2), echoes the principle's essence: the driving force behind entrepreneurial success hinges on leveraging available means and internal qualities which you already possess.

With a poignant reminder that the entrepreneur themselves is the ultimate product, McCarrick asserts, "No matter what services or goods you might sell, you are the final product" (p. xx). This insightful nugget underscores his realization that self-awareness and authenticity are at the heart of entrepreneurial triumph.

McCarrick's anecdote about setting up an office in his basement, equipped only with a computer and a phone (p. 25), resonates deeply with the concept of "affordable loss" in effectuation. He exemplifies how entrepreneurs can set up ventures with modest investments, focusing on acceptable losses rather than being paralyzed by the magnitude of potential gains.

Effectuation's principle of "Crazy-Quilt," advocating partnership formation with committed individuals, echoes McCarrick's philosophy on relationships. His meditation on his business partner Jim’s quote below underlines the symbiotic nature of business relationships, illustrating the importance of fostering mutual respect and fairness, a sentiment congruent with effectuation's principles:

Jim, our CEO, says it best: "The company views itself as a thread inextricably woven into the fabric of an enterprise that involves vendors, customers, employees, and owners. Decisions that affect one stakeholder affect all stakeholders. The company believes that its decisions and behavior are critical to the maintenance of the fabric of the entire enterprise. The company avoids doing business with companies that hold a view that business is a zero-sum game." Essentially, the success of any enterprise relies upon the relationships shared amongst and between the entities participating within it. Choose your vendors as you would your employees. But choose your customers? Yes, or at least manage the relationship so that it fosters good business transactions. Our philosophy has always been never to compete on price alone. If a customer approaches us with a product that could be obtained elsewhere, we simply point them to it. All our products are custom to a specific customer and to a specific application. We are engaged because the customer is looking for something unique that gives them a technical advantage over their competitors. It is a good strategy that works because they are buying a product that can only be purchased from us, making our business an essential component in their business plan. But never take advantage of it! Your success is bound to theirs, so treat that relationship with utter respect and fairness.

"Lessons My Brothers Taught Me" not only offers a trove of practical wisdom but also masterfully intertwines with the theory of effectuation. McCarrick's real-world experiences illuminate the dynamic and iterative nature of entrepreneurship, aligning with effectuation's principles of action, adaptability, and relationship-building. This book serves as a guiding light for aspiring entrepreneurs, demonstrating that the journey to success is paved with self-awareness, resourcefulness, and the courage to seize opportunities in the face of uncertainty.