Top 5 things I’ve learned from Start It, Grow It, Sell It: The Journey of Business by Jeff Rasmussen and Lou Banach

Are you working IN your business?

Are you working ON your business?

Are you working THROUGH your business?

Find below the top 5 things I’ve learned from Start It, Grow It, Sell It: The Journey of Business. This book is simply a must for every business library. Get it, read it, and most important, do it!

Lesson 1: Business is not dislocated from the national economy

If you are in the process of starting a company, given the ultra-low borrowing rates, now is probably a great time for you to borrow money. That said, just remember, unlike equity, which is patient capital, debt has repayment terms that absorb current earnings and future cash flow.

Q: When you make important business and financial decisions, where do you look for answers and insights? What is the “The Yield Curve” currently pointing towards?

Lesson 2: Character and Competence

The entrepreneur’s framework provides a visual guide to the “9Cs” that entrepreneurs will encounter in understanding the language of business. The first “C” stands for Communication: Communication is both active listening and limited speaking. The best communication begins and ends with truth, which reinforces the entrepreneur’s character.

Q: Trust is the currency of the 21st Century; do you communicate truth, which reinforces trust?

Lesson 3: The Inner Workings of a Bank and Markets

In banking, the guiding principles for lending are based on the 5C’s of credit (character, capacity, capital, collateral, and conditions). Banks champion these 5C’s every day, for every loan. Therefore, banks approve a borrower’s credit because of earned trust, supported by credit scores and a good business plan. If you're planning a startup business, it’s going to require equity capital.

Q: Are you aligned with the 5C’s of credit to secure a loan?

Lesson 4: The Literacy of Business (The Biz Fab FiveTM)

Essential business literacy topics such as Communication, Economics, Accounting, Finance, and Law are key concentrations to understand in order toggle between tactical solutions and strategic investments to improve and sustain a business over the long run.

Q: Do you understand and apply the essential Biz Fab FiveTM tools wisely (as they will equip you for your Journey of Business) when you launch and grow your business?

Lesson 5: Business Value (Value Proposition)

Ultimately and importantly, your planning is supported by products and services that generate sustainable revenue or sales. Sustainable revenue growth is achieved through a combination of three important factors: strategic focus, organizational alignment, and operational discipline over the life of your business.

Q: Which one of these three important factors requires additional attention, upholding sustainable revenue growth in your business?

Thank you for sharing your wisdom and experience, coupled with much needed business literacy and financial awareness. Job well done, Jeff and Lou!