PART ONE Being All That You Can Be Flashcards
(131 cards)
1
Q
Who asked the author to write the Foreword?
A
Michael Masterson
2
Q
How long has the author known Michael Masterson?
A
Nearly 30 years
3
Q
What is the author’s primary focus in business?
A
Identifying universal principles, laws, and tenets of business building
4
Q
How many chapters does the book contain?
A
25 chapters
5
Q
What concept does the author find refreshing in Michael’s writing?
A
The concept of taking action
6
Q
What transformation does the author promise for readers of the book?
A
Becoming a completely transformed business owner
7
Q
Who is the author of the book?
A
Michael Masterson
8
Q
What background does Michael Masterson have?
A
Ex–Peace Corps volunteer
9
Q
What is one of Michael Masterson’s hobbies?
A
Practicing Brazilian Jiu Jitsu
10
Q
At what age did Michael Masterson start his first business?
A
11 years old
11
Q
What types of businesses has Michael consulted for?
A
Information publishing, investment advice, health and nutrition, bars and restaurants, retail furniture, and more
12
Q
How does Richard Schefren describe Michael Masterson?
A
A polygamous entrepreneur
13
Q
What significant decision did Michael make at the age of 50?
A
Promised his wife not to get involved with another start-up company
14
Q
What was the first business Michael helped launch after turning 50?
A
EarlytoRise.com
15
Q
What is the primary focus of Michael Masterson’s current business life?
A
Real estate and consulting
16
Q
What does Michael Masterson consider one of the most important decisions he ever made?
A
Making ‘being wealthy’ his number-one goal
17
Q
What was Michael’s first business venture?
A
Selling his booklet, Excuses for the Amateur
18
Q
What life-changing experience did Michael have at a Dale Carnegie course?
A
Realized that working for others would not make him wealthy
19
Q
What was the revenue of the Oxford Club when Michael developed it?
A
Most successful financial advisory with thousands of investors
20
Q
What was Michael’s role in the newsletter business he joined?
A
Helped bring the company from $8 million to more than $300 million
21
Q
What does Michael Masterson say about having multiple incomes?
A
It became a habit, one that was hard to break
22
Q
What does Michael Masterson enjoy doing in his spare time?
A
Writing, reading, and visiting museums
23
Q
What notable nonfiction books has Michael Masterson written?
A
- Seven Years to Seven Figures
- Automatic Wealth for Grads
- Automatic Wealth: The Six Steps to Financial Independence
- Power and Persuasion
- Confessions of a Self-Made Millionaire
24
Q
What does Michael Masterson describe as his greatest achievement in business?
A
Helping businesses launch multimillion-dollar ventures
25
What does Michael Masterson plan to publish next?
A collection of poetry, a screenplay, and a book of short stories
26
What is the title of Michael Masterson's tenth book?
Ready, Fire, Aim
27
Fill in the blank: Michael Masterson started his first business at age 11 by selling _______.
his booklet, Excuses for the Amateur
28
True or False: Michael Masterson has a formal business education.
False
29
What did Vanessa drop on the table?
Two plates of eggs and bacon
30
Which hot sauce did Harry ask for?
Tabasco
31
What does the Green Owl represent in the text?
Old Florida
32
What is Harry's profession?
Career diplomat with the U.S. Agency for International Development (USAID)
33
What are the three most important decisions in life according to the text?
* What you do
* Where you do it
* With whom you do it
34
What fourth W does the author add to career satisfaction?
When
35
What does the author primarily do for work?
Writing
36
How does the author describe his office?
A grown-up version of a boy’s treehouse
37
What is the author’s view on 'work work'?
It is the work that you would not do unless you were getting paid to do it
38
Fill in the blank: The author spends the majority of his day doing things he ______.
loves to do
39
What is one secret to keeping email work to an hour a day?
Make it clear that suggestions are not mandates
40
Why is the choice of coworkers important according to the author?
Great people make all the difference in solving business problems
41
What metaphor does Jim Collins use to explain hiring the right employees?
A bus trip
42
What happens when a superstar manager disappears from a restaurant?
The restaurant begins offering not-so-good food and service
43
What is the author's income status since surrounding himself with superstars?
Consistently in the top one-tenth of 1 percent in the United States
44
What does the author promise to share in this book?
The most important things he has learned about business
45
List two types of businesses the author states this book is not meant for.
* Professional practices
* Service businesses
46
What is one goal of the book?
Start a business from scratch and make it profitable quickly
47
What does the author mean by 'entrepreneurial businesses'?
Businesses that create their own products, do their own marketing, and determine their own destinies
48
True or False: The author believes that working hard is the key to success.
False
49
What does the author enjoy doing while traveling?
Visiting parks, shops, museums, and going to concerts
50
What does the author spend most of his mornings doing?
Writing
51
What defines entrepreneurial businesses?
Businesses that create their own products, do their own marketing, and determine their own destinies.
52
What type of businesses is this book not meant for?
Professional practices, service businesses, franchises, and larger businesses with revenues over $500 million.
53
What is one key aspect of personal transformation discussed in the book?
Developing certain skills necessary for starting and growing businesses.
54
What are the four stages of entrepreneurial growth?
* Starting out
* Fast-growth stage
* Adolescent stage
* Maturing stage
55
What is the revenue range for the first stage of business growth?
From zero to $1 million.
56
What is the primary problem faced in the fast-growth stage?
Moving from $1 million in revenues to about $1 million to $2 million in profits.
57
What revenue range defines the adolescent stage of business growth?
From $10 million to $50 million.
58
What is the maturing stage's revenue range?
From $50 million to $300 million.
59
What are the five 'magic wands' of business genius?
Not specified in the text.
60
Why is selling prioritized in business?
It is the first business priority and something you should never stop doing.
61
What should be part of every growing business?
Direct marketing.
62
Fill in the blank: The front-end/back-end method helps in _______.
doubling profits easily.
63
What is the importance of having a Plan B?
It is as important as Plan A, and it helps to know when and how to create it.
64
What are the four types of business roles mentioned?
* Pushers
* Thinkers
* Organizers
* Sellers
65
True or False: The book is aimed at large corporations.
False.
66
What does 'Ready, Fire, Aim' signify?
It may be the single most important business strategy.
67
What is a critical factor in moving from $1 million to $10 million in revenue?
Speed and innovation.
68
What common problem do companies face when starting out?
Making the first profitable sale.
69
What is one marketing strategy mentioned for increasing profits?
Selling a higher-level version of something to existing customers.
70
How long does it typically take to grow from $1 million to $10 million in revenue?
On average, about five years.
71
What is the significance of understanding the stages of business development?
It helps prepare for common problems, challenges, and opportunities.
72
What is the main problem in Stage One: Infancy?
You don’t really know what you are doing.
73
What is the main challenge in Stage One: Infancy?
Making the first profitable sale.
74
What is the main opportunity in Stage One: Infancy?
Achieving a minimum critical mass of customers.
75
What is the main problem in Stage Two: Childhood?
You are only breaking even or may even be losing money.
76
What is the main challenge in Stage Two: Childhood?
Creating many additional, profitable products quickly.
77
What is the main opportunity in Stage Two: Childhood?
Increasing cash flow and becoming profitable.
78
What is the main problem in Stage Three: Adolescence?
Your systems are strained, and customers are noticing.
79
What is the main challenge in Stage Three: Adolescence?
Turning the chaos into order.
80
What is the main opportunity in Stage Three: Adolescence?
Learning how to establish useful protocols and manage processes and procedures.
81
What is the main problem in Stage Four: Adulthood?
Sales slow down and may even stall.
82
What is the main challenge in Stage Four: Adulthood?
Becoming entrepreneurial again.
83
What is the main opportunity in Stage Four: Adulthood?
Getting the business to run itself.
84
What do all retreat attendees want for their business?
To get to the next level.
85
What key investment did attendees make to achieve their goals?
Good faith and time.
86
What is the first stage of growth characterized by in terms of employee size?
You plus seven executive employees.
87
What is the second stage of growth characterized by in terms of employee size?
Seven to 49 second-tier employees.
88
What is the third stage of growth characterized by in terms of employee size?
49 to 343 third-tier employees.
89
What happens to communication efficiency as group size increases?
It breaks down as the group gets larger.
90
True or False: The growth stages are defined only by revenue.
False.
91
Fill in the blank: The first stage of growth is when the business has ______ executive employees.
seven.
92
What issue arises when moving from the second tier to the third tier of employees?
Communication and concern for the customer are lost.
93
What common crisis do businesses face when nearing a third tier of employees?
Management problems increase.
94
How many executive employees are there in the fourth stage of growth?
344 and beyond.
95
What do entrepreneurs need to do to address management problems in fast-growing businesses?
Introduce a level of professional management.
96
What did the author learn from Malcolm Gladwell's 'The Tipping Point'?
Communication is most efficient in small groups.
97
What should entrepreneurs do to ensure smooth growth?
Hire capable subordinates who are as good as or better than they are.
98
What is the growth model based on in hiring?
Hiring people with potential to do a particular job as well as or better than you can.
99
What should entrepreneurs encourage their employees to do?
Hire subordinates who are as good and capable as they are.
100
Why is elevating customer service and product quality important?
To make those things as important as anything else, including sales.
101
What transformation must a business undergo as it grows?
Transform from a mom-and-pop sales organization to a professionally run business.
102
True or False: 100 percent employee retention is always beneficial for a business.
False.
103
What is the risk of subscribing to the zero-turnover mantra?
Spending too much time making employees happy instead of focusing on business growth.
104
What is the best success rate you can hope for in hiring?
75 percent, and probably only 50 percent.
105
How can you hold on to standout employees?
By overpaying them by at least 10 percent, providing resources, and giving them confidence and challenges.
106
What changes might first-tier employees resist?
The shift toward professional management.
107
What is the key to achieving both growth and quality in a business?
Charting a middle course between growth and quality.
108
What is a common issue when a business reaches around 350 employees?
The business may stall or stop growing.
109
What are the five areas a business must excel in to grow into a large enterprise?
* Coming up with new and useful product ideas.
* Selling those products profitably.
* Managing processes and procedures efficiently.
* Finding great employees to do the work.
* Getting people, procedures, products, and promotions going.
110
What is the main problem during the infancy stage of business growth?
Not really knowing what you are doing.
111
What is the main challenge in the childhood stage of business growth?
Creating additional, profitable products quickly.
112
What is the primary opportunity in the adolescence stage of business growth?
Learning how to establish useful protocols and manage processes and procedures.
113
What happens in the adulthood stage of business growth?
Sales slow down and may even stall.
114
What are the two fundamental skills needed to start a business?
* Knowing how to make a sale.
* Putting that sales process into action.
115
What operational problems may arise around the $10 million revenue mark?
Disorganization and stress, with imperfect products and sloppy order fulfillment.
116
What is crucial for solving operational problems as a business grows?
Making the company a more professional business with good systems in place.
117
What is a likely result of implementing better systems and professional management?
Growth may stall due to the changes made.
118
What does a well-structured business at the $20 million to $25 million stage typically have?
An action-oriented CEO and a group of functional managers.
119
What is a common leadership style of a CEO in a growing business?
Action-oriented, focusing on protocols and procedures
## Footnote
This style is essential for managing a large business effectively.
120
What are the typical divisions under a CEO in a large business?
* Marketing
* Sales
* Accounting
* Customer service
* Information technology/database management
* Human resources
## Footnote
These divisions help maintain quality assurance during growth.
121
What is a major limitation faced by a founder and CEO after significant growth?
The limit of one person's imagination and drive
## Footnote
This can hinder further innovation and growth.
122
What structural issue arises in a business during Stage Three growth?
The structure does not foster innovation
## Footnote
This can lead to stagnation in growth.
123
Why might founders or CEOs struggle to see the need for innovation?
They instinctively look to themselves for major innovations
## Footnote
This can prevent them from recognizing the need for external entrepreneurial talent.
124
What is necessary for a business to grow beyond a certain point?
Bringing in new entrepreneurial talent
## Footnote
This allows for the development of new ideas and innovations.
125
What does Seth Godin suggest is crucial for aspiring entrepreneurs?
Assessing their own strengths and weaknesses
## Footnote
This self-assessment helps determine if they have what it takes to succeed.
126
List some natural inclinations of successful entrepreneurs.
* Attracted by challenges
* Enjoy leadership roles
* Passionate about their ideas
## Footnote
These traits are often seen as essential for entrepreneurial success.
127
What are some natural skills associated with successful entrepreneurs?
* Well organized
* Good analytical thinkers
* Good at sales
* Good at taking initiative
## Footnote
These skills can contribute to effective business management.
128
True or False: A lack of natural entrepreneurial skills means one cannot succeed in business.
False
## Footnote
Success in business can still be achieved with knowledge and learned skills.
129
What five basic skills are necessary to start and grow a business?
* Coming up with ideas
* Selling products
* Managing systems
* Developing superstars
* Taking action
## Footnote
Mastering these skills is crucial for ongoing business success.
130
What is the primary goal of the book mentioned in the text?
To make readers five-star business geniuses
## Footnote
This involves expertise in various crucial business areas.
131
Fill in the blank: To start a business and keep it growing, one needs to correctly identify the most important _______.
problem, challenge, and opportunity
## Footnote
Recognizing these elements is vital for business development.
