A clear-eyed guide to the entrepreneurial mind, by an Israeli businessman who knows how rough the road can be.
In his latest book, Ben-Porat (Man, Entrepreneur and Manager, 2011) writes that there is a huge gap between having an idea for a product or service and actually building a sustainable business. The author, who holds doctorates in physics and business administration, argues that most books on entrepreneurship ignore the important emotional aspects of starting a business; entrepreneurs face numerous psychological challenges, including dealing with failure, as well as significant economic and legal hurdles. The author aims to help readers balance their technical business prowess with the mental fortitude they need in order to go from the drawing board to a money-making venture. The book describes the emotional headwinds that batter even successful entrepreneurs; anxiety, stress and complicated personal lives are common in a profession where the price of success can be steep. He urges readers who are considering launching a start-up to take a close look at themselves, and he provides a list of traits that he believes make up the “ultimate entrepreneur.” Self-awareness and preparation, he writes, are prerequisites for excellence, and he draws on academic literature and his own vast experience to provide advice on writing business plans, raising capital, managing time, motivating employees and more. Ben-Porat looks at the different perspectives of the entrepreneur, the business manager and the investor, as he has worn all three hats during his career. He writes that tension often arises as these players interact, but all three are necessary because simply having a brilliant product idea isn’t enough.
An intriguing mental boot camp for aspiring entrepreneurs.