We're all familiar with the facts of life. But what about the facts of business life? Bill McBean, author of The Facts of Business Life: What Every Successful Business Owner Knows That You Don't, makes a convincing case that facts of business life do indeed exist, and business owners ignore them at their own peril.
In the book, McBean sets forth seven facts of business he has identified in a career that has spanned more than four decades. He also fleshes out five stages in the business life cycle and offers instructions on how and when to use the facts at each stage of the life cycle.
Here are McBean's seven facts of business life, each followed by a quote from the author:
Learning to apply these facts is what the book's nine chapters address in detail. And using them in different ways to suit the five stages of the business life cycle is a contribution McBean claims as uniquely his own. The life cycle consists of five levels: 1. Ownership and opportunity; 2. Creating your company's DNA; 3. From survival to success; 4. Maintaining success; and 5. Moving on when it's time to go.
McBean's experience includes leadership positions at General Motors Corp., commercial lending portfolio management, and automobile dealership ownership, including turning several underperforming auto dealerships into an enterprise with yearly sales of more than $160 million. He is now General Partner of McBean Management, an investment company, as well as Executive Director and Chairman of the Board at Our-Mentors and Net Claims Now.
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