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The new business road test: What entrepreneurs and executives should do before writing a business plan (2nd Edition), by John Mullins
Download Ebook The new business road test: What entrepreneurs and executives should do before writing a business plan (2nd Edition), by John Mullins
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'You may have capital and a talented management team, but if you are fundamentally in a lousy business, you won't get the kind of results you would in a good business. All businesses aren't created equal.' William P.Egan II, veteran US venture capitalist No matter how talented you are, no matter how much capital you have, no matter how good your business plan is, if you're pursuing a lousy business' i.e. a fundamentally flawed opportunity you're on the fast-track to failure. The New Business Road Test shows you how to avoid the obvious mistakes that everyone else makes. It shows you how to assess market opportunities. It also shows entrepreneurs and entrepreneurial teams how to assess honestly the capabilities they themselves bring to the table. The new edition of this best-selling book will help you to road test your idea, making sure that the business you build is based on a winning concept. It will enable you to invest your time wisely and pitch to investors and customers with confidence. Building on lessons learned by real entrepreneurs some in start-ups, others in established firms, some who got it right and others who got it wrong, Mullins addresses the seven domains that characterize attractive, compelling opportunities. Mullins presents a model that helps you answer the live-or-die questions in assessing any new business opportunity. Road test your business idea first and get ahead of the game.
- Sales Rank: #1240859 in Books
- Published on: 2008-01-25
- Original language: English
- Number of items: 1
- Dimensions: 9.22" h x .83" w x 6.14" l, 1.37 pounds
- Binding: Paperback
- 328 pages
Review
"Aims to give would-be entrepreneurs a reality check." - New Business
'What a "Eureka" moment I had- we are a start-up here in Ontario Canada. Your comments and 7 domains just sharpened up our thinking several very large notches. So I am contacting you to let you know how helpful your insights are ! very helpful work! Oh yes - I bought a copy ! Dave Sutherland, Retrievall Inc
From the Back Cover
Give your business the chance to be one of those that make it.
Got an idea for a new business? Take it for a road test to make sure it works before you invest valuable time and money in it. Most new businesses fail. Why? Because no matter how talented you are, no matter how much capital you have, no matter how good your business plan is, if you’re pursuing a ‘lousy business’ – a fundamentally flawed opportunity – you’re on the fast-track to failure. The new edition of this best-selling book will help you to road test your idea, making sure that the business you build is based on a winning concept. It will enable you to invest your time and money wisely and pitch to investors and customers with confidence.
“Mullins has hit the nail on the head. The New Business Road Test for the first time successfully defines the starting point for a business. He delivers a clear and concise road map for anyone wondering whether they have a good business idea and what to do about it. I wish it had been given to every entrepreneur who appeared before me on Dragon’s Den.”
Doug Richard, Dragon on Dragon’s Den
“Mullins’ New Business Road Test provides the entrepreneurial equivalent to the proverbial ‘sleeping policeman’ on the Sunday drive: the necessary jolt of reality for those hanging on to the belief that value is created on a computer spreadsheet or a fancy PowerPoint presentation. The business plan is the road map between idea and sustainable business, and John offers the most valuable journey planner available.”
Benoit Leleux, Professor of Entrepreneurship & Finance, IMD, Lausanne, Switzerland
“We work with hundreds of CEOs reviewing their investor pitches. The truth is that all businesses, even those already funded, can improve their business models and their road show presentation to investors or strategic partners. Good entrepreneurs understand that their emerging business remains ‘work in progress’. Even on the road, they work the map. We recommend that all new entrepreneurs look at John's excellent new business road maps before hitting the ground.”
William Stevens, E-Unlimited
No budding entrepreneur should leave the day job or face an investor without having read this book.
About the Author
John Mullins is himself a serial entrepreneur (he describes his business tally as one success, one fail and one draw) and teaches and studies entrepreneurship as a professor at the London Business School, bringing a wealth of experience to the book.
Most helpful customer reviews
29 of 30 people found the following review helpful.
A Must Read before plunging into an Entrepreneurial lifestyl
By Chintan Thumar
Everyone likes their own ideas and everyone believes that their own ideas are fool-proof. There's no way to check and grind your idea/business plan before going to actual VCs. Till now the only way to analyze your idea was by going through the 3Fs (Famliy, Friends and Fools).
Here is where 'The New Business Road Test' comes in as a savior. This book has all the ideas/ procedures/ questions/ & guidelines to review and grill your idea to perfection before plunging into the real venture. There are many books out there to tell you HOW to write a business plan, but none to actually analyze your business plan.
The presentation of the book is quite simple to understand and refer to in future. The 'Seven Domain Analysis' diagram really makes it simple to review any idea/plan and term it as feasible or not-feasible.
I read the book before going into my first venture and it made me look at my business plan in a whole different way. I was not only able to identify the loop holes but also the ways i could improve my business plans. Even today while I am lookin at a new venture, I find myself always going back and refering to this book.
Once Read, this book will make a place in your entrepreneurial life. This is a must-read book for entrepreneurs as well as VC aspirants.
14 of 15 people found the following review helpful.
For the novice and expert alike....
By Kevin Conrad
Having launched several major ventures over the past decades, I have learned that careful advance planning and analysis cannot be over-emphasized. Through the years, I have struggled to develop a robust framework to analyze opportunities before investing time and money.
Mullins has beaten me to the task. Full of frameworks and anecdotes, theory and practice. Thorough, logical, insightful, and easy to follow. An excellent roadmap for the novice and expert alike. My three copies are already dog-eared.
19 of 22 people found the following review helpful.
Reasonable, but overrated
By One more opinion
I bought this book on the basis of the 16, almost suspiciously short 5 star reviews here. It has a catchy title - which is a good way to scare budding entrepreneurs into buying it. I was worried that there was some hidden flaw in my business plan that was going to bring everything tumbling down. After all, I had already invested several thousand dollars on my germ of an idea. I wanted to read this book just to make sure.
I read the book after I had already finished my first business plan draft and midway through a redraft. The basic idea of the book is that there are 7 domains that, if not in the business's favor, will cause failure. There are checklists at the end of the chapters. They boil down to: market (customers), industry (competitors), and what your business brings to the table - drive, tolerance for risk, ability, connections. Look familiar? A good business plan template will cover all of these topics as a matter of course, so if you go to the trouble of making a business plan I think it is mostly unlikely that you won't cover these points.
After completing the checklists there were only two things that I thought to ask myself that I had not really thought before. I guess that is reasonable. I'm not sure I wouldn't have thought of them with another iteration of the business plan finished. Perhaps it is worth the cost of the book, perhaps not. I have purchased 3 other books on business plans, I suspect that will cover those issues. I now have 13 pages of notes on this book in relation to my business that is not part of a business plan. Wasted effort? Extra conservatism? Not sure. I think it is good to take a somewhat pessimistic view at starting a business, so that all the potential flaws are out in the open at least.
Is there good material here? Sure. One thing I do like is that the book acknowledges that not every business needs investors to succeed, and that you only need to tick the boxes related to investors if you require those investors. Investors require more market research - market research can sometimes tip off competitors, and maybe you don't want to give them any lead time. If you have a good understanding of how the market thinks, then maybe you don't need to do market research to the extent that is often advocated. The example of Phil Knight of Nike would suggest this - a running fanatic who wanted a better shoe and made it himself. Venture capital is also not all-knowing, the whole model is predicated on having a few businesses succeed big and most crash and burn.
Maybe I'm just not that impressed because I have long been a student of business, son of a successful business owner and have read many, many business books with avid interest. I have internalized many of the lessons of all these sources, and whenever I think about a business my mind is always drawn to the potential flaws. Perhaps that is why I'm only starting my business now after having saved up enough that I won't have to dilute equity, and have chosen a business that should pass the tests of this book. For someone who does not have this background, it could save a lot of money I suppose. If you have to learn these lessons from this book perhaps you should consider why you are starting a business. But lack of a clue certainly doesn't stop many people from starting and failing in business, so I guess this book has use to prevent some life savings being blown.
So, that's why I rate it 4 stars. I think the material is good - it does comprehensively deal with most things that could make a business fail. Is it mind-blowingly good enough to be worth 5 perfect stars? I doubt it. However, I'm not going to rate it punitively. It's probably 4.5 stars worth.
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