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The Entrepreneur Mind: Summary & Review in PDF

THE POWER MOVES
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The Entrepreneur Mind is a book for entrepreneurs (https://thepowermoves.com/best-
5
entrepreneurship-books/) and aspiring entrepreneurs.
Kevin Johnson, the author, shares one hundred crucial mindsets with which entrepreneurs view the
world.
The readers can learn about the entrepreneurs’ mindsets and, with some work, adopt the same.

Contents [show]

Bullet Summary
Get a sense of urgency: don’t delay or postpone, all must happen today
Build systems that don’t need key people (or yourself for that matter)
Decouple feelings from the right actions
Build an environment where criticism ows openly

The Entrepreneur Mind – Summary

About The Author: Kevin Johnson studied computer science and started out his career as a software
programmer for IBM.
He showed early signs of entrepreneurship by successfully launching and selling one of the rst
content management system. And he eventually went fully back into entrepreneurship in 2000, when
he founded and grew his current company Johnson Media.

Strategy  
1. Think big: If you think small you will not maximize your potential. And as Tony Robbin
(https://thepowermoves.com/personal-power-tony-robbins/)s says, that’s your biggest failure. Better
to come short of lofty goals than to leave untapped potential on the table. Also read The Magic of
Thinking Big (https://thepowermoves.com/the-magic-of-thinking-big-summary/).

2. Create new markets: Creating new markets means no competition. Companies operating without
competition on in monopolistic markets enjoy all the pro ts. Also read Zero to One
(https://thepowermoves.com/zero-to-one-summary/), where Google is such an example.

3. Work on your business, not in your business: Hire employees taking care of operations so you can
focus on growth. Read The E-myth Revisited (https://thepowermoves.com/the-e-myth-revisited-
summary/).
 4. All risk isn’t risky: While we all know that entrepreneurs take risk, they are also able to calculate
that risk and make informed choices that try to minimize those risks.

5. Don’t waste time: Get a sense of urgency

6. Systems-dependent, not people-dependent: Automate processes, you can’t bet all your fortune on
a few people who might leave.
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7. Ask for help: Don’t be afraid of looking less powerful.

8. Business rst, family second: One of the rules that might be hard to digest for many.

9. Do what’s most important rst: Prioritize, prioritize, prioritize.

10. Hire a good lawyer: get the book for the details (https://amzn.to/2DVCnAz)

11. The business plan is overrated: Do the background checks rst like competition and customers
rst. I was surprised to read Johnson saying you also develop a prototype before a business plan.

12. Require criticism and disagreement in your company: Be aware of yes man. This is a great point,
also read Principles: Life and Work (https://thepowermoves.com/principles-by-ray-dalio-summary/) for
more on this concept.

13. Fire your worst customers: Some customers waste too much of your time and can even make you
lose money. Don’t serve them.

14. Make money while doing nothing: Again, focus on processes that don’t require you.

15. Outsourcing makes sense: Non core functions can suck up too much of your time. Outsource
them.

16. Move on fast from bad business: Tenacity and grit are soul and parcels of an entrepreneur, but you
have to be able to recognize when an idea is dead.

17. A bad economy is a great opportunity: Start when nobody else does and you’ll be ready to reap
the bene ts when the economy turns.

18. Adopt technology early: Being an early adopter will allow you to see connections and possible
new mass uses. Also read Crossing the Chasm (https://thepowermoves.com/crossing-the-chasm/)

19. Ignorance can be bliss: Newcomers often come with a mindset that is not hampered by the old
ways of doing things.

20. Adapt to change quickly: Check the book for more (https://amzn.to/2DVCnAz)

21. Technology is an opportunity, not a threat: Check the book for more (https://amzn.to/2DVCnAz)

22. Always follow up: Fear of rejection can get in the way. Don’t allow that to happen
 23. Have laserlike focus: Focus on making a few great products. Too big a line up can spread your
resources thin (which is also one of the 48 Laws of Power (https://thepowermoves.com/48-laws-of-
power-summary/))

24. Nonpro t really means pro t: Nonpro t organizations have money to spend

25. Explore new adventures for inspiration: Go on an adventure, it will open you up mentally and
5 make you come up with new ideas and solutions
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26. Failure doesn’t kill you; it makes you stronger: Read the book for more (https://amzn.to/2DVCnAz)

27. Seek partnerships for the right reasons: Don’t make partnerships for PR: good partnerships show
up in your cash ow (increase revenues or reduce costs)

28. Be a master at leveraging resources: Not everyone will always pay with cash. Learn to get creative
with all possible resources. Read Disrupt You! (https://thepowermoves.com/disrupt-you-summary/) for
more.

29. It’s not ideas, it’s execution: Focus on speed

30. Find an enemy: An enemy can rally the troops and motivate employees. Read The 48 Laws of
Power (https://thepowermoves.com/48-laws-of-power-summary/)

31. Don’t underestimate your competition: Companies with different products and business models
also can be competition

32. Ask for what you want: And you’ll be amazed at how much people are willing to give

33. No competition = no market: If there’s no competition, ask yourself why, there’s probably a good
reason (albeit not necessarily)

34. Put out res quickly: Respond quickly to customer issues

35. Have an exit strategy: It will help you put things in perspective for decision making and recognize
exit chances along the way

Education
36. School is not necessarily education: This is not school bashing, but entrepreneurs keep learning
after school

37. You’re in no rush for MBA: An MBA while you’re building a business is a distraction

People
38. Spend time with smarter people: You will learn the most
 39. Of ce space is not a priority, a good team is: You can keep working from wherever you are

40. What you wear isn’t what you’re worth: 

41. You don’t always have to be the smartest one in the room: The best entrepreneur are humble and
are more interested in bringing in smart people than being the smartest ones

5 42. Talent trumps seniority: Don’t get hung up on ranks, it’s solutions and execution that matter
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43. You are odd, and it’s okay: Dyslexia, ADD, and Asperger have all higher incidence among
entrepreneurs

44. People don’t only work for money: Check Drive by Daniel Pink (https://thepowermoves.com/drive-
daniel-pink/) for more on motivation

45. You have a sidekick: 2+2 is more than 4

46. Don’t let people abuse your exibility: You might have exible hours, but work is still your
priority

47. Don’t manage people, manage expectations: Set deadlines instead of micromanaging

48. Get the right mentor: Read Mastery (https://thepowermoves.com/mastery-robert-greene-

summary/) for more

49. Choose your spouse wisely: Spouses can be your boon or can be your ruin (read Men on Strike and
The Millionaire Mind (https://thepowermoves.com/the-millionaire-mind/))

50. Fire unproductive people: also read “how to be an effective leader

(https://thepowermoves.com/how-to-be-a-leader/)”

Finance
51. You don’t need money to make money: To make lots of money quickly money is helpful, but
entrepreneurship is about workarounds and doing something with nothing

52. Pay taxes quarterly: If you only do it at the end of the year, you might not have enough left

53. A check in hand means nothing: Don’t assume you’ve been paid until the money is in the bank,
always double check dubious checks

54. Avoid negative cash ow: Some companies can get in trouble with negative cash ow even when
they’re pro table. Make sure that doesn’t happen to you

55. Borrow money before you need it: You won’t get a loan when you need it, so get one when you
still don’t

56 Prepa ment is king: B ild tr st so o can get paid Other ise make s re o pa ment timelines
 56. Prepayment is king: Build trust so you can get paid. Otherwise make sure you payment timelines
are clear and respected

57. Professional accountant is money well spent: Good accountants will save you money and tme

58. Manage debt well: Most businesses fail because of under-capitalization. Do get the money you
need

5 59. There’s a downside to having investors: External money can sometimes exacerbate your problems
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60. Focus on building revenue: If you go for external investors, show some revenue and sales rst, it
will make everything easier

61. The biggest investment is yours: Show your own investment before asking for any

62. Use different banks to minimize risk: Keep business and personal accounts separated at different
banks or they’ll affect each other (credit scores and asking payments from personal account)

63. Know your PAYDEX score: Check the book for more (https://amzn.to/2DVCnAz)

Marketing And Sales 

This section is a lot about sales and people’s skills.

64. You’re in sales: Start selling early, you need to make sure people want it

65. Your customer is your boss: Always refer to what the market wants

66. You have sales before you have a business: The best way to start a business is when people are
willing to pay even before you have a product

67. You aren’t always the best person to close a deal: Hire the best people to make the sale, and that’s
not necessarily you

68. Networking isn’t all about you: Ask how you can help

69. Don’t waste time on people who can’t say yes: Ask who’s the nal decision maker and don’t waste
time

70. There’s no such thing as a cold call: Research before calling

71. Tell everyone about your business: Shyness, fear or politeness will make you miss on
opportunities

72. Ask the right questions: Open-ended questions

73. Receive the maximum value: Don’t change prices to accommodate customers

74. Don’t patronize customers: Entrepreneurs believe they need to “act big” to impress people
beca se that’s hat CEOs do Terrible mindset
 because that’s what CEOs do. Terrible mindset.

75. Build your network creatively: The right environment are not necessarily the standard networking
environments

76. Don’t hold grudges: A no today can be a yes tomorrow, don’t alienate people

5 Leadership
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5 77. Act in spite of how you feel: Don’t let emotions get in the way (also read Emotional Unavailability
(https://thepowermoves.com/emotionally-unavailable-men/))

78. Push beyond your fear: Let your goals guide you.

79. Be a maverick: Most entrepreneurs have a rebellious streak.

80. Make your dreams come true: Read the book for more (https://amzn.to/2DVCnAz)

81. Make dif cult sacri ces: Entrepreneurship requires sacri ces

82. You have unbelievable endurance: Endurance is possibly the most important trait for
entrepreneurs. Also read Grit by Duckworth (https://thepowermoves.com/grit-book-summary/)

83. Be prepared to lose it all: Most businesses fail, don’t be surprised

Also read:

Best leadership books (https://thepowermoves.com/best-leadership-books/)

Values-based business (https://thepowermoves.com/a-solopreneurs-approach-to-values-
based-business/) (about this website’s credo)

Motivation
84. Being successful is not the goal: The felling of success is eeting, entrepreneurs should be
motivated by the creation process. Also read Start With WHY (https://thepowermoves.com/start-with-
why-summary/).

85. You are excited for Monday: You can get to start a fresh new week and the world is ready to move
along. My Note: when I rst read it I was disappointed, there are no Mondays and Weekends for me.

86. You’re disappointed For Friday: They’re less productive, you gotta pay people and you won’t be
able to restart 100% until Monday My Note: I didn’t like the sense of powerlessness. There’s plenty
you can do during weekends.

87. A 9-to-5 is worse than death: The biggest fear for entrepreneurs is that of having to go to a
“normal” job. I can attest to that.

88 Yo r parents demand a real job: Don’t get angr abo t it be compassionate

 88. Your parents demand a real job: Don’t get angry about it, be compassionate

89. You get resentment: People sometimes won’t understand or will be jealous

90. It’s not about being your own boss: Those who want to go the entrepreneur road not to have a
boss often lack the discipline that entrepreneurship requires. And entrepreneurship also requires visio

91. Entrepreneurship is in your blood: The author recommends you research your family history for
5 some more motivation. But I disagree with this one.
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92. You know your worth: You might have to say no to seemingly good money if you don’t believe it
meets your worth or your company’s worth

93. You can’t keep a job: The author says entrepreneurs are not good at staying at a job. They either
quit or get red. I couldn’t agree more with this.

94. You cry when things don’t go your way: Steve Jobs did, so you can do it too

95. It’s never too late: Media focus on young upstarts, but older people start more companies than
teens and 20-something

96. You feel unequaled joy when your idea becomes reality.

97. Following your passion is bogus: Not all passions can be monetized. But I disagree here, nding
ful llment and joy in what you do is key

98. You have the right motivation: Read the book for more (https://amzn.to/2DVCnAz)

99. You love your life: Controlling your destiny makes you happy. And I couldn’t agree more.

100. You’re an entrepreneur forever: Once you get a taste of it, you can never go back

Real Life Applications

A lot of concepts in The Entrepreneur Mind were really good and aha moments for me. Such as:

Fire your worst customers

B b f d it
 Borrow money before you need it
Tell everyone about your business (my tendency is to keep it under wrap)
You can’t keep a job (I found this ringing so true for me)

Review
“The Entrepreneur Mind” is an easy and wisdom-rich read that you will go through at light speed.

5
Shares While some concepts are more obvious and won’t add as much value, they can still serve as great
5 refreshers.
And you will likely nd many gold nuggets to help you propel forward.

Also, I particularly appreciated the psychology behind some points, such as that many entrepreneurs
can’t stay happy in jobs and end up either red or quitting.

Read the best books on entrepreneurship (https://thepowermoves.com/best-entrepreneurship-

books/) or get the book on Amazon (https://amzn.to/2DVCnAz)

Re l a t e d

(https://thepowermoves.com/th (https://thepowermoves.com/de (https://thepowermoves.com/da

e-lean-startup/)
The Lean Startup: Summary in PDF
(https://thepowermoves.com/the-lean-
startup/)
livering-happiness/) vid-and-goliath-book-
Delivering Happiness: 8 Steps to A Happy B$ summary/)
Exit (https://thepowermoves.com/delivering-
David and Goliath: A Book About Underdogs
happiness/)
or Historical Misreads?
(https://thepowermoves.com/david-and-
goliath-book-summary/)

Hey! Snag This Book (+1 more) FREE With This Audible Offer
(https://amzn.to/2IC0Xgz)

About the Author: Lucio

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(https://www.linkedin.com/company/the-power-moves/ ) 
(https://twitter.com/The_Power_Moves)
Lucio is a social scientist, member of APA and a perpetual researcher of human nature.
 Lucio is a social scientist, member of APA and a perpetual researcher of human nature.
He teaches power dynamics because he believes that to be good, you rst need to learn
how to be bad.
ThePowerMoves.com is where this new breed of leaders come to train.

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