Reaching The American
Dream
“The
American Dream: How Do You Start or Buy a Business with None of Your Own
Cash,”
Dan Amzallag
Pro-Ace International
Publishing
Rockville, Md.
2001, 207 pages, Only $16.99 at
Amazon.com
There ought
to be an added phrase to the book’s subtitle that cautions: “…while Risking
Your Entire Reputation and Most of Your Credit Worthiness for the Next Five
Years.”
Yes, there
are successful entrepreneurs who have become very wealthy. Bill Gates
(founder Microsoft) and the late Sam Walton (founder of Wal-Mart) are only
two modern examples. There are many more and all of them have several traits
in common: they are highly focused, “Type A” personalities who overcome
incredible roadblocks with creative thinking. For example, during the 19th
Century one of them established the model for the modern corporation by
changing corporate law in one state. He did it by virtually bribing an
entire state’s legislature.
They also
share a common experience: business boot camp. Not the U.S. Marine Corps
variety, nor even what passes as a supplement to basic management training.
This boot camp is the kind that leaves you broke and panting on the floor as
one of the nine-in-ten owners whose businesses go belly-up during the first
two years. The one in ten who can rise again have learned to apply more
lessons than they ever teach in business school. Lesson One: cut the deck
even when it’s your mom who deals the cards. In other words, leaven your
enthusiasm with sensible caution. This can be harder than it sounds among
budding entrepreneurs who have yet to endure their first boot camp.
These are precisely the
points that Dan Amzallag fails to emphasize in “The American Dream.” In all
fairness, perhaps he shouldn’t. There are more than enough obstacles and
pessimists to go around since the high-tech balloon was punctured nearly two
years ago.
In addition, Amzallag’s
advice and approach to working with “other people’s money” is as true today
as it ever was. In fact, the techniques work as well today as they did in
ancient Babylon.
Although
much of the advice early in the book is in the category of being old news,
the author is able to finesse this because of the way the book is organized.
The chapters are arranged in a logically sequenced question-and-answer
format. Each chapter also offers space for the reader to make notes and
provides a summary of key points.
Much to the author’s credit he has written a book that goes somewhat beyond
the standard type of primmer on starting a business.
He not only offers information that applies
to all businesses, but takes the reader a short way down the “how-to” road
that makes it work. For example, author Amzallag notes when he discusses the
opportunities for growth by taking over troubled businesses …
“The situation is
not nearly as terrible as it sounds. Many entrepreneurs specialize in
takeovers and facilitate the deal by offering to the former owner a freedom
from their debt. With this in mind, they know that, every day, new owners of
troubled companies strike deals with creditors who agree to walk away with
less than twenty-five cents on the dollar.”
He continues:
“Creditors will often accept virtually any amount that’s greater than what
they’d get back if their business’ assets were put on the auction block.
…Very often, a company will seek court-ordered protection from creditors
during this process in order to have time to negotiate a settlement. This is
what’s known as ‘Chapter 11’ of the Bankruptcy Code.”
That’s still
fairly basic information, but it definitely goes beyond the more typical
book about starting your own business that mixes cheerleading for small
business with the advice to see your local banker with a comprehensive
business plan.
As might be
expected, the author takes the opportunity to promote one of his ventures
offering inexpensive detailed reports on topics covered by the book. This
isn’t a prominent part of the book and hardly much longer than the
bibliography of other books available at your local library about starting a
business.
There are
other books about becoming an entrepreneur but “The American Dream” is as
good as any and better than most because it offers an easily digestible
buffet of ideas.
