Foreword

I LOVE THIS BOOK. It’s a well-written, straightforward exposé on what it takes to be successful as an entrepreneur by an author who’s not only an experienced and trusted advisor but a woman of considerable character and integrity. I also love this book because it’s a reality check. Most books on entrepreneurship are written from the perspective that anyone and everyone can do it, and it’s super simple if you just follow these three easy steps. However, anyone who has built a remarkable business knows the truth. There are no three easy steps to your own business making a million dollars a day.

Carol Roth isn’t trying to talk you out of starting your own business. Quite the contrary, she wants nothing more than for you to succeed—at whatever you choose to pursue. She is, however, trying to protect you, encouraging you to consider whether or not you should be an entrepreneur not whether you can be an entrepreneur. The difference may seem subtle, but it’s significant. Anyone can be an entrepreneur, but should they? Should you?

In clever and cunning prose, Carol dissects how entrepreneurship has changed over the last seventy years. Yet most new business owners are wrong-headedly pursuing the American Dream as if it were still 1945, a paradigm that is no longer relevant or appropriate. Recognizing this paradigm shift alone is worth more than one hundred times the price of the book. It’s just one of the many entrepreneurial misconceptions she reveals. As someone who’s quick to buck common conventions, I know that demolition isn’t hard; anyone can say that everything you’ve ever heard is wrong. The trick is building something better in its place. Carol does this well. The book is filled with stories about what works and what doesn’t. It’s fun to read and will challenge your thinking.

I love being an entrepreneur—most days. Other days, I feel like I own a business and I’m working for a lunatic. In order to succeed in business, one must master many technical skills as well as strategic concepts. Nonetheless, my experience has shown that my own business growth occurs at the rate at which I am able to grow emotionally and spiritually. Many venture capitalists say they invest in the entrepreneur as much, if not more, than the entrepreneur’s business idea. This is why: one can only handle what one can handle. The reality is that many business problems are personal problems in disguise, to which I can testify. As I’ve increased my ability to handle personal problems, I’ve better managed my business problems and, as a result, have continued to see my business grow.

Being an entrepreneur takes enormous responsibility. Fortunately, The Entrepreneur Equation shows you exactly what you’re in store for and helps you to determine if you’re ready for it. If you are, you’ll learn precisely how to prepare for success, which is a gift, because as Carol says, “If you fail to prepare, be prepared to fail.” This book is also relevant to you if you are already an entrepreneur and need to reassess your current situation to create a better path forward.

If entrepreneurial success is something you long for, ask yourself:

• Do I want to make a living, make a difference, or leave a legacy?
• Am I done personally growing, or am I willing to let my business force me to continuously change and develop myself?

In my experience, many people skip these two essential questions and instead ask, “What can I do that is guaranteed to work?” Any trusted advisor worth her salt will tell you nothing is ever guaranteed. However, if you keep the above questions top of mind while reading Carol’s book and following her sound advice, you can get pretty darn close to guaranteed success. Note, that I said, “pretty darn close.” The future is always uncertain; you can’t determine a result. You can, however, find business success, personal satisfaction and, yes, maybe even serenity, when you accept the things you cannot change and muster the courage to change the things you can.

Thank you for giving me the opportunity to be of service.

Think big.

—MICHAEL PORT,
New York Times bestselling author of four books,
including Book Yourself Solid
and The Think Big Manifesto