How You Can Have Fortune and Freedom

"Don't Die in a Down Market and Other Secrets of Entrepreneurship"

An excerpt from the new book
Fortune & Freedom: The Entrepreneur's Guide to Success

Fortune and Freedom: The Entrepreneurís Guide to Success Order Fortune and Freedom by Jim Hirshfield

"Think of this book as a weekend clinic. It concentrates on the key issues that seem to be the primary determinants of success."

"My objective is to help you achieve the freedom you seek as an entrepreneur while living a balanced life."

"The goal of achieving freedom as an entrepreneur is really a goal to return more hours to you."

"Time is the scarcest asset and is the ultimate objective in your quest for freedom."

"To learn how to sell, try any job where you work on commission. You don't get paid unless you make a sale. This concentrates the mind wonderfully."

"It is always how much you spend and never how much you make that determines your financial solvency."

"It is never how much you earn, and always how much you spend, that determines your financial situation. You can better maximize your freedom to act, position yourself for entrepreneurial opportunity, and minimize your stress level by keeping your expenditures down."

"Start by asking, 'Does the deal make any money?' Seems like a silly question, but I cannot tell you the number of times I have looked at businesses that had no prospect of financial success. People still start them, or buy them, and go out of business."

"Time is the irreplaceable asset."

"I always brought investors into my deals. I would suggest you not put only your own money into your deal. If you do, you lose discipline."

"When we were analyzing a acquisition for my company, we used to require someone on our negotiating team to write the seller's 'victory speech' for each of our potential offers."

"What is entrepreneurship? Making payroll."

"The entrepreneur is an intermediary between someone's labor and the purchase of that labor."

"Learning to solve the right problem is the most important lesson in this guide."

"When battling the competition, take all your aircraft carriers with you."

"The shortest road to success is to achieve breakeven as soon as possible."

"You should sell when the price you can get for your business creates more value than you can create by continuing to own the business."

"Don't pass away in a down market."

"The ability to terminate a nonperforming employee is being rapidly eroded."

"You have not sold your company until you have converted [the proceeds] into a diversified portfolio of assets."

"People make money by investing narrowly at higher risk. They keep that money by investing it widely at reduced risk."

"Entrepreneurship has been very, very good to me."