Another fun book - for serial Entreprenuers

Last month, I wrote briefly about the full day seminar I attended that was hosted by Dr. Don Kuratko. Among other things, Dr. K gave me a whole slew of new books to read (leave it to the college professor to send me home with reading assignments). The first "must read" on his list was "A Stake in the Outcome" by Jack Stack. Being from Kansas City, I immediately assumed that I would be reading about the establishment of a BBQ empire - but apparently, this Jack Stack has not relationship to my favorite smokehouse.

The Jack Stack that wrote this book was a general manager of a engine rebuilding plant in Springfield, Missouri during a major corporate shake-up. Going out on a limb, and with no real idea of what he was doing, he found a bank that would loan him the money for a management buy-out of the plant, establishing the highly successful company SRC Holdings. Having been involved in a couple of small company start-up ventures myself, I can relate to the "figure it out as you go" attitude that Jack and gang adopted in those early days. Unlike my own experiences, though, Jack started out with an existing company with a long history and an established customer base, although over 50% of their revenue came from a single client (something that nearly killed them at one point).

The cornerstone of Jack's success was the creative way in which he got every employee of the company tuned in to what it takes to make the company successful. Contrary to the typical big business approach, where separate groups within the company only focus on their own goals, objectives and measures; Jack determined that, in a small company, everyone had an obligation to understand the ENTIRE profit & loss statement, balance sheet and cash flow. To do this, he invented the "Great Game of Business", a tool that has been adopted by thousands of companies worldwide. The stories in this book are incredible. There is so much living proof out there of the power of enlightenment and engagement, yet so many companies absolutely refuse to disclose their books to more than a handful of internal employees.

This book was a really motivating read! While I don't see myself leading a management buy-out anytime soon, it sure would be fun to find a way to play the great game of business.