Idea is worth nothing – execution is the king.
When I first came across “How to Get Rich” by Felix Dennis, two questions immediately came to mind: Who is Felix Dennis, and why does his book have such a kitschy name?
Well, Felix Dennis was a successful British entrepreneur and publisher who built a magazine publishing empire that included some of the world’s most popular magazines, such as Maxim, The Week, Auto Express, Computer Shopper, and Men’s Fitness. He also published many other titles covering a wide range of topics, including finance, lifestyle, technology, and entertainment. At its peak, Dennis Publishing was one of the largest and most successful independent magazine publishers globally.
In “How to Get Rich,” Dennis shares his insights and strategies on how to become a successful entrepreneur and leader. The book covers a broad range of aspects of entrepreneurship, such as mindset, leadership, creativity, focus, networking, and persistence. While the provocative book title might lead some to dismiss it as a gimmick, Dennis chose it deliberately to reflect the book’s practical advice for aspiring entrepreneurs and leaders.
Table of Contents
Many people view getting rich as an unattainable dream that requires extraordinary luck, innate talent, or a stroke of good fortune. However, Felix Dennis argues that getting rich is the result of hard work, determination, and sound business practices rather than luck. Moreover, he sees wealth as a tool for personal and professional growth rather than an end in itself.
In this blog post, we will take a closer look at Dennis’ book, examine its key themes, and provide a summary of its main ideas. So, let’s dive in and see what Felix Dennis has to offer on the topic of getting rich.
My personal highlights:
🛠️ Ideas are worthless – execution is the key
One of the most valuable insights that Felix Dennis shares in his book is that the value of ideas is often overestimated. As we can see from many successful companies in the market, copying a working product or service can often be a good idea. However, what sets apart good entrepreneurs is not their unique ideas, but their ability to execute them successfully and develop strong leadership skills.
Dennis emphasizes that having a great idea alone is not enough to succeed as an entrepreneur. The execution of an idea is just as crucial, if not more so, than the idea itself. Many aspiring entrepreneurs fail to realize that successful business requires not just creativity and vision but also practicality and persistence.
Dennis acknowledges that it can be tempting to wait for the “perfect” idea before taking action. Still, he warns that this approach can lead to missed opportunities and wasted time. Instead, he advises entrepreneurs to focus on implementing their ideas and refining them over time based on feedback and market insights.
“Ideas don’t make you rich. The correct execution of ideas does.”
🍰 Being the owner of your business and controlling your shares
Another significant part of Felix Dennis’ book “How to Get Rich” focuses on the importance of being the owner of one’s business. As tempting as it might be to trade shares for more capital, better networks, or additional support in the early stages of a business, Dennis cautions against this approach.
Image of Felix Dennis by @Right Move and daily Mail
Dennis emphasizes that the long-term success of a business depends on the ownership structure from the start. While it might seem like a good idea to give away some shares in exchange for help, doing so can create complications later on. As the business grows and becomes more valuable, every share becomes more precious, and it can be challenging to negotiate with partners who have a stake in the business.
“Never, never, never, never hand over a single share of anything you have acquired or created if you can help it. Nothing. Not one share. To no one. No matter what the reason – unless you genuinely have to. “…“To become rich you must be an owner. And you must try to own it all. You must strive with every fibre of your being, while recognising the idiocy of your behaviour, to own and retain control of as near to 100 per cent of any company as you can.” … “To become rich, every single percentage point of anything you own is crucial. It is worth fighting for, tooth and claw. It is worth suing for. It is worth shouting and banging on the table for. It is worth begging for and grovelling for. It is worth lying and cheating for. In extremis, it is even worth negotiating for.” …
While Dennis’ advice may seem extreme at times, he speaks from experience. He saw many companies fail due to ownership disputes and power struggles among partners. Therefore, he recommends that aspiring entrepreneurs hold on to as many shares as possible and maintain complete control over their businesses. In the long run, this approach can be more challenging, but it increases the chances of success and can help entrepreneurs avoid potentially costly mistakes.
🦸 Bring the right talents to the leadership (and don’t disturb them helping you)
Felix Dennis’ book “How to Get Rich” also touches upon the importance of finding and nurturing the right talents. He believes that successful leadership involves surrounding oneself with the best talents available and giving them the freedom to create and innovate.
Dennis provides numerous examples in his book of how this approach helped him achieve success in his businesses. He emphasizes that as a leader, it’s essential to recognize that people who are similar to us may not always be the best fit for the company. We tend to gravitate towards people who share our way of thinking, speaking, and behaving, but this can be detrimental to the business in the long run.
“When you come across real talent, it is sometimes worth allowing them to create the structure in which they choose to labor. In nine cases out of ten, by inviting them to take responsibility and control for a new venture, you will motivate them to do great things.”
Dennis advises that instead of surrounding oneself with like-minded individuals, it’s better to seek out people with diverse backgrounds and experiences. This approach can lead to greater innovation, fresh perspectives, and a more robust and adaptable organization. By giving these talented individuals the freedom to build and create, a business can achieve greater success and growth.
“It’s so easy to delegate important work to people who are similar in temperament and skill-sets to you, or to promote them. So easy and so wrong.”
🧘 Entrepreneurship from Money vs. Happiness perspective
Felix Dennis provides an honest account of his life after achieving wealth and success. He shares the sacrifices he had to make and the reality of the lives of the wealthy people who surrounded him.
Dennis acknowledges that striving to become rich can be a positive thing. Still, he also believes that the media often fails to cover the real-life consequences of this decision adequately. He emphasizes that while money can bring material comfort and opportunities, it does not necessarily guarantee happiness or fulfillment in life.
“Happiness? Do not make me laugh. The rich are not happy. I have yet to meet a single really rich happy man or woman—and I have met many rich people. The demands from others to share their wealth become so tiresome, and so insistent, they nearly always decide they must insulate themselves. Insulation breeds paranoia and arrogance. And loneliness. And rage that you have only so many years left to enjoy rolling in the sand you have piled up.”
Dennis speaks from experience when he says that becoming wealthy comes with its own set of challenges and sacrifices. The pursuit of wealth requires dedication and hard work, often at the expense of other areas of life, such as family, relationships, and leisure time.
📖 Structure of his Book
Section 1: The Mindset of an Entrepreneur
To become a successful entrepreneur, you need to cultivate the right mindset. According to Dennis, this means having a willingness to take risks, being persistent, and having a clear vision of what you want to achieve. You also need to have a strong work ethic and the ability to stay focused on your goals.
One of the key messages of the book is – that entrepreneurship is not for everyone. It requires a unique set of skills and characteristics that not everyone possesses. However, for those who are willing to put in the time and effort, the rewards can be significant.
Section 2: The Importance of Leadership
To succeed in business, you need to be a strong leader. This means having the ability to inspire and motivate others, make tough decisions, and take responsibility for your actions. As Dennis points out, leadership is not a talent that you are born with, but a skill that can be developed over time.
One of the key insights in the book is that leadership is not just about giving orders, but about creating a vision and inspiring others to follow it. Successful leaders can communicate their ideas clearly and motivate others to work towards a common goal.
Section 3: The Role of Creativity in Entrepreneurship and Leadership
Another important aspect of entrepreneurship is creativity. As Dennis explains, successful entrepreneurs are often those who can see opportunities where others see only obstacles. They are able to think outside the box and come up with innovative solutions to problems.
Creativity is not just about coming up with new ideas, but also about being able to execute them successfully. Dennis emphasizes the importance of taking action and not being afraid to fail. He argues that failure is an essential part of the learning process and that successful entrepreneurs are those who can learn from their mistakes and move on.
Section 4: The Power of Focus
One of the biggest challenges for entrepreneurs is staying focused. With so many distractions and competing priorities, it can be difficult to stay on track and achieve your goals. According to Dennis, the key to staying focused is to have a clear vision of what you want to achieve and to prioritize your time and resources accordingly.
Dennis also emphasizes the importance of saying no to distractions and focusing on what really matters. This means being willing to make tough decisions and saying no to opportunities that do not align with your goals.
Section 5: The Importance of Networking
Another key message in the book is the importance of networking. According to Dennis, successful entrepreneurs are often those who have a strong network of contacts and are able to leverage those relationships to achieve their goals.
Networking is not just about making connections, but also about building relationships. Dennis emphasizes the importance of building trust and credibility with your network and being willing to help others when you can.
Section 6: The Role of Persistence
In Felix Dennis’ book “How to Get Rich,” he emphasizes the role of persistence in achieving success as an entrepreneur. He argues that setbacks and failures are an inevitable part of the process, and that successful entrepreneurs are those who can learn from their mistakes and keep moving forward.
Dennis believed that persistence is a key trait of successful entrepreneurs, and that those who are willing to put in the time and effort are more likely to achieve their goals. He also emphasized the importance of being resilient in the face of adversity, and not giving up when things get tough.
And the key to this process, is setting the right goals, which should be big, let you grow and be motivated.
“Most of the worst errors I made in my life came from forgetting to act small.”
He argued that successful entrepreneurs are those who can prioritize their time and resources and make the most of their opportunities. By staying persistent and focused, Dennis believed that anyone can overcome obstacles and achieve financial success.
Conclusion
“How to Get Rich” by Felix Dennis is a valuable guide for anyone who wants to become a successful entrepreneur and leader. The book provides practical insights and strategies on entrepreneurship and leadership that can help you achieve financial success and personal fulfillment. From the importance of having the right mindset to the role of persistence, creativity, focus, and networking, the book covers all the key aspects of entrepreneurship.
Perhaps the most important message of the book is that getting rich is not a matter of luck but a result of hard work, determination, and sound business practices. Dennis’ own success story is a testament to this fact, and his book serves as an inspiration for anyone who wants to follow in his footsteps.
image by felixdennisfoundation
Whether you are a seasoned entrepreneur or just starting out, “How to Get Rich” is a must-read book that can help you achieve your goals and live the life you’ve always dreamed of.
Sadly, Felix Dennis passed away in 2014 at the age of 67 due to throat cancer. However, his legacy lives on through his various ventures and contributions, including his book “How to Get Rich” and his poetry, which continues to inspire and guide entrepreneurs around the world.
If you would like to learn more about him and his lifestyle, take a look at this article in daily mail.
🍷 The whole book is like an open and kind talk with Felix by the glass of wine, during which he shares his exceptional experience in leadership and entrepreneurship.
