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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Masters of Scale summary
Surprising Truths from the World's Most Successful Entrepreneurs
22 mins
Brief summary
Masters of Scale by Reid Hoffman is a business book that explores how companies grow from startups to giants. It showcases the experiences of successful entrepreneurs and offers insights for scaling businesses.
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Masters of Scale
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Key idea 1 of 7
Consider every investor's "no" to be an opportunity for insight.
One hundred and forty-eight: that’s the number of times Kathryn Minshew heard the word “no” when she was seeking investors for the online career platform she was trying to get off the ground.
But with just one “yes,” Minshew raised $28 million for The Muse, which now employs 200 people and serves 100 million users.
The moral of the story? Don’t let a “no” hold you back – at least 99 percent of the time.
The key message here is: Consider every investor's "no" to be an opportunity for insight.
Sometimes, a “no” clues you into potential fixes. For example, let’s say you’re seeking funding for a chain of kickboxing gyms across Florida. The first investor you approach says, “No, too many old people live here for this to work.”
This can tell you several things. Maybe you need to refine your pitch – next time, you’ll include statistics that demonstrate growing interest in gym membership among the 60-plus crowd. Or maybe you should consider a different location. Or maybe you walk away from this investor because you’re not comfortable with their ageist attitude. Regardless, that “no” is an opportunity to get feedback and adjust your approach.
Pay attention to who tells you “no.” Is it a loving parent who doesn’t want you to get hurt? Or a spouse who doesn’t want to rock your family’s financial boat? Those refusals have more to do with your relationships than with your idea.
It’s also important to ignore the “lazy no,” thrown out by investors unwilling to put in time, research, or imagination. But carefully consider the “honest no” from someone whose opinion and wisdom you respect.
The best kind of “no” is the “squirmy no” – a reaction that polarizes a room, splitting it between people who say, “That’s the most ridiculous idea I’ve ever heard!” and those who say, “That’s so crazy it just might work!”
This scenario tells you you’re onto something so original that no one even knows what to think about it. While it can be tough to get buy-in with an unconventional idea, it also means you’re probably the first one to try the idea out. And being first to scale something no one has ever seen before is a wonderful and exciting place to be!
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What is Masters of Scale about?
Masters of Scale (2021) is part fascinating anecdote, part how-to guide for entrepreneurs who are preparing to launch their product or scale up their company. With case studies and stories behind some of the world’s biggest companies, it isolates the principles behind successfully scaling up.
Masters of Scale Review
Masters of Scale (2020) is a thought-provoking book that explores the unique strategies and mindsets of successful entrepreneurs and business leaders. Here's why this book is worth reading:
- Packed with insightful interviews and firsthand stories, it provides valuable lessons and practical advice for scaling businesses in today's fast-paced world.
- By breaking down complex concepts into relatable examples and actionable steps, the book empowers readers to apply these strategies to their own ventures.
- With its engaging narratives and fresh perspectives, the book is far from boring, keeping readers hooked and motivated to learn more about scaling businesses.
Who should read Masters of Scale?
- Serial entrepreneurs
- Investors looking to scale a startup
- Executives seeking to grow their companies
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Masters of Scale FAQs
What is the main message of Masters of Scale?
Masters of Scale teaches us how great leaders grow their companies exponentially.
How long does it take to read Masters of Scale?
The reading time for Masters of Scale varies depending on the reader's speed. The Blinkist summary can be read in just 15 minutes.
Is Masters of Scale a good book? Is it worth reading?
Masters of Scale is worth reading for its valuable insights on scaling businesses. It offers practical advice for growth.
Who is the author of Masters of Scale?
Masters of Scale is authored by Reid Hoffman.
What to read after Masters of Scale?
If you're wondering what to read next after Masters of Scale, here are some recommendations we suggest:
- Scaling Up by Verne Harnish
- Do Scale by Les McKeown
- The E-Myth Revisited by Michael E. Gerber
- Never Split the Difference by Chris Voss and Tahl Raz
- Great by Choice by Jim Collins and Morten T. Hansen
- Atlas of the Heart by Brené Brown
- The 15 Commitments of Conscious Leadership by Jim Dethmer
- Emotional Intelligence by Daniel Goleman
- Rich Dad’s Guide to Investing by Robert T. Kiyosaki
- The Hard Thing About Hard Things by Ben Horowitz