Mommy Millionaire: The Best Business Book I've Read In a Long Time

Mommy Millionaire, the story of Kim Lavine's roller coaster ride from stay at home mom to successful business owner, is undoubtedly the best small business start-up book I've read in a long time. If you have a small business, and wonder whether you are going to lose your mind, your life savings, or everything in between, you absolutely must read this book.

If you haven't seen Kim's story on television or in magazines, she's the inventor of a unique heating pad called the Wuvit. She appears to be an overnight success, but the truth is that her business took her family to the verge of bankruptcy before she made it big.

One reason I loved reading Mommy Millionaire was Kim's brutally honest descriptions of the ups and downs of her business, combined with smart, detailed advice on the various steps involved in getting a venture off the ground. I've taken pages of notes and quotes, and to tempt you, here are just a few excerpts:

"Here’s what I learned from four years at Harvard Business School and a Wharton MBA:

1. Cash is Kind
2. Sell your mother for Cash if you can."
Page 201

"Constantly dealing with a cash shortage at the beginning is not a personal reflection of your inability to run a business; it’s just part of business."
Page 202

"There is nothing more dangerous than a person with…" Read page 264 to find out the answer.

When Kim had a terribly difficult year, ending up in debt and wondering if it was the worst thing that ever happened to her business, she found out it was the best thing that ever happened to her business. Read page 268 to find out why.

One point that came through several times in her book is that every self-made millionaire walks through fire to get to where they are. "Instant success" stories rarely reflect the sleepless nights, the cash flow crunches, the credit messes and the insane craziness of being self-employed.

The only quibble I have is with her advice on page 37 that you should close accounts you don't use to raise your credit score. For the newer Vantage credit scores that may be true, but for FICO credit scores, the most widely used, the advice is the opposite -- leave them alone.

Again, I can't recommend Mommy Millionaire highly enough as a great read for entrepreneurs as well as those who want to start their own business. Once you've read it, let me know if you agree!