Book Review Assignment Template & Grading Rubric
This assignment tasks you with selecting a book on one of these three broad topic) an individual business leader's biography or autobiography. After selecting my topic I am further tasked with reading and writing a review using the attached format of my selected book. My review is to be five pages (not counting cover sheet and reference page) and must address the following points.
1. What is the author's premise?
Timothy Ferriss is a manager unlike any other type on the market. His management methodologies and way of thinking makes him unique in many ways. The method's that set him apart are his ideas about the new rich and how they manage their businesses. He also explains how I can make my business automotive so I won't have to be stuck to a warehouse all day. Many people are drawn to his style of management because it is an approach that offers freedom. Timothy Ferris's goal in life is to liberate people from the drudgery of work and spend their time and energy towards what they are truly passionate about rather then working Monday to Friday, nine to five o'clock in the evening simply to make a living. Timothy Ferriss explains all the assumptions that people have about joining the new rich. Some ask do I have to be born rich? Timothy Ferris response is no. His parents never made more than $50,000 combined. The success and lifestyle of Ferriss is based on a quiet subculture of people called the "New Rich" (Ferriss, 2007, p. 7).
2. Why does the author think that the ideas presented in the book are valuable to
current and future management practitioners?
Timothy Ferriss's defense is that a manager does not have to be a nine to five person who wakes up every morning from Monday to Friday to go in a building somewhere. They can have a life and truly be free. On the other hand there is a method to achieving this lifestyle. In his book, "The four hour work week", Timothy Ferris outlines a plan to achieve this lifestyle. A lifestyle that is truly one of freedom. For the new rich Gold is getting old. The new rich are those who abandon the deferred-life plan and create luxury lifestyles in the present using the currency of the new rich. That currency is time and mobility. Timothy Ferris refers to this art and science as lifestyle design. Timothy ferriss also presents an acronym called Deal to explain the steps and process for the new rich.
D is for definition and this helps explain the terminology related to the new rich. E is for elimination and it mean's eliminating the things in my life wasting my time because time is valuable to me as a new rich manager or Entrepreneur. A is for automation and this means I will be able to put cash flow on autopilot using outsourcing and geographic arbitrage. And finally L is for liberation. This is my favorite part and for Timothy Ferris also. You can have money and what ever you won't but if you don't have freedom then there is really not much to enjoy. There are many things that keep managers trapped and s slave to their business. Wasted time dealing with customer issues. The ideas in "The four hour work week" are important because many managers are tired. They are tired of working eighty hours a week and not having any time for their family of friend's. Managers are starting to realize that making more money and maximizing profits come with tremendous sacrifices.
3. What have you learned about the practice of management or the history of
management from the author?
The principles of the DEAL are valuable to me because I realized that world is heading towards a new trend. This new trend is referred to as the new rich and they don't do business like the previous generation. Timothy Ferris was making about $70,000 a month at some point and he was still miserable, more then ever. He had no time and was working more then ever. He could not even sell his company. I have learned that the managers today and in the past has contributed much to the science of management and getting business owners where they are today. Timothy Ferris on the other hand is a manager of the future. He is way ahead on future trends. I use to think of management as something boring. My vision for going into business was always for the Entrepreneurial aspect. I am a dreamer and visionary. I do not want to be the mathematician who has to deal with all the numbers. I am a big idea type of person; the details of my business are best left to someone else.
4. What management theories is the author basing his/her thinking on; can you cite
and discuss two or three peer reviewed journal articles that relate to the author's
premise and arguments?
In her article "Divorce Your Job" Elaine Varelas asked the reader the question, "Can you work things out, or is it time to separate? Like Timothy Ferris Elaine was weighting the benefits of quitting or leaving her job. She had accepted a position as a corporate trainer, thinking it would be a great experience. She realized the situation was totally different because in the weeks of being hired, the company had gone through a merger. Her job responsibilities and description soon changed and the atmosphere and culture shifted in the company. The new manager wanted to be involved in every aspect of her job. She preferred more freedom in her job tasks. It was very difficult for her to leave because she had signed a contract for a year with the company. Elain is a great negotiator like Timothy ferris who had experience similar situations on the job. Elain exercised different option's to deal with the situation like outplacement programs for the company and also talking directly to the manager as far as why she wanted to leave. The manager understood. Elain decided the disadvantages outweighed the benefits of staying with the company. She followed her heart and left.
Elain is definitely not unique to be dissatisfied with her job because only one in four have no plans to change their careers in the next five years and more than one in four are dissatisfied with their job "par. 1 Recruiter Online". The assumption that if someone makes more money they will be happier is a myth because that is not the case based on research according to Recruiter online. Based on the survey's they have done they realized that "people are looking for flexible hours, being their own boss and doing work they enjoy and are keen to find a career that offers these benefits.
5. How would you apply the ideas presented by the author?
The philosophy of management by Timothy Ferris has had a tremendous impact on my life. He has showed me that there are many different forms of income. There are many tangible assets in life that has monetary value like the idea of not having to be in a fixed location because if I can choose to live where ever I want to live my money will have much more value. I learned that taking risks is good, even in the midst of adversity because on the long run I will be happier and not be a complainer like everyone else who is always complaining about all the things that are wrong in their life. Risks involve fear of the unknown and leaving a job or taking the decision to be a leader as a manager comes with many risks. There are many pressures like living up to the companies expectation's. I will do the best that I can but with the principles from "The four hour work week", I also know that I have options to work for my self by doing what I love to do and monetize on it. Most people see risk in negative terms. The reality is that there are many rewards. The rewards of earning more, increased self-esteem and recognition, freedom from boredom, and control over career and personal growth.