How to Create Your Own Fad and Make a Million Dollars

Rating:
Summary: A book to remember
Review: Although I believe this book may seem to be dated, in many ways, in light of the e-commerce boom, it actually seems more timely. The only regret for me is that he hasn't, it seems been updated the information to include the internet.

The marketing concepts though continue to be useful and worth reading.

Rating:
Summary: Unbelievably corny title ... but outstanding
Review: Dated book, but short on hype, and one filled with marketing insights and gems.

As the title suggests, the book, while written around a specific entrepreneurial endeavor (The successful creation and marketing of the Wacky Wallwacker), is less about the chronology of the Wallwacker, than it is about specific business issues that one should bear in mind when one is trying to create a fad. In this regard, it is actually very comprehensive, covering all the bases.

The content of the book is very well structured. In fact, if you the reader are familiar with the HBS case study method, this book could be a perfect way to frame an answer for the R&R case contained in the book Low Risk, High Reward by Bob Reiss (incidentally rated 5 stars). NB: Hakuta studied at HBS too.

While the book is a great account of selling toys in the early-mid eighties, a lot of the lessons are also generally applicable. One paragraph that I really loved was:

"The most important advice I can give you once you have obtained exclusive rights to your fad is DON"T SWEAT THE DETAILS. One of the mistakes beginners make is to spend too much time on the nonessentials. As the maker of a fad you don't have time for the nonessentials..."

I also really liked Hakuta's candid comments on lawyers. Bear in mind that the subject area is fads, and that Intellectual Property is necessarily important ... Nevertheless, he has gems like "I didn't get a lawyer at the outset. I couldn't afford one, and the fact is I didn't need one."; "The first thing to remember about lawyers is that a lawyer is not the first thing you need"

Hakuta also goes through the business marketing aspect of the chain store buyer, how to deal with knock offs, and how to get it made (pre-advent of Internet).

This is a title on my permament collection of business books.