Starting a new business venture is no mean feat. It is important to be prepared with as much knowledge as possible. Although practical experience is often the best teacher, doing thorough market research before taking a plunge into the world of business is imperative, especially when statistics show that more than 80% of the businesses shut down within 2 years of their commencement.
Building a business from scratch is a daunting task. From the inception of an idea to its final execution, various pitfalls can prove to be dangerous to the sustainability of the business. It is always good to be well-informed and well-researched before starting a business. The following 5 books can be of great help:
1. Rich Dad Poor Dad by Robert T. Kiyosaki
One of the best all-time finance guides for small business owners, Rich Dad Poor Dad is the story of Robert Kiyosaki and two dads – his real father (the poor dad) and the father of his best friend (the rich dad). In a very easy manner, the book debunks the age-old myth that you need to earn more money to be rich. The books explain how, in several ways, anyone can make money work for oneself. The book is a must-have for anyone who works hard and aims at working smarter.
2. The Peter Principle: Why Things Always Go Wrong by Laurence J. Peter and Raymond Hull
Reaching a point of incompetence – this thought does not occur to a lot of aspiring entrepreneurs initially, but most of the them eventually fall prey to excessive obsession with doing everything by themselves and reaching the point of ineptitude. The book is a classic means to understand how to hire competent workforce and the amazing ways in which effective staffing can help you reach great heights. The book addresses the issues of self and organizational incompetence by examining the entire hiring process. The Peter Principle is an excellent book that helps in understanding the underrated importance of staffing right and how it impacts the business at its core.
3. Good to Great: Why Some Companies Leap … And Others Don’t by Jim Collins
A management classic that explains incredible ways of taking your business from good to great, this corporate archetypal by Jim Collins focuses on major businesses and studies the way they beat their competition. Even though the book is over 15 years old, it is considered as one of the best known motivational books for budding entrepreneurs. The book is extremely inspiring and has the potential to bring out the best in budding entrepreneurs. Whether it is the initial process of creating a website or the practical stages of putting the idea in the market place, the book aids in understanding how to offer the best at every stage and transform your business.
4. Focus: The Hidden Driver of Excellence by Daniel Goleman
Often considered as brain food for budding entrepreneurs, ‘Focus’ talks about developing the attention ability in order to drive excellence in both, life and business. The Psychologist, journalist, and celebrated author of ‘Emotional intelligence,’ Daniel Goleman, through this book, says that we live in a world full of distractions and the ability of developing attention in its various forms is worth a lot. By incorporating various case studies and scientifically proven experiments, Daniel makes the book easy to read and comprehend. It is entertaining, informative, and offers amazing insights as to how paying more attention can reap huge benefits for small business owners.
5. Die Empty: Unleash Your Best Work Every Day by Todd Henry
This book is for all those who spend their entire day in a flurry of activities and get mentally drained, but still go to bed feeling dissatisfied. Todd Henry, through his page-turner, asserts on making every day and every minute of work count. He explains that ‘Die Empty’ does not mean working to beat yourself to death, but to make every minute matter so that you achieve a sense of accomplishment at the end of the day. The book beautifully explores how self-contribution can provide leverage to a business and help it thrive.
6. You First: Inspire Your Team to Grow Up, Get Along, and Get Stuff Done by Liane Dave
How long can a business owner achieve success alone? There always comes a time when teamwork is needed. Even in cases of solo entrepreneurs, chances are that independent contractors and service providers will be hired, which invariably makes a team. The book focuses on getting stellar performances out of your team and ensuring they don’t scatter. The book helps entrepreneurs take baby steps and ultimately achieve success by ensuring better team performances.
Reading is a great way of keeping the brain active and competent to bring out the best performance every day. Whether you’re a seasoned entrepreneur or a first-time business owner, it is important to understand your strengths and weaknesses and find areas you feel you must get better at. Useful business books, such as the ones mentioned above, help in understanding the nitty-gritty of business and give entrepreneurs a better chance to succeed.