A quick glance through the web, and you can find any number of publications listing must read books for entrepreneurs.
however, after scrolling it can start to feel overwhelming.
You are reading: Must read books entrepreneur
Of the 20, 30, 40+ books, which should I buy first? why did you tip this one? and how will it help?
This is not to criticize those posts in any way. Many of those lists contain some great books for entrepreneurs that, given time, are definitely worth checking out from your local library.
but for me, that was the problem: time.
because very few of us have time to recite more than 40 books…
I thought what is missing is a select list. If someone “gun to the head” had to choose, say, 7, what would they be? and more importantly, why?
so, after careful deliberation with the staff here at thepowermba, we did exactly that.
We selected 7 must-read books for entrepreneurs.
We believe it offers an excellent balance of practical advice, insight and strategy from people who have already walked the entrepreneurial path, and faced their many challenges.
By spending time reading this list, you will surely become a wiser entrepreneur, regardless of your previous experience.
because, in our opinion, you’re never too old to stop learning!
blue ocean strategy
search for the most companies in your industry.
Do you think it is fair to say that practically everyone sells the same products, to the same target audience, through the same distribution channels >? ?
They are like sheep grazing in a pasture.
munching on the same grass, sporting the same wool coats, and generally just following the general direction of the pack.
🥱
But what if you could innovate your business and become a black sheep among the sea of white?
What if you could find a way to stand out? to really differentiate itself in areas other than price and quality?
well that’s exactly what renee mauborgne and w. chan kim thought.
In fact, they were so drawn to the idea that they wrote a book about it: Blue Ocean Strategy: How to Create Uncompetitive Market Space and Make Competition Irrelevant.
and what a book it is!
It really makes you rethink not only how your business works, but the industry as a whole.
It does so by placing the customer at the center of everything. this forces you to rethink the whole concept of value innovation:
“value innovation is about creating more value for customers while reducing costs”
You will find that after reading the book, after using the tools provided, you will be able to approach the customer’s problem from a completely different angle.
an angle that none of their competitors have even thought about.
do this and you’ll make your competition irrelevant.
That’s why we not only cover it in our online business program, but also write a step-by-step guide on blue ocean strategy.
That’s how strongly we feel about it, and that’s why it’s at the top of our list of must-read books for entrepreneurs.
the lean startup, by eric ries
So, you have a business idea that you would like to develop.
You’re pretty sure the market will accept it and you have the resources to make it work. so your next step is to validate it.
in lean startup, author eric ries shows you how to do just that.
This process also ensures that you do it without investing too much time or money. helping you avoid unnecessary risks as an entrepreneur…
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so how does it work?
The whole concept is based on its build-measure-learn feedback loop:
Instead of making assumptions about how a market will react to your product, build a prototype and test it.
In this way, you will constantly adjust and improve your product based on the feedback of your first customers, while drastically reducing the time it takes to bring the product to market.
Of course, this is a seriously “lean” explanation and the book goes into much more detail (of which we highly recommend picking up a copy) 😉
in fact, eric teaches an entire module of our online business program solely on this topic.
and is by far one of the most popular among our students:
how to win friends and influence people, by dale carnegie
As an entrepreneur, you’re going to be dealing directly with people every day.
Whether it’s talking to clients, internal staff, agents, contractors, potential investors, it’s a lot of conversations with a lot of different people.
And while it may seem trivial, the “art” of good conversation is, in fact, a difficult skill to learn. one that certainly isn’t easy for everyone.
so what carnegie does to win friends and influence them is browse the gallery.
teaches you how to communicate based on the relationship you have with that person, making it our favorite business psychology book.
An area perhaps often overlooked by budding entrepreneurs!
a standout example for me was the simple gesture of wishing someone a happy birthday.
Think about it for a second. It feels good, doesn’t it, when someone remembers your birthday and makes the effort to communicate with you.
especially if it comes from someone outside your close circle of friends and family. someone you might not expect it from.
Small gestures like these go a long way in building relationships as an entrepreneur.
building a brand story, by donald miller
Think about the last movie you saw.
It probably revolved around a main character or protagonist. this character probably faced a challenge or problem that needed to be solved. however, they could not do it alone. they needed the help and support of a guide. this guide gave them a plan, called them to action, made sure they avoided failure and ultimately achieved success…
the end.
sounds like a pretty standard story arc, right?
what donald miller proposes in his book building a story brand is to implement this 7-step story brand script and bar framework for your own brand.
Customers continually seek solutions to their problems. google, firefox, youtube, bing and all other search engines are proof of that.
By replacing the main character with your client and the guide with your brand, you can be the one to empathize with their situation and lead them along this journey in search for answers.
So why do we recommend this framework for entrepreneurs?
the answer is triple:
- allows you to simplify your messaging
- connect with customers
- grow your business
The book is packed with resources to help you better understand the concept and how to tailor it specifically to your business.
Go get a copy!
start with why by simon sinek
Why do you think some organizations are able to inspire, lead and transform industries and sectors where others are not? right?
is it about financing? luck? or just sheer determination?
simon sinek has an alternative theory.
In his book Start With Why, Sinek argues that inspired leaders (regardless of background, industry, or funding) always think from the inside out.
They
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understand why they exist, what their purpose is, what their core mission is, and they put this at the center. strong> of everything they do.
He argues that most companies have done it backwards, focusing too much on what they sell and how it works.
but actually…
“people don’t buy what you do, they buy why you do it” – simon sinek
uses his golden circle diagram throughout the book to explain his idea:
with examples of people like steve jobs, what made him such a great leader, apple, and why customers keep coming back to buy their products.
It’s a fantastic read for entrepreneurs as it really forces them to rethink their messaging and teaches them to put core values, beliefs and purpose at the center of everything.
selling spins, by neil rackham
No matter how good your product, service or idea is, if you can’t market it and ultimately sell it, the business will fail.
This is especially true today, where customers can choose from thousands of alternative products. If entrepreneurs want to be successful, they must know how to sell.
When it comes to large, multi-faceted sales cycles, one of the best books you can buy is Neil Rackham’s The Selling Spin.
rackham analyzed more than 35,000 sales calls from experienced sales professionals to determine what worked and what didn’t.
Their study revealed that…
“The quality of the questions asked by the seller had a direct impact on higher closing rates.”
In shorter consumer goods sales cycles, a closing can often be completed in a single call.
however, when it comes to much longer and more complex offers, it is not so much about the product as it is about growing relationships, demonstrating empathy >. and build trust .
this is achieved by asking questions in sequential “turn” order:
situation: understand the context of the sale issues: identify the customer’s problems implications: what happens if you don’t act? need-payoff: the client ends by explaining how the solution benefits him
Although it may seem overwhelming to those new to sales, rackham does a great job of breaking down the steps into small parts.
Each concept is explained using real case studies as well as practical advice on how to prepare for the four outcomes of any sales call and what questions to ask and in what order.
This method essentially teaches entrepreneurs to identify customer pain points and not push random solutions. if there is no identifiable weak point, there is no sale.
if you keep finding solvable problems, then you have to learn to pivot (as you may remember from our lean startup discussion above), as your initial assumption is likely wrong.
essentialism: the disciplined search for less, by greg mckeown
The last book we wanted to add to this list is Essentialism: The Disciplined Search for Less, by Greg McKeown.
As an entrepreneur, your life is hectic.
for the business to be a success you have to learn:
- a new set of skills
- monitor the competition
- talk to customers
- read endless books
- learn to negotiate
- manage and sell your product
…all while balancing family life (and trying to stay fit and healthy).
The problem is that there simply is not enough time to include all that. You must learn to prioritize your time.
This book challenges you to do just that!
Take a step back and think about what you spend your time on.
What are your strengths? where will you make the biggest difference? What areas can you delegate to other members of your team?
a quote that caught my attention from the book is:
“warren buffett owes 90% of his wealth to just ten investments.”
less is often more, as mckeown strongly insists throughout the book. something we believe all entrepreneurs can learn from.
we want to hear from you!
What books do you think every entrepreneur should read? What do you think of the 7 we have chosen?
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