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15 New, Must-Read Business Books for Achieving Success

15 New, Must-Read Business Books for Achieving Success

Growing up as a kid, I never exposed myself to books unless I absolutely had to. Sometimes I’d “have to” read a book and write up a report. Other times, I’d “have to” read a book to prepare for an exam of some sort. To sum it up: unless I had some required reading to do for school, you’d never see me reading.

Fast forward into my late teens. I started becoming interested in the notion of “Why.”

Why do some people succeed in life and business, while others get left behind? After talking to or studying some of the most successful people I could think of at the time, I learned something special that nearly all of them had in common—they read books. Lots of books.

And that’s when I asked myself the following question:

“If successful people keep saying they became successful by reading books about what they were passionate about—and then taking action on what they learned—then why couldn’t I do the same?”

Today, I read about a book or two per week. In fact, reading is part of what I do for a living. I imagine that if I were to have a conversation with the 14-year-old version of myself, I’d have a pretty tough time convincing him of how much of a dorky book worm I’ve turned into.

In this article, I’d like to share with you 15 new, must-read business books for achieving success in your professional career. This list is filled with gems. Ready? Let’s go.

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1. Zero To One by Peter Thiel & Blake Masters

zero-to-one-cover

    This book is a collection of lectures delivered by billionaire investor and founder of PayPal, Peter Thiel, during his teaching years at Stanford. Along with co-author (and former student) Blake Masters, Thiel has put together a hard-hitting set of standards for entrepreneurs, startups, and thought-leaders to carefully consider when building the “next big thing” of the future. Quite frankly, certain sections of the book are so ridiculously well put together that one just sits there and thinks after reading them. Chapter after chapter, Thiel gives example after example of how to successfully build the future.

    2. Leaders Eat Last by Simon Sinek

    Leaders-Eat-Last-Cover

      If you honestly believe in the possibility of a brighter future for the way we work and how our organizations are led, then this is not recommend reading—this is required reading. Leaders Eat Last lays out idea after idea that provokes us to think about whether we need to overhaul our approach to leadership completely. In this book, Sinek explains why leaders must replace “Command & Control” models of management with more sustainable approaches, that are grounded in empathy and designed to boost engagement and a sense of “family” that we’ve all wished we could experience in the workplace. Pick this book up to gain an understanding of what it truly means to be part of a team, and how to cultivate an environment that fosters it if it’s something you currently lack at work.

      3. 

      If you’ve ever wondered what makes the most innovative people in the business and tech world tick, then this book is for you.

      4.

      If you’re interested in learning the mechanics of what goes into designing habit-forming products, then this book is for you. In this book, author Nir Eyal breaks down the ingredients of a habit-forming product, and uses supporting examples to clarify his points, so that you can really learn how to implement the triggers that popular apps like Instagram, Facebook, Yelp, and Google have used in order to get us “hooked” on their products. If you’re at all interested in learning what it takes to create products that help others create positive habits in life and business, this episode is for you.

      5. Mindset by Carol Dweck
      mindset
         

        After decades of research on achievement and success, Carol Dweck shows us how the power of our mindset can contribute to our success in life and business. It’s more than just skills and abilities—it’s about how we approach things in life: are you cultivating a “fixed mindset” or a “growth mindset?” Reach your goals and raise your quality of life with this book on psychological mastery—and how to put it to use.

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        6. Crazy Is a Compliment by Linda Rottenberg
        crazy-compliment

          If you’ve been called crazy for your business ideas, or if people don’t seem to understand what you understand—then this book is a way for you to cope and collect the inspiration and insight you need to forge ahead and do what you love—successfully.

          7. The Happiness of Pursuit by Chris Guillebeau
          the-happiness-of-pursuit-chris-guillabaeue

            What good does all your business know-how do you if you’re not in the moment, enjoying the journey?This book is about the patterns of happiness author Chris Guillebeau has recognized in successful entrepreneurs, leaders, and change-makers around the world. What he noticed was simple: they were happiest throughout each of their individual journeys—not necessarily when they finally achieved a specific goal they were after. Essential reading for anyone who wants to extract as much fulfillment out of life as possible.

            8. Value Proposition Design: How to Create Products and Services Customers Want by Alexander Osterwalder
            value-proposition

              This is a hard-hitting book that equips people and teams with the tools to drive meaningful, productive, collaboration towards creating and building the future.

              9. How to Speak Money by John Lanchester
              how-to-speak-money-cover

                If confusing algorithms and number-crunching financial talk confuses you, then How to Speak Money is for you. In this book, you’ll learn how the world of finance really works: from little loop-holes in the Terms & Conditions of your checking account, to the actual definitions (and implications) of terms and acronyms, like “amortization,” GDP, and the real definition of “inflation.” He also dives into how the IMF and World Bank operate, as well as how hedge funds work. This is essential for anyone who feels the need to get a handle on how the financial industry really works—in plain English.

                10. The 7 Day Startup by Dan Norris & Rob Walling
                7-day-startup

                  What if you could learn from someone who built a business in 7 days, from scratch, and grew it up to $400,000 in annual recurring revenue within just a few years?

                  If you just asked “where do I signup?” then this book is for you. In this book, author Dan Norris discusses unconventional methods and strategies you can apply towards your business (or business idea), such as:

                  – Why validation isn’t the answer
                  – How to evaluate your startup idea
                  – How to build a website in 1 day for under $100
                  – 10 proven marketing methods you can apply quickly
                  – and much, much more.

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                  This is the essential guide for founders, freelancers, boots trappers, and entrepreneurs to stand up and start something that matters.

                  11. Scrum: The Art of Doing Twice the Work in Half the Time by Jeff Sutherland

                  the-art-of_doing_twice-in-less-sutherland

                    This is a book about designing efficient systems that you can leverage at work and at home to maximize your output, results, and rewards. Pick this up if you want to achieve the unachievable. 

                    12. How Adam Smith Can Change Your Life by Russ Roberts

                    adam-smith

                      More than another book about the father of capitalism, this book exposes a side of Adam Smith that most economists never knew he had—in this book, author Russ Roberts dives into the virtuous side of Smith, influenced by one of Smith’s writings that barely got read, titled The Theory of Moral Sentiments. Roberts pulls nuggets of practical wisdom from this text about human nature, and organizes it all into a master piece for personal and professional wellbeing that provides an answer to the age old question of “how to live a good life” that rings just as applicable today, as it did when Smith originally penned it three-hundred years ago.

                      13. Good Leaders Ask Great Questions by John C. Maxwell

                      good-leaders-ask-great-questions-john-maxwell

                        Get ready to have all your pressing leadership questions answered, because in this book, Maxwell tackles questions every leader wants to know, such as:

                        – How can I discover my unique purpose as a leader?
                        – What is the most effective daily habit that any leader should develop?
                        – How do you motivate an unmotivated person?
                        – How would you work with a difficult leader who has no vision?

                        14. Rookie Smarts: Why Learning Beats Knowing in the New Game of Work by Liz Wiseman

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                        rookie-smarts

                          If you think what you know now may eventually become useless and obsolete in the uncertain—and increasingly changing future—then Rookie Smarts is for you. Pickup on the skills that will help you “pay the bills” (plus some) in the rapidly changing economy that we’re heading into over the coming years. 

                          15. Entrepreneurial StrengthsFinder by Jim Clifton & Sangeeta Bharadwaj Badal

                          entrepreneurial-strengths-finder

                            From the same folks who brought you the famous StrengthsFinder books, Gallup delivers again. This time however, they’re aiming for the success and prosperity of the entrepreneur.  Entrepreneurial StrengthsFinder delves into the psychology of the entrepreneur. Everything from personality to sustainability—the authors of this book leave no stone un-turned when it comes to addressing even the most minute of details that can have an impact on the growth of a successful business.

                            Decisions, Decisions…

                            Okay, now you’ve got a list of the 15 newest, must-read books for achieving success as a modern professional in a modern world that’s moving faster than ever. Now what?

                            Which book do you read first? Should you go out and get all of them immediately? Should you read them all? So many options. So little time.

                            Ultimately, it’s totally your decision what you do with this list and how you apply it to your life and career. But if I may, here’s what I would suggest you consider as you get started:

                            • Subscribe to a book summary site, like FlashNotes Book Summaries to get the key-takeaways from the books on this list.
                            • If you’d prefer to read an entire book, I would highly suggest that you read just ONE book at a time. Sometimes, when we see something new and exciting, we have tendency to want to do/learn/read it all at once… and as we all know, this is nearly impossible to do without stressing ourselves out. So, choose a book. And then commit to reading it from start to finish.
                            • If you’re in a rush, try Audio books, or Audible Book Summaries.
                            • Finally, if you’re in a super rush, checkout some YouTube video book summaries, like this one.

                            More by this author

                            Dean Bokhari

                            Author, Entrepreneur, Podcast & TV Host

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                            Published on December 13, 2018

                            How to Start a Company from Scratch (A Step-By-Step Guide)

                            How to Start a Company from Scratch (A Step-By-Step Guide)

                            If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

                            But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

                            So how to start a company?

                            Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

                            1. Do an Honest Evaluation of Yourself

                            Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

                            These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

                            Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

                            You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

                            2. Evaluate Your Idea

                            If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

                            There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

                            First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

                            Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

                            After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

                            Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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                            3. Make a Business Plan

                            I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

                            Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

                            • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
                            • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
                            • Market Strategies – How are you going to penetrate the market and sell your product.
                            • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

                            A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

                            Playing up the positives while minimizing the negatives is almost expected in a business plan.

                            Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

                            4. Decide on a Business Structure

                            You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

                            Sole Proprietorship

                            This is a common way for small businesses to get started.

                            The pros being:

                            Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

                            Finally, sole proprietorship’s are relative easy to dissolve.

                            The cons of using a sole proprietorship include:

                            You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

                            If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

                            Partnership

                            A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

                            The pros of a partnership include:

                            Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

                            For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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                            As far as the cons go:

                            It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

                            Some employee benefits may not be able to be deducted on income tax returns.

                            Limited Liability Company (LLC)

                            This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

                            The pros of an LLC include:

                            Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

                            Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

                            There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

                            Corporation

                            A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

                            The pros of a corporation include:

                            Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

                            A corporation can raise capital much easier just by selling more shares in the company.

                            Cons of corporations include:

                            Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

                            Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

                            5. Address Finances

                            Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

                            So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

                            Now, how do you get that money?

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                            Self Funding

                            If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

                            Friends and Family

                            They can be a good source of funding your business if they can see and understand your vision.

                            Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

                            For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

                            And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

                            Banks

                            These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

                            It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

                            You should also brush up on everything in the plan so that you can answer any questions they have with authority.

                            Crowdfunding

                            Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

                            6 Crowdfunding Tips To Get Your Project 100 Percent Funded

                            6. Register with the Government

                            As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

                            Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

                            7. Assemble Your Team

                            Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

                            Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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                            Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

                            What about marketing? You can hire someone in-house or out-source that too.

                            Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

                            Check out this guide and learn how to delegate effectively:

                            How to Delegate Work (the Definitive Guide for Successful Leaders)

                            8. Buy Insurance

                            No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

                            We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

                            9. Start Branding Yourself

                            Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

                            I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

                            If you aren’t sure how to kickstart branding yourself, check out these ways:

                            5 Ways to Build your Personal Brand & Make More Money

                            The Bottom Line

                            Starting a business from scratch can be one of the most rewarding experiences a person can have.

                            But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

                            More Resources About Entrepreneurship

                            Featured photo credit: Tyler Franta via unsplash.com

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