5 Books Every Small Business Owner Should Read

by | Apr 16, 2020 | Uncategorized

1. The Power of Habit:

Why We Do What We Do in Life and Business by Charles Duhigg

After its release in 2014, this business book topped the bestseller lists in the US and has been considered one of the best books for entrepreneurs. Duhigg uses his book to describe the effects of people’s repeated actions ad how actions form habits. He uses science to explain habits and how people can change their habits to promote success. Duhigg emphasizes the role of habits in achieving business and life goals. When a new habit is ingrained in the brain, all a person has to do is remember the stimulus for the habit and the reward. He illustrates how having a certain reward in mind such as success encourages people to develop a habit that aligns with their goals. He also explains how during a habit loop the brain stops engaging in decision-making and relies on previously gained information associated with the habit.

Small business owners can use this book to develop positive habits such as filling their documents appropriately, reviewing their business progresses and challenges daily, and setting new goals for each day. As an entrepreneur, you can use this book to establish positive habits in your business.

You can find a summary of the book here

2. The 4-Hour Workweek

by Tim Ferriss

This business book assists start-up entrepreneurs in becoming efficient in managing their life and business. For instance, he suggests checking your emails twice a day to avoid wasting time going over your emails. He also suggests the need to hire virtual admins who can perform roles such as booking reservations, researching minor points, marketing, proofreading reports, scheduling meetings, and writing complaint letters. Eliminating the need to focus on such tasks can help you focus on aspects that are more important in your business such as marketing strategies and investment opportunities. His belief in the automation of life and the ability of an entrepreneur to liberate himself or herself from menial tasks shows entrepreneurs the importance of concentrating on the important aspects of their business. The book can help you view role delegation from a different approach. It mentions different resources and references that can help you become more efficient. Ferriss’ focus is the importance of saving time and allowing other people to perform simple roles for you so that you can focus on advancing your business.

You can find a summary here

3. Good to Great:

Why Some Companies Make the Leap and Others Don’t by Jim Collins

This is one of the best business books that address the management approaches used by companies, which makes them move from being good to great. This book will help you learn how to succeed in your industry. As a small business owner, it is essential to learn about the mistakes made by other companies in your industry as well as marketing or management strategies that have been proven effective. Collins points out success factors that are common to a few successful companies that have been able to rise to the top in their industry and sustained their success for a long time. In determining whether a company has transitioned from being good to great, Collins used a team of 21 financial analysts to study companies whose growth had out-shined their competitors in different industries. If you are interested in understanding the techniques these companies used in investing in business before attaining their success, this is the best book for you.

You can find a summary here

4. The Lean Startup

by Eric Ries

Reading is a form of investing in your business by enriching yourself with the knowledge to run your business. In this book, Ries will take you through the lean startup method, which has helped many entrepreneurs to build successful companies, launch new products that focus on their customers’ needs, and consider their ideas carefully before investing in them. Ries book can be used by any small business owner including those operating in their garage. He describes systematic and scientific ways, which entrepreneurs can use to get the information they need and help them make faster decisions in the ever-changing business world. He uses a wide range of real case studies to illustrate the principles he explores about investing in business along with his experiences as an entrepreneur. Ries’ book will help you identify your vision, learn the importance of sticking to a plan and a budget, experiment with actual products, and achieve your goals. For entrepreneurs who are unsure about their next move, this book will push you to take the next move even though your ideologies might not be fully developed and adapting to changes. According to the book, the most important thing for small businesses or startups is to keep trying.

You can find a summary here

5. How to Win Friends and Influence People

by Dale Carnegie

While investing in advertisements and other marketing strategies can help your business grow, it is important to network with people in the same industry. In his book, Dale Carnegie describes the importance of building the right relationships in business that promote the profitability of the business. This book offers insights into techniques for handling people, ways of understanding needs and winning their interest, and effective leadership approaches. Understanding these factors can help small business owners learn the best approaches to interacting with their workers and potential customers. Carnegie’s ideologies can be applied in any business despite its development stage. Having other people believe that their needs are important to you, will make them more willing to listen to you and consider your products or services as opposed to directly trying to convince them to invest in the products or services.

You can find a summary here

Final Words

Running a business can be challenging especially if you are unsure about what you are doing. These five business books will help you learn the approaches that successful entrepreneurs have taken in attaining their success.

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