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It is not for the faint of heart to start a business. When you consider that more than one out of every five new firms fails within the first year1 (according to the US Bureau of Labor Statistics), you want to make sure you’ve done everything you can to ensure your success. Of course, this entails conducting extensive market research, but it also entails spending time learning about small business survival tactics from those who have “been there, done that.”
Talk to people you know who are entrepreneurs, read blogs, but also read some good old-fashioned business books. With this list of the greatest books for establishing a business, you may learn some crucial principles in entrepreneurship.
Best Overall: Will It Fly?
Pat Flynn has established himself as an online passive income expert and is regarded as a thought leader in the field of entrepreneurship. He offers practical, real-world guidance in “Will It Fly?” on how to test out business ideas before you start to ensure they’re practicable, realistic, and profitable.
The book takes readers through five steps: ensuring that your business idea aligns with your goals; analysing details about your idea that you may not have considered; assessing the market for your business idea; testing your idea; and, finally, deciding whether to pursue your idea or return it to the drawing board.
It’s an excellent option for anyone who feels they have a brilliant company idea but wants to get some more confirmation before investing time, money, and effort into creating it.
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Best for Branding: Crushing It!
Developing a recognised brand might mean the difference between a decent and a great business. Before you even launch your business, start creating your brand so that once it’s up and running, you can start interacting with your target audience and making sales.
Gary Vaynerchuk recognises the value of great branding and has positioned himself as a thought leader in the entrepreneurial community. He outlines why having a clearly defined brand is important and the underlying concepts of excellent branding in “Crushing It!”
The book is a step-by-step guide to building a business brand that resonates with the people you want to attract while keeping true to yourself. If you’re planning to use social media to market your business, Vaynerchuk’s advice on how to make the most of it will come in handy.
Best for Managing Finances: Profit First
One of the most difficult tasks for budding entrepreneurs is figuring out the financial aspects of beginning and sustaining a firm. You want to make money with your company, but you also need to know how to invest for growth and what to do with the money you make once it starts coming in.
In his book “Profit First,” Mike Michalowicz discusses some of these topics. His book is designed to help you boost profitability in your business, regardless of where you are in the life cycle, and sustain positive cash flow so you can avoid the financial difficulties that new firms frequently face.
He breaks it down with a simple formula for handling the financial part of running a business in a way that even non-accountants can comprehend. It’s a must-read if you want to lay a strong basis for managing cash flow from the start.
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Best for Female Entrepreneurs: Women Who Launch
When it comes to things like securing money, women typically face unique difficulties and problems when beginning their own business. It can be depressing, but “Women Who Launch” provides encouragement and incentive to keep pursuing business success.
Wagman-Geller presents a number of female entrepreneurs who have surmounted obstacles and built their own businesses. Although the stories are varied – Spanx inventor Sara Blakely and Girl Scouts founder Juliette Gordon Low are both highlighted – the underlying concept is universal. The book is a tribute to women who have taken control of their professions and left lasting corporate legacies.
Best for Startups: Zero to One
When compared to starting a small firm on your own, starting a startup is a completely other animal. You may have to manage staff or investors, for example, or your initial startup expenditures may be significantly higher.
It’s a lot to juggle, and firms that can’t manage it successfully are more likely to close their doors. “Zero to One” gives tips on how to avoid such a situation.
Peter Thiel, co-founder of PayPal, delves into the traits needed to build a successful startup in today’s business environment. One of the themes he emphasises is how to employ creative innovation to gain a foothold in the market without causing disruption that could jeopardise your company’s long-term viability.
Runner-Up, Best for Startups: The $100 Startup
Before you can establish a business, you must first determine how much money you will need for initial expenses. Don’t be concerned if you don’t have a large budget to deal with. It is still possible to become an entrepreneur.
Author Chris Guillebeau investigates 50 case studies of entrepreneurs who successfully established a firm with very little money in his book “The $100 Startup.” He dissects each one to determine the most crucial variables that contributed to their success (hint: it wasn’t having a lot of money to invest in their companies).
This book is all about turning your knowledge and passion into a profitable company. It’s an excellent read if you’ve always wanted to start a business but have been putting it off due to a lack of capital.
Best for Productivity: Atomic Habits
As an entrepreneur, time is one of the most valuable things you have, and you want to make every second count while you’re just getting started. “Atomic Habits” can assist you in getting things done and moving forward in your business.
Author James Clear outlines how we establish habits and why it’s important to understand the process if you want to change or create new ones. His core argument is that by making tiny improvements over time, huge effects can be achieved.
“Atomic Habits” is ultimately more of a self-improvement book than a business book, although it can still be helpful in rethinking your daily routine and behaviour patterns. You may become more productive and take the essential action steps to boost business success by carefully modifying your behaviours.
Best on Leadership: Leaders Eat Last
Starting a business can sometimes be a one-person show. Hiring staff may not be on your mind if you’re intending to start your own business as a freelancer. However, if you’re establishing a firm with a team or believe you’ll need one in the future, it’s useful to know what qualities make a good leader.
In his book “Leaders Eat Last,” Simon Sinek focuses on this. He goes into detail about how leaders can establish trust in their teams and why it’s so vital for motivation and success.
The book is written in a relaxed, conversational style that offers a new perspective on what it means to lead effectively. Overall, it’s a very relatable read about why being able to work together is important, and you’ll walk away with some practical advice on how to improve and build your leadership abilities.
