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The top 10 business books every professional and entrepreneur should read — July 31, 2015

The top 10 business books every professional and entrepreneur should read

/The Fetch community

There are hundreds of thousands of books about business available today, which can make it tough to cut through the noise to find those that actually provide actionable advice. From great reads for startup CEOs to books about the importance of team building and psychology, we’re sharing a few of our favorites:

  1. The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries

    It’s an unfortunate fact that 80 percent of startups fail, but Ries believes that many of them don’t have to. When writing, he considers that a majority of failed companies don’t have the surplus time, money or manpower to complete extensive A/B testing and other market research strategies — so he offers advice about how to reduce product development cycles, find out what customers really want, and adapt to the marketplace before resources run out.

  2. Work Rules! Insights from Inside Google That Will Transform How You Live and Lead by Laszlo Bock

    There’s a reason why this book landed on both the New York Times and Wall Street Journal Best Seller lists. A company is only as good as the talent it attracts and keeps, so Bock offers an in-depth explanation for a proper manager-employee relationship. Furthermore, he lists the exact qualities to look for when adding members to a team and explains the importance of finding balance between encouraging creativity and maintaining structure. Google is consistently rated one of the best places to work, and the insights shared here make it easy to understand why.

  3. The Facebook Effect: The Inside Story of the Company That Is Connecting the World by David Kirkpatrick

    How did a student create one of the fastest growing companies of all time, completely transforming the Internet and how humans interact online? Here, veteran technology reporter Kirkpatrick offers a detailed history of Facebook and how it became the incredible company that it is today. This impressive, inside story speaks to why Facebook was started, the company’s early missteps, power of uncompromised vision, struggle between growth versus profit, and what’s next.

  4. Hooked: How to Build Habit-Forming Products by Nir Eyal

    It’s a well-known fact that it’s easier and more cost-effective to keep a customer than acquire a new one. Eyal takes this concept a step further by exploring intriguing questions such as: why do some products get mass attention while others just flop? What makes a product so addictive that the customer can’t put it down? Is there a pattern as to how technologies hook us? Based on years of research, experience and consultations, Eyal is able to share smart findings along with practical, actionable steps for building a successful product.

  5. Hot Seat: The Startup CEO Guidebook by Dan Shapiro

    One of the best ways to learn is by example, and Shapiro’s book is chock-full of summaries that cover companies with varying degrees of success. Vividly explained are the five stages of a startup CEO, how to finish with respect to board members, staying loyal to a management team, and tips for maintaining financial security. As one reviewer wrote, “The thing that sets Dan’s writing apart from other startup books/blogs is his focus on translating his experiences (across several different types companies) into actionable advice for other entrepreneurs.”

  6. Mindset: The New Psychology of Success by Carol Dweck

    “In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment. Virtually all great people have had these qualities.” We’ve all heard the popular phrase “mind over matter,” and Dweck builds on this age old theory that with the right mindset, you can change your internal dialogue from being judgmental to helping one to grow; from praising talent to acknowledging hard work. Many have deemed this a must-read for anyone in a leadership position (including managers, teachers, parents and even CEOs).

  7. Hackers And Painters: Big Ideas from the Computer Age by Paul Graham

    Graham takes the unique approach of drawing on historical events and examples to explore what he calls, “an intellectual Wild West” in this series of essays. As computers swiftly take over our lives, Graham discusses the roles of programmers, hackers, and software designers and how they will forever change how we think and live. While you may disagree on some of his views on life, it will certainly get you thinking.

  8. The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything by Guy Kawasaki

    In the 1980s, Kawasaki helped shape Apple into one of the greatest companies of the century. As founder and CEO of Garage Technology Ventures, he has field-tested his ideas with dozens of entrepreneurial companies. With the incredible experience and success to back up his theories (presented with humor and real-world savvy), Kawasaki brings an arsenal of ideas to equip any business owner for potential challenges.

  9. Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel

    Theil started PayPal in 1998, led it as CEO, and took it public in 2002 — establishing a new era of fast and secure online commerce. Here, Theil shares his personal insights and anecdotes while raising important questions for budding entrepreneurs, including: Is now the right time to start your particular business? Will your market position be defensible 10 and 20 years into the future? Do you have a way to not just create but deliver your product? Are you starting with a big share of a small market? With strong ideas and principles to help build the foundation of any business, Thiel’s advice shouldn’t be missed.

  10. The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field by Mike Michalowicz

    If you want a simple, cut-to-the-chase approach to launching a startup, this is it. Michalowicz explains his path to success in just three simple steps: 1) Plant the right seeds by identifying the thing you do better than anyone else and focus all of your attention, money, and time on figuring out how to grow your company doing it; 2) Weed out the loser customers that waste your time and invest in the customers that add the most value and provide the best opportunities for sustained growth; and 3) Nurture the winners by focusing on how you can make their wishes come true and deliver on every single promise.

About our contributor // Christina Morales is a freelance writer specializing in creating online marketing content. Her dream is to one day rule the world with just an iPad, a case of Cherry Coke, Twizzlers, and a glue gun.

16 revealing signs you’re going to fail — January 19, 2014

16 revealing signs you’re going to fail

/The Fetch community/1 Comment

This is a sponsored post from our friends at Key Person of Influence.

failure

Daniel Priestley has interviewed over 2500 entrepreneurs over the last three years about their business ambitions. As he listened, he sometimes had a sinking feeling that he already knew the business was off track and would probably fail.

Here’s the top 16 things that gave him that feeling:

1. You’re only doing it for the money

The business idea is based on some trend you’ve noticed that is making lot’s of money right now. It’s been written up as a big thing, you’ve noticed it and now you’re after it. This is almost like trying to catch a bus that you can see traveling in the right direction… it’s too late. The people who make money from industries that are making money are the ones who got into the industry before it was making money (I hope that made sense).

2. You sell a low cost product and you’re not funded

As soon as someone tells me that their main products sell for $10-$800, I already know the business will be in a “J-curve” and unless the entrepreneur is funded they are unlikely to make it out the other side. The business will often show promising signs in the beginning with people saying they like the product and a few even buying. Later the realization sets in that the $30k a year PA you want to hire requires you to make 57 sales per month just to cover their wage.

3. You’ve never worked in the industry as a fully paid employee

One of the surefire ways to make a successful business is to have worked in an almost identical business to the one you want to start. In addition to all the thing’s you learn, you also spot the key aspects that need to be improved and you develop an understanding of the suppliers and contacts you’ll need. I’ve often said to people who are considering starting a business to go and get a job for 90 days in a similar business (even a menial job); It improves the odds out of sight.

4. You expect people to buy your product

Google relies on sales teams, so does BMW, so does, Rolex and so will your business. Occasionally someone might buy from you, most of the time you will need to go out and make a sale (especially in the beginning). Additionally, if you can’t or won’t go out and sell your product it’s unlikely you will be able to attract, train or retain a salesperson who will do it for you. For your business to work, you will need to go out and do face to face or telephone selling… and it will probably be that way for a while.

5. You’re risk averse

Every business requires you to take risks. A lot of entrepreneurs go backwards before they go forwards. If the idea of putting an untested advertisement on your credit card in order to see what happens, makes you feel uneasy, starting a business is probably not for you.

6. You’re delusional

If your business revolves around “Improving upon what Facebook is doing wrong” or “Taking Google to the next level” or “Being the next Richard Branson” – there’s a very good chance you won’t. More to the point, there’s a very good chance that you won’t be taken seriously. Before you give me the Colonel Saunders Story or the Disney Story, try starting small and getting one thing right, like Facebook, Google and Branson did.

7. You’re bland, boring, same and predictable

If you’re unique selling proposition is based on being slightly better, faster, cheaper or friendlier it probably won’t be enough to make an impact. If you get the feeling that your business is boring, you need to figure out how to make it interesting.

8. You’re working alone

My belief is that the minimum team is two people if you’re pre-revenue and three if you’re post-revenue. Then, ASAP you should get to 4-12 people with $160k+ per person. Business is a team sport and being a solo-preneur is a recipe for unnecessary struggle.

9. You’re not crunching your numbers over and over and over again

Business owners that do well constantly crunch their numbers in their spare time. They construct spreadsheets that allow them to play with price points, costs and margins. When asked, they have a good grip on their actuals and their projections. Those who struggle often can’t tell you things like their break-even point, their gross margin or their cost per lead.

10. You aren’t willing to front your brand

If you say “I don’t want to be known as the face of this business” for any reason, it’s probably not going to take off. Not unless you have a lot of money behind the business. When a new business enters the market, people want to know who’s behind it. If you won’t front your business, you’ll be beaten by the person who will.

11. You can’t generate 1000s of hot leads

Getting one customer is great at first but in reality if the business has a future you’ll need to get 100s of clients. To get 100 clients you’ll need about 300 appointments from about 1000 warm leads. It’s important to know how you’re going to get the leads flowing and keep them flowing.

12. People aren’t clear about what you do and why it’s for them

“Every great business begins as a great pitch” was what Mike Harris told me. He’s built three multi-billion dollar brands, so he should know. If you can’t pitch your business, it’s like having a suitcase full of cash but you can’t open the case; no one know’s or cares what’s inside.

13. People can’t learn about you

These days people learn about you before they buy. They want to know your philosophy, your methods, your story, your case-studies and your ideas for the future. If they can’t learn these things they will go elsewhere. For the learning to happen, people need articles, blogs, videos, podcasts, reports or even a book that you’ve written.

14. You are the product

If this business is all about you, then it’s hard to scale and eventually you will get burned out.

15. People don’t know you exist

My belief is “you are who Google says you are” so at a very basic level people who are searching for you should get consistent, accurate and credible information about you. Beyond that, you must reach out to people and let them know you are there. Ads, cold calls, PR, events, etc. are all part of a healthy business strategy for getting known; spend the money or go broke waiting for the phone to ring.

16. You’re trying to do too many things

Your business can probably get one to three things right over the course of the next five years. Google for all of its hundreds of experiments over 15 years gets very few to become successful money makers – search advertising still represents 96% of its income. If you aren’t focused on one key thing, you’ll probably be average at quite a few things; which is dangerous. Look at the success of Twitter who focussed on a fairly minute and featureless broadcasting tool but dominated that little segment; they are now worth 4x the value of the Royal Mail (UK).

The purpose of this blog is not to be negative, it’s to point out some clear issues that I’ve seen after interviewing thousands of entrepreneurs. I hope that you’re able to look at these 16 potential issues and avoid them before they cause real strife.

—

About our contributor // Daniel Priestley is a successful entrepreneur, event producer and author of ‘Become a Key Person of Influence’:
www.keypersonofinfluence.com.au.

Want to learn more?

KPI are running their accredited 8-hour Brand Accelerator event in February 2014 with some of Australia’s most well respected entrepreneurs and industry leaders.

  • Melbourne | 7th February
  • Sydney | 13th February
  • Brisbane | 28th February

As one of their event partners, KPI has offered readers a 40% discount on the retail ticket price, with sale ticket prices starting from $39 for general admission.

Book your ticket for the KPI 8 hour Brand Accelerator | Business Strategy Day.

Image credit: Magoz.is

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