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7 books every entrepreneur should read

(BUSINESS ENTREPRENEUR) You’ve heard it said, “do as I say and not as I do.” Read these books from authors who have figured out what works and what doesn’t when starting a business.

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If you’re thinking about leading a startup (or already do), but are not sure where to go, the internet is often the first place we look. Surely, you can find dozens of blogs, articles, stories, and opinionated editorials that can help give you something to think about.

However, there are tons and tons of great books that can help you think about what you need to get started, how you could benefit from changing your mindset, or address challenges you may confront as you begin your entrepreneurial journey. Take a look at the following 7 you may want to add to your bookshelf.

1. The Startup Checklist: 25 Steps to a Scalable, High-Growth Business
This text not only boasts a 5 start rating on Amazon, but offers what few books do – practical, tangible, down to earth advice. Where lots of books try to tell you a story, talk strategy, and share wins, author David Rose instead focuses on advice that assumes no prior experience – and breaks it down from the fundamentals.

2. Nail It then Scale It: The Entrepreneur’s Guide to Creating and Managing Breakthrough Innovation
Nathan Furr and Paul Ahlstrom focus on creating a lean startup by offering a step-by-step process that focuses on nailing the product, saving time, and saving money. The first step is about testing assumptions about your business, and then adjusting to growing it (hence: Nail It and Scale It). Strong aspects of this book include a great theoretical foundation, and an easy to follow framework.

3. The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls that Can Sink a Startup
Wasserman’s strength here is that he focuses not only on the financial challenges, but identifies the human cost of bad relationships – ultimately how bad decisions at the inception of a start-up set the stage for its downfall. This book is a great tool to proactively avoid future legal challenges down the row, and also discusses the importance of getting it right from the start.

4. The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers
Horowitz writes about his experiences, taken from his blog, in a way that even inexperienced managers can touch and learn. The advice here really focuses on leading a start-up, and what lessons his experience has given him. Presented in a humorous, honest, and poignantly profane way.

5. The Startup Owner’s Manual: The Step-by-Step Guide for Building a Great Company
Blank and Dorf here standout due the sheer mass of this text. A comprehensive volume at 573 pages, my favorite piece for new investors is a focus on valued metrics – leveraging data to fuel growth.

6. The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life
A personal favorite of mine, this book is recommended for entrepreneurs not because it’s focus on business, but as a reminder that those of you wanting to start up are people. You have limited resources to manage as a person, and will need to adjust your perspective on what you care about. This book is about changing your mindset to pick your battles and be more focused.

7. Disciplined Entrepreneurship: 24 Steps to a Successful Startup
Bill Aulet starts with an approach that entrepreneurs can be taught, and breaks down the process into 24 steps, highlighting the role of focus, the challenges you may encounter, and the use of innovation. This text wins due to its practicality for new start-ups, and a specific method for creating new ventures. It also features a workbook as an additional, optional resource.

Kam has a Master's degree in Industrial/Organizational Psychology, and is an HR professional. Obsessed with food, but writing about virtually anything, he has a passion for LGBT issues, business, technology, and cats.

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2 Comments

2 Comments

  1. Katherine G Levine

    September 17, 2017 at 4:28 pm

    New is not always better. Classics that hold true: One Minute Manager by Kenneth H. Blanchard and Spencer Johnson
    and Getting to Yes by Roger Fisher and William L. Ury Short no-nonsense reads.

  2. Ashley Newell

    July 24, 2019 at 6:28 pm

    Two of the best of all time (not recent): Selling with Honor: Strategies for Selling Without Selling Your Soul, by Lawrence Kohn & Joel Saltzman, and The E-Myth Revisited: The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It, by Michael Gerber.

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Business Entrepreneur

What’s the difference between an accelerator and an incubator program?

(ENTREPRENEUR) When considering your options for growing your startup, do you know how an accelerator differs from an incubator? The differences are bigger than many realize…

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There are now more options than ever when it comes to applying to as well as choosing the best startup accelerator or incubator.

For those of you who may be new to the startup world (welcome!), I’ve compiled some helpful information to determine the difference between an accelerator and incubator, and which one might be best for your company.

Yes, all programs tout value to burgenoning businesses such as business plan assistance, introduction to other founders and mentors, and most importantly, guidance on fundraising to VCs and angels. But what’s the difference? Here’s the lowdown:

Incubators:

Incubators are built specifically for founders that are at the initial stages of starting their companies and don’t have set program timelines.

Unlike accelerators, incubators operate on a less structured time schedule with less programming and resources, and it’s not uncommon for a company in an incubator program to last for several months or even years.

Incubators typically offer their portfolio companies free office space, business plan advice, and mentorship.

The incubator may offer assistance in introducing your company to potential investors, but it’s not always the main purpose of the program (whereas the majority of accelerators have “demo days” where founders specifically pitch to potential investors).

Incubators are especially popular in local economies and can be run by organizations like non-profits, civic organizations, co-working spaces, and universities. Since incubators have less of a time requirement and offer less resources, you’ll only need to commit to a small amount of equity, often around 1%.

Accelerators:

Accelerators are more focused, time-intensive structured programs for companies with a proof of concept/minimum viable product (MVP) and market validation.

Accelerators do just that: accelerate company growth for startups with proven potential to exit (either eventually sell or go public). Because of this, accelerator interview processes are typically extensive and competitive.

Most programs can last anywhere from 10 weeks to 3-4 months. With many top accelerators, you’ll be expected to move to the city where it’s hosted and spend 40+ hours a week minimum in their dedicated coworking space, and several accelerators offer housing stipends to make the move easier.

These programs typically conclude with a demo day to pitch your product to a variety of community leaders, angel, and institutional investors.

Many accelerators are industry-agnostic, but some specialize in specific industries such as The Brandery or Comcast LIFT Labs.

Accelerators offer exclusive access to investors, web hosting credits, other perks, and special access to program mentors as well as program alumni.

Because of this, the equity required is often somewhere in the range from 3% to 6%.

Y Combinator, one of the most prestigious accelerators in Silicon Valley, invests $150,000 in each startup in addition to its program for a 7% equity stake.

Overall, incubators and accelerators can offer extensive value for founders, but make sure to research carefully when choosing a program. Next up, we’ll talk about choosing the best accelerator for your company and founding team, so stay tuned!

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Business Entrepreneur

Entrepreneurs: You’re unemployable in your own company, must define your role

(ENTREPRENEURS) Once you’ve built a successful business, it’s time to reexamine your role and determine where you fit in best.

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In my experience, most entrepreneurs are “accidental entrepreneurs.” They happened to be good at something, or they had a unique one-time opportunity to provide a product or service to the market. Then years later, they wake up one day and realize that they’re running a big business.

As an entrepreneur, one of the unintended consequences of building a business is that you become essentially unemployable within your own organization. After living the life of freedom, flexibility and responsibility of being a business owner, it’s difficult to go back to a “nine-to-five” job. This is why many entrepreneurs don’t enjoy staying with their businesses after they’ve sold to other organizations. Within months, they are frustrated that they’re no longer in control and the new owners are (in their opinion) making poor choices.

I see many situations where entrepreneurs are bad employees in their own organization. In fact, they may be the worst team members in the organization by having inconsistent schedules or poor communication skills and/or by inserting themselves into areas that aren’t useful. They can also have too much freedom and flexibility. And while most entrepreneurs insist on clearly defined roles, expectations and goals for all of their employees, they don’t always take the time to define their own roles, expectations and goals.

So why do entrepreneurs become bad employees?

I believe that it’s because they don’t have someone holding them accountable. Think about it: Who do they report to? They’re the owners. Part of the definition of “owner” is being accountable for everything but not accountable to anyone. Having a board of directors, a peer group or a business coach can provide some accountability for them, but another solution is to clarify their roles in the company and then abide by those definitions.

If you find yourself “unemployable” in your business, it’s time to define your role. It starts with outlining your main focus. Do you concentrate more on day-to-day execution or strategic, long-term decisions? Do you consider yourself an owner-operator or an investor?

Most entrepreneurs start as an owner-operator and put in countless hours of sweat equity doing whatever needs to be done to build the business. But over time they reinvest earnings in the business and hire a management team so they can step back and take on a more strategic role. Sometimes it’s not clear when the entrepreneur makes that transition, which can lead to challenges for the entire team.

Focus: Strategic Overview

If your main role is in dealing with long-term, strategic decisions, then it’s important for you to communicate that to the team. Clearly delegate tactical roles and responsibilities to the leadership team.

I’ve seen many instances where owners do more harm than good by haphazardly injecting themselves into tactical decisions that should be handled by the leadership team. Instead of jumping in when they see something they disagree with, I encourage owners to actively “coach” their leadership team to be better leaders. The approach of micromanaging every decision of others will frustrate everyone and lead to an underperforming organization.

I have one client that decided his role was to build strategic relationships and work on a new service offering. He was confident that his leadership team could handle the day-to-day operations of the business. Over time he discovered that being in the office every day was actually a distraction for him and his team. So, he moved his office out of the building.

To maintain his ownership responsibilities to the company, he scheduled one afternoon a week to physically be in the office. Team members knew they could schedule time with him during that weekly window when he temporarily set up office space in a conference room. Not having a permanent office in the building also sent a message to the team that he was not responsible for day-to-day decisions. Sometimes not having an office in the building is better than the team seeing the owner’s office empty on a regular basis.

Focus: Day-to-Day Execution

If you decide that your role is in the day-to-day execution of the business, then clearly define your role in the same way you would define any other team member role. Are you in charge of marketing? Sales? Finance? Operations? Technology? R&D? Or, some combination of multiple roles? Take the time to outline your responsibilities and communicate them to the team.

Just as you define your role, also define what you are NOT going to do and who is responsible for those areas. After all, sectioning off some tactical work does not abdicate you from long-term decision-making. You must set aside time to make the long-term, strategic decisions of the company.

Being an entrepreneur sounds glamorous to those that haven’t done it, but ultimately, the owner is accountable for everything that happens in their organization. It can be quite sobering. And while some entrepreneurs have a delusional belief that they can do everything in a company, it’s not a path to long-term success.

All entrepreneurs have to decide what their role should be in their organization – even if it means that they’re contributing to their “unemployable” status.

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Top 10 character traits of successful entrepreneurs

(ENTREPRENEURS) Successful entrepreneurs and freelancers have certain traits in common – some can be learned, others are inherent. Do you have what it takes?

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Thinking of being an entrepreneur or freelancer?

If you’re one of the thousands of Americans who wants to quit their day job for freelancing or opening up your own company, are you sure you have what it takes to succeed? I’ve been in the game for nearly five years and what most won’t tell you is that there are many ups and down – it’s about more than grit. Succeeding is about more than just a will to win, rather your character – what’s inherently inside of you.

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Before starting out, you need to assess your skills and traits. Here are the top 10 characteristics of what successful entrepreneurs have in common:

1. Independence

You’re going to have to make decisions on your own. Rejection will happen. You have to trust your instincts and work with no one pushing you forward.

2. Risk-taking and assessing

When you’re your own boss, you have to measure the risk of every decision. Buying property is a great investment, but what happens if the market drops out of your industry two or three years down the road. If you can’t face uncertainty, you’re not going to make it in the entrepreneurial world.

3. Confidence

The SBA talks about being persuasive to get customers and employees, but before that, you need confidence.

If you don’t believe in your ideas, you won’t be able to persuade others to get behind you.Click To Tweet

I’ve learned that sometimes, you just have to fake it until you feel confident.

4. Creativity

You’ll never flourish in business if you can’t be creative. It’s not just about having new products but also about innovative marketing techniques and finding new methods of reaching customers. I started out covering news and writing website content, but now I write white papers, case studies, and press releases.

5. Support

Although this might be financial, it’s most certainly emotional. It’s draining when you begin your business. You have to spend time curating clients, marketing, finding support staff, and watching your books. You might go a month without getting a paycheck. If your family isn’t behind your decision, it’s going to be difficult when things get tough.

6. Discipline

There’s no substitute to take your place when you don’t get out of bed to take on your day. There’s no boss checking up on you to make sure you got to work on time. If you don’t have the incentive to get out of bed when you don’t have clients, you’re going to find it’s hard to meet their deadlines when you do.

7. Ethics

It’s hard to be financially responsible and follow all the rules of your industry when no one’s looking over your shoulder. You can’t just take money from your business accounts to pay yourself whenever you want. Well, I guess you could, but when you miss a tax payment or can’t pay your electric bill, who will you ask to pull you through?

8. Time management skills

I write a lot about productivity. To manage my clients, I can’t spend so much time working for one when another has deadlines that can’t be missed. You also have to manage your time to give yourself breaks. No one can work seven-day shifts indefinitely without burning out eventually.

9. Quick decision-making skills

There will be times when you don’t have two or three days to make a decision. You have to balance the risks of making a quick conclusion versus missing out.

10. Self-awareness

When you start out on your own, you want to know why you want to work for yourself. Be specific. You can’t say, “I want to be my own boss.” You’re going to need this self-awareness for times when it gets rough. Have goals and objectives, not just financial ones, to measure your success.

The takeaway

Being a freelancer and/or entrepreneur offers a lot of benefits, but there are downsides. You have to have the disposition to deal with the ups and downs of working for yourself.

#entrepreneurs

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