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Seven books every aspiring startup founder 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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The power of books

If you’re thinking about leading a startup, but 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.

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However, there are tons and tons of great books that can help you think about what you need to get started, how you need to change your mindset, or challenges you may confront as you begin your startup 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. Check it out on Amazon

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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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1 Comment

1 Comment

  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.

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Business Entrepreneur

Business pro tip: when pricing your product, think like a photographer

(ENTREPRENEUR NEWS) On of the growing pains associated with starting your own business is knowing how much to charge for goods and services. Use these helpful tips one photographer uses for pricing a photo and get the ball rolling!

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More than a thousand words

A picture may say a thousand words, but a photo doesn’t just tell a story. A simple photo can be an excellent example on how to price your next business product.

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Photography blogger Sarah Petty wrote her method of pricing a simple 8×10 inch photograph for as advice for her fellow photography business owners. But her advice can actually be applied beyond the world of studios and darkrooms. Here’s how to think like a photographer whenever developing the cost of your next good or service.

Step One: Know thyself (and know thy client)

Your first step in knowing your next price for your next best selling item or service is knowing what type of business you run. This is solved by answering the simple question: are you a high volume seller with lower prices or lower volume seller with higher prices?

This question can be answered by looking at your sales for the past month. Are your trends indicating your customers prefer a more personalized, boutique approach to the things they purchase from you (with higher prices), or do you move a lot of product (with lower prices)?

When you understand what type of business sales trend you’re following, move onto step two.

Step Two: Understand your sunk costs.

A sunk, or fixed cost, is the price to manufacture or deliver a good that will not change (unless reacting to the market’s inflation). What is the basic core cost of manufacturing the product you intend to put in your store? That amount, your cost of goods sold (CGOS), is the baseline from which your ultimate price will come from. Now to step three.

Step Three: Look at your other overhead for producing your product.

So you know your CGOS, so all you do now is just add what money you want to make off that? Wrong. You’re forgetting that you’re not just making that product. You are maintaining a store or electronic storefront, you’ve got office space, human resource costs, and other things that may slip by whenever you’re trying to develop your price for your next big thing. This doesn’t mean you’re charging a customer a month’s rent for consultation fee, of course, but knowing that you’re going to need a comfortable cushion whenever figuring this product’s cost out. According to the federal Small Business Administration you should allocate a portion of the profit “to each service performed or product produced” and this cost should be calculated annually. Finished, now to step four.

Step Four: Profit!

Finally, after factoring your CGOS and your overhead, now you can decide what you want to make by selling. Petty personally uses the approximation of making 4 or 5 times her CGOS plus her overhead per item. Whatever the ultimate cost is, it has to be able to lend you the ability to live comfortably in order for you to be able to manufacture more in the future.

The next time you have to develop a price for a new product, don’t forget to step into the world of photography for awhile. You’ll be saying cheese all the way to the bank.

#KnowYourPrice

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Business Entrepreneur

The pros and cons of listing hobbies and interests on your resume

(BUSINESS ENTREPRENEUR) All resumes are not created equal but they should all follow the same rule of thumb when it comes to listing hobbies and interests.

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Relevancy matters

An “Interests or Hobbies” section of a resume is often a question of debate for job seekers. In general the consensus is clear: interests and hobbies are okay – if they are relevant.

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An interest or hobby section can help round you out as a candidate, and can help you standout, but it can also come with some costs. Let’s weigh some of those pro/cons.

Advantages

  • They help distinguish you from other applicants. Especially in applicant pools where the qualifications are similar – this can help you standout and make you unique in the applicant pool.
  • They create talking points for interviewers – and can help humanize you. They give places to start up conversation and generate positive “buzz” about you with the hiring manager.
  • They show-well roundedness and versatility – often hobbies or interests can indicate skills that are transferrable or represent growth potential.
  • Can give indications of fit and alignment with company culture – and can indicate how you will mesh with a team.
  • Express desirable traits like dedication, persistence, and passion.

Disadvantages

  • They pigeonhole you – they may cause an employer to limit how they think you will fit in with the team.
  • They could indicate things that are distracting – so for example, if you list “traveling”, your employer may worry that you plan on vacationing a lot or may be unavailable.
  • Expressing too much interests may trigger to employers that you don’t have enough balance, or that you have priorities that may conflict with work.
  • Expressing involvement with organizations that run counter to the organization you are applying for may eliminate you as a candidate.

Think before you list

Although weighing the pros and cons are important, there are a couple of things to ask yourself BEFORE you list an interest. Consider going through the following questions:

1. Is it relevant? While it is ok to list one or two side hobbies or interests, most of what you list should be relevant to the job you are applying for – blogging for tech if you are applying for IT, or leading a volunteer team if you are applying for a manager position. Don’t throw around random information in an attempt to fill space.

2. Is it controversial? In general, be wary about listing political associations, or membership in controversial issue groups – gun rights, abortion, immigration, etc. (Of course, if you are applying for a position that is political in nature, be careful about listing involvement in organizations that are politically to what you are doing!)

3. Is it dangerous? Probably best to not mention you engage in UFC fighting, real sword play, live action jousting, base jumping, etc. You don’t want employers to think you are expensive to insure, or worse, may not come to work alive one day.

Least important goes at the end

When including this material in your resume, be sure to consider how you present this information. Be brief – and do not list more than 2-3 interests that you can clearly connect to the job. Place them at the end of the resume – so you don’t fight with more important content like experience or education that hiring manager MUST see. Label the section correctly – consider “activities and interests”, “areas of interest”, or “other” depending on all the information you are listing. Key point – keep it brief, avoid irrelevant fluff, and indicate interests to stand out, not push yourself out.

#HobbiesNInterests

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Business Entrepreneur

How to determine your freelance rates based on data, not your gut

(ENTREPRENEUR NEWS) Setting freelancer rates can be quite the tricky business. This tool does arms you with the data you need to grow your business

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The bulk of my professional career has been spent as a freelancer. The designation of “freelancer” has taken me on an interesting path that allowed for projects and opportunities I didn’t even know existed.

While I’m grateful for each and every opportunity, I now look back on some of these experiences and realize that I was vastly underpaid. For the most part, this is my fault as someone paying for a service is looking for the lowest possible rate and I never bothered to bargain out of fear of losing the role.

It was even at a point where I dreaded being asked my hourly rate because I didn’t know what the norm was. There was always a fear of charging too much and getting dropped for someone cheaper, or charging too little and looking inexperienced.

We recently talked about knowing your worth and how we freelancers often under charge for our services. Luckily, as this career path becomes more and more popular, there are now more resources devoted to helping us know what to charge.

Such a resource comes in the form of Freelance Rates Explorer. Created by Bonsai, this online tool gives users the ability explore rates from 40,000 freelancers worldwide.

“There are many sites like Glassdoor that offer salary data comparisons for full time employees,” said the tool’s developers. “However, there isn’t a site like this dedicated to provide insights on freelancers rates. We had this data, so we built the Rate Explorer to make it easy for freelancers to compare their rates in the largest publicly available rates database on the Internet.”

In order to find the standard rate for their field, users will input their role (either development or design), their skills (full stack, front-end, back-end, DevOps, iOS, and Android), experience (in years), and location. The Rate Explorer then generates a bar graph based on the answers and will show the most common hourly rates based on the number of freelancers and the rates range.

Bonsai also offers proposals, contracts, time tracking, invoicing and payments, and reporting. All of this is designed for freelancers.

As for the Rates Explorer, seeing the numbers calculated right in front of you may make you realize that you’re vastly underselling yourself.

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