In this post, I am going to share with you guys two book summaries and different best selling books that every businessman to be successful must-read.
I know you guys will surely like this post…..hence don't forget to share and comment the lesson you learned from this summaries and yes what piece of advice you would like to share with our readers which you as a businessman like to implement in your business and thought it to be useful….
and yes the following are the books best books which every business owner should have read once in his life time......as its quarantine I think that everyone should devote their time in reading these books which increases your business knowledge.......
the one important thing i would like to share is these are the best selling ones .......guess what does it mean?
it simply means that these are the trusted books and provides valuable information.
stay safe, stay healthy and yes happy reading.....
Without wasting your time anymore let's get started…
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Best books that every business owner should read:
Key takeaways from
The Millionaire Fastlane:
“The Millionaire Fastlane” is a book by MJ Demarco. In which he says that your thinking plays a vital role in getting rich, the way you treat money, instead it says that you should always think like an entrepreneurial mindset which in his terms is “Fastlane”. you should have a producer mindset instead of a consumer mindset.
“Self-made millionaires don’t become millionaires by stumbling into money, just as financial failures don’t become failures by stumbling into poorness. Both are the direct result of the financial roadmap chosen and the actions and beliefs that evolve from that roadmap.”
― M.J. DeMarco, The Millionaire Fastlane
He focuses mainly on the value of time and smart work. In this book, he has shown various ways to think as an entrepreneur.
“Time is your primordial fuel and it should not be traded for money.”
― M.J. DeMarco, The Millionaire Fastlane
MJ Demarco says that Fastlane is a road to success which requires commitment.he also differentiates between interest and commitment:
“Hard work and commitment separates the winners from the losers.”
― M.J. DeMarco.
He also states the characteristics a business should normally have in his 5 commandments:
1. The Commandment of Need:
Your business should solve the need or problem of people, not your own needs.
No one cares about your selfish desires for dreams or money; people only want to know what your business can do for them.
― M.J. DeMarco.
2. The Commandment of Entry:
Your business should be the one that has low entry barriers, then only it's easier to gain a big market.
3. The Commandment of Control:
If someone else can damage your business then it's not your Fastlane business.
4. The Commandment of Scale:
The scale of your business, the bigger your scale of business the more you will earn.
5. The Commandment of Time:
To enjoy your life, you should automate your business. In short, your business must be the one which can be automated and runs without you.
And then,
He lastly in his books says that just focus on one business at a time and make it multidimensional.
Which may provide you many benefits such as lower cost, increased prices, differentiation, sell more, etc.
The world’s most successful entrepreneurs didn’t have a blockbuster idea; they just took existing concepts and made them better, or exposed them to more people.
― M.J. DeMarco.
Key takeaways from
zero to one:
Zero to one is the best book for start-up and entrepreneur.
Zero to one is a book by Peter Thiel who is a co-founder of PayPal, Palantir Technologies, and Founders Fund. He was ranked No. 4 on the Forbes Midas List of 2014, with a net worth of $2.2 billion, and No. 328 on the Forbes 400 in 2018, with a net worth of $2.5 billion.
“The best entrepreneurs know this: every great business is built around a secret that’s hidden from the outside. A great company is a conspiracy to change the world; when you share your secret, the recipient becomes a fellow conspirator.”
― Peter Thiel
In his book Zero to one he states that monopolies are advantageous because it creates those businesses that last. also, it guides the approach to 0-1.
“The clearest way to make 10x improvements is to invent something new. If you build something valuable where there was nothing before, the increase in value is theoretically infinite. Or you can radically improve an existing solution: once you are 10x better you escape competition.”
-peter thiel.
In this book, he states that there are two kinds of progress one which is vertical progress and the other one is horizontal progress.
Horizontal progress relates to the 1-n approach where we try to copy things that are working in the market.
Vertical one is going from 0-1 and focuses on inventing new things.
“You should focus relentlessly on something you’re good at doing, but before that, you must think hard about whether it will be valuable in the future.”
There are four main things which are useful for businessmen and entrepreneur he states that:
Incremental changes are the safe path:
Lean and Flexible:
Your startup should be lean and flexible
Improve on competition:
Product is more important than sales:
Focus more on the product. if your product is not good enough and your advertising is then that will not be of any use. Your product should be good enough to gain sustainable growth.
“If your product requires advertising or salespeople to sell it, it’s not good enough: technology is primarily about product development, not distribution.”
― Peter Thiel.
Some of Peter Thiel's principles are:
1. It is better to risk boldness than triviality.
2. A bad plan is better than no plan.
3. Competitive markets destroy profits.
4. Sales matters just as much as product.
“you’ve invented something new but you haven’t invented an effective way to sell it, you have a bad business—no matter how good the product.”
Monopoly is the condition of every successful business.
Where a competitive firm has to follow market price, the monopoly owns its market and sets its prices.
Since there is no market competition the firm will produce at its maximum and it has a price that maximizes its profit.
He also states that competition is war and one should try to avoid war and if so happens strike hard and end it as soon as possible.
Characteristics of monopoly:
- Proprietary Technology
Proprietary technology is the most substantive advantage a monopoly can have because it makes your product difficult to replicate.but your proprietary technology has to be 10x times better than your closest substitute.
To be 10x times better is to invent something completely new. When you will make something new you will directly escape the competition.
- Network Effects:
Your product becomes more useful because more people will use it.
Economies of Scale:
The business becomes stronger as it gets bigger.
Branding:
Creating a strong and powerful brand is the best way to retain your position as a monopoly.
“The best projects are likely to be overlooked, not trumpeted by a crowd; the best problems to work on are often the ones nobody else even tries to solve.”
And lastly, he focuses on how to create a monopoly and achieve growth:
1. Start small
2. Scale-up
3. don't disrupt.
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