Tag: Rich Dad. Poor Dad.

The money lesson I taught my son that he then shared with his class.

Over the past year, I have been able to spend more time with my family than ever before. For several months I conducted all of my work from my home office. Which allowed my 3 kids to see more of what I do during the day. This created interesting new opportunities to talk to them about work, business, and making money.

As an entrepreneur and business owner, I couldn’t resist talking to my kids about the challenges the pandemic was causing for businesses. And how toilet paper didn’t grow on trees. (They corrected me). But more importantly, I shared how much opportunity there was for businesses to innovate, solve new problems, and benefit from helping others.

As the stock market went into the toilet like a dooky, I shared that this was an amazing time to invest. My kids asked me if they could invest some of their money. So I helped them buy their first stock.

We also read books on money, investing, and wealth. I was surprised by how interested they were in the topic. And it gave me hope that someday they may be able to afford to put me in the good nursing home.

I was even more surprised when my youngest son Magnus came home one day and told me he wrote a story in school on how to get rich. I was curious to read it. I wanted to know what his 10-year old mind was thinking. When the paper finally came home I was tickled, like Elmo, to read what he wrote. I have reprinted the story here in its entirety with permission from Magnus.

How To Get Rich!

The first thing you need to know to be rich is the difference between what you need and what you want. Another way you can put this is you need to know the difference between an asset and a liability.

A asset is something that makes you money. A liability is something that wastes your money.

Some assets would be starting a business, buying stocks, set up a lemonade stand, or any stand, mow someone’s lawn or sell things.

But buying stock is the most efficient way to make money. Especially at a time like this when all the stocks are down.

If you don’t know what a stock is, it’s something you buy on any device and without doing anything you make money. You can also hold on to your stock and get paid four times a year.

My stock pays me 30 cents four times a year. When I bought the shares of my stock each one cost me $3.75. So in total I paid $37.50. And that stock has went up so high that last time I checked it was worth $120 if I sold it.

You can sell things, but I sometimes wouldn’t recommend it. What my Dad taught me is sell when it is high, buy when it is low.

A book I would recommend to get you started is called, Rich Dad. Poor Dad. That was the first book I read about how to get rich. So after reading this get up and ‘Act Now!’

-Magnus Albrecht 3-9-21

Key Takeaway

Teach others what you know. By sharing your knowledge you raise the intelligence and confidence of others. Talk to kids about important life lessons and skills, including financial literacy, when they are young. They are like sponges, primed for learning. Make it fun. Make it interesting. And you can make a positive, life-long impact. It may just be the most valuable investment you ever make.

*If you know someone who could benefit from this message please share it with them.

I’ve been teaching my son about business. And here’s what I have learned.

Being a dad can be hard. One of the great challenges for me as a dad is not laughing at the really funny but inappropriate things my kids say and do. Potty humor has not lost its power over me. I regularly get in trouble with Dawn, my parenting partner, for laughing at things I’m not supposed to laugh at. I am told that I am encouraging my kids’ behavior. But hey, I want to be an encouraging Dad.

To counterbalance my chronic immaturity, I also try to be a good influence and teach my kids important life lessons. I have been reading Dale Carnegie with my 13-year old son, Johann. I have read Rich Dad. Poor Dad. to my now 14-year old daughter Ava. And I  am currently reading Rich Dad. Poor Dad. with my 9-year-old son, Magnus.

Magnus is really fun to teach about business. Even though he is only 9 he is displaying the same type of interest in business ideas that he has in sports. Which is great, because business is the ultimate competitive sport. And because Magnus is now my retirement plan.

IMG_6832
Me and Magnus and our hair and some wind in Astoria, Oregon.

As we read Rich Dad. Poor Dad. Magnus is fascinated by the good financial advice offered by the book. He now knows that assets are things that make you money and that liabilities are things that cost you money. He knows that poor people work for money and that rich people make their money work for them.

Over the past few weeks, Magnus has shared a steady stream of business thoughts. He has a notebook that he is filling with ideas. The ideas range from a garage cleaning business to a business idea for boys with long hair. Because Magnus has long hair, like his father. And like 9-year-old girls. Which I expect is why he likes wearing baseball caps. And why he doesn’t like wearing pink dresses.

Magnus and I have talked about business processes, research, pricing, margin and the value of good employees. What started out as a father wanting to teach his son a few important ideas about business has turned into a son asking lots of great questions to extract more information in order to help him paint a more complete picture in his head.

Last weekend as we were working on a yard project, Magnus revealed with great excitement that he came up with a business that he and I could partner on. I was proud and curious about what he was thinking. So I asked him to tell me more about his business idea. He started by sharing that he picked out a great name for the business already.  Curious, I asked him what the name of the business was going to be. He said, ‘We’ll be Madams! It’s a combination of Magnus and Adam’s!

It tried not to burst with laughter. He was so proud of his name. It was the perfect mashup of our first names. But little did little Magnus know that it also sounded like this 9-year-old boy thought it would be a great business idea to run a brothel. It seems I have much more to teach. 

Key Takeaway

Take time to teach your kids, nieces, nephews and neighbors what you know. Whether it is about business, how to fix a lawnmower, applying first-aid, or any of the millions of things in between, your knowledge is valuable. Pass it along. You may be surprised how enthusiastically a child responds to your teaching. It can help develop confidence and prepare them with life skills. But it could also expose them to a career path or hobby that will positively influence the trajectory and quality of their life. Who knows, you may also enjoy a good laugh along the way. Because kids say the darndest things.

*If you know someone who could benefit from this message, please share it with them.

The valuable business lesson I taught my 9-year old.

I often talk about work at home. I want my 3 children to learn as much about business and entrepreneurship as possible. In the same way languages are easier to learn when you are younger, good business lessons are easier to learn before you become a cog in a machine. I learned that from reading Rich Dad. Poor Dad. And from becoming a cog in a machine.

The Proposal Parade

My advertising and idea agency, The Weaponry, has been writing a lot of proposals lately. You write a proposal when a client or potential client wants to know how you would handle a specific project. The proposal, also called a statement of work (S.O.W.), includes a proposed course of action, timing and budget. It does not include getting down on one knee. #KaepernickCouldDoIt

The Conversation

Earlier this week I was telling my wife about an exciting new proposal that we were working on. My 9-year old son Magnus overheard the conversation. Mostly because I wanted him to overhear the conversation. #sneakydadlessons

When I tucked Magnus into bed that night he asked me, ‘Dad, is someone really going to pay your business Vague Large Sum of Money? I was glad he asked. Because his interest gave me a perfect opportunity to share a lesson…

The Bedtime Story

Me:  Yes Magnus. Someone is really going to pay us Vague Large Sum of Money. But there is more to it that you should understand. Remember when we went to Dallas during spring break last year? And on the last day we went to Dunkin Donuts?

Magnus:  Yes.

Me:  Remember after we ate donuts, Mom dropped me off to have chocolate milk with my friend? Then Mom took you, Ava and Johann to some shops and to that park nearby where you played on that long horned cow statue?

IMG_5091
Magnus ripped his shorts getting off this statue in Dallas, and it was the last time he ever wore them. #hookedemhorns

Magnus: Yes.

Me: Well, after my friend and I caught up on what had happened over the past 13 years since we had last seen each other, he said, ‘I could use your help on some projects I am working on.’

Then he called me after we got home from vacation, and we set up a video conference meeting between our teams. We did 3 small projects together. And they really liked how those projects went. So they asked us to do more work for them. And we did a good job on those project too.

Because we did a good job on all those projects, now they are going to give us Vague Large Sum of Money to do an even larger project.

But, think of that money as a loaf of bread.  They give us the whole loaf. And that is called Revenue.

But then we need to give slices of bread to the workers at The Weaponry who work on the project. And we have to give slices of the bread to the film crew and the photographers and editors who work on the project. And we have to give a slice to other companies, like the airlines and the hotels that we use when we travel to do the work.

After everyone else who works on the project gets their slices of bread, The Weaponry keeps a few slices for itself for helping to organize all of the work that needed to be done.

And those slices of bread that we keep are called profit.

Magnus: How much profit does the business keep?

Me:  We like to aim for 25%. Or 1 out of 4 dollars. So if they gave us $100 our profit would be $25.  (Profit is actually a bit more complicated, and depends on the project. But I was trying to keep things simple.)

Putting Math To Work

Magnus and I then applied the 25% rule to the Vague Large Sum of Money so that Magnus could understand what a project of that size represented after all of the work was done, and all the bills were paid.

The Lesson Learned

After completing Daddy’s Bedtime Business Lesson, I asked, ‘So Magnus, what is the key lesson you learned here?’

And without a moment of hesitation, Magnus replied:

‘Have chocolate milk with your friends.’  -Magnus Albrecht (9 y/o)

Key Takeaway

Have chocolate milk with your friends. Or coffee, or beer or Kool Aid. Spend time with your people. Good things happen when you first develop and maintain good relationships. Even a 9-year old knows that.

*If you know someone who could benefit from this story, please share it with them.

The surefire way to increase your wealth.

I own a lot of books with the word ‘rich’ in the title. Among them you’ll find Think And Grow Rich, Rich Dad Poor Dad, The Science of Getting Rich, The Richest Man In Town, and  Rich Like Them. In fact, I have bought so many books with the word ‘rich’ in the title that the Amazon recommendation engine now suggest books like The Adventures of Richie Rich, Rich Desserts, and The Many Impressions Of Rich Little.

The Real Lessons

I like these books because they are about success. They help you think and act in ways that help you accomplish great things. And those great things often attract money like magnets. Or magnates.

I consider the tips, tricks and examples in these books to be important reminders rather than great aha’s. Although there are certainly plenty of both in my library of riches.

The One Thing To Remember

But if you want to know the most important point of all about getting rich it is summarized in the following line:

‘It is the value you bring to a company, an organization, indeed the universe, that ultimately determines your level of wealth.’ -From The Richest Man In Town by W. Randall Jones

Key Takeaway

If you want to earn more money, add more value. If you want more social capital, add more value. If you want more political capital, add more value. Your success is directly related to your contribution. So if you want more, contribute more.

If you know someone who could benefit from this message, please share it with them.   

A quick review of the 15 books I am reading right now.

I love to read. Reading is my primary source of education and inspiration. I read to accumulate knowledge and connect dots. As an entrepreneur I read to fill my knowledge gaps. And to discover how successful people became successful people.

I am always reading multiple books at one time. Well, not literally at one time. More in the way you watch multiple TV shows. Or listen to a several different radio stations. My reading is like written programming. But not like computer programming. Ok, now I am just confusing myself.

img_7321.jpg

It’s Gettin, It’s Gettin, It’s Gettin Kinda Hectic.

Lately I seem to have more books going at once than usual. So I gathered them all together in one place to count, compare and contemplate why I currently have so many books in progress.

I would have guessed that I had 6 different books started. So I was quite surprised to find my current mid-read book list totals 15 books! What follows is a summary of the books in my current active collection. And my review of the books so far.

The 14 Books I am Currently Reading and why.

 

davinci.jpg

  1. Leondardo DaVinci by Walter Isaacson

DaVinci is one of the greatest thinkers and creative minds in the history of the world. I thought I might learn a thing or two from him.

Thoughts so far:  I am wowed by DaVinci’s curious mind, his notebooks and how painting was a relatively small part of his life and self perception. Also, he had a lot of trouble finishing his art. In fact he only finished a small number of paintings. I guess we all have our flaws. Thanks for the reminder Leonardo! 

 

Born to run

2. Born To Run  by Christopher McDougall

This book is about a barely known ancient community in the remote mountains of Mexico that is unnaturally good at long distance running. The author is trying to gain insights from exploring these people and others who are way into ultra distance running. I picked this up because it kept showing up on my radar as a book friends had read or a hot new book, or a book available at my library. So here we are.

Thoughts so far:  This is my leading physical book right now. It is entertaining, educational and super funny. I love how it dives into the evolution of ultra marathoning. The personalities profiled are fascinating. And the overview of the various high profile races make me feel like I have learned something new. Plus, the investigation into what our running shoes are really doing for us, or not, is eye-opening, and potentially paradigm shifting. I highly recommend. Even if you are more Michelob Ultra than Ultra Marathoner.

hamilton

3. Alexander Hamilton by Ron Chernow

This is the book that started a cultural phenomenon. After Lin-Manuel Miranda read this book he was inspired to create his famous broadway show about Hamilton. I wanted some of the same inspiration. So I picked up the audiobook at my local library.

Thoughts so far: Wow! What a life Hamilton lived! It started rough. And ended moronically.  #AaronBurr  But in the middle of his life he became one of the most influential men in history. Especially if you think The United States has been an influential institution. Which I do.

 

Destiny and Power

4. Destiny and Power by Jon Meacham

My wife gave me this book after President George Herbert Walker Readmylips Notgonnadoit Thousandpointsoflight Bush passed away. This biography of Bush Senior was even more interesting to me because I watched the funerals of George and Barbara Bush on TV. Jon Meacham spoke at both, and was fantastic. I wanted to hear more of the Bush story from his perspective.

Thoughts so far: This book is great. Bush was super interesting, and his story is told extremely well. Starting with the night he lost his re-election bid to Hilary Clinton’s husband. I look forward to more. But not yet. Wouldn’t be prudent.

George Lucas

5. George Lucas by Brian Jay Jones

Lucas knows a thing or two about making interesting ideas come to life. I wanted a glimpse at his process and his path.

Thoughts so far:  I am not totally sucked in yet. The force of this book is the weakest with me right now.

The Millionaire RE Investor

6. The Millionaire Real Estate Investor by Gary Keller, Dave Jenks and Jay Papasan

I own a rental home and would like to add more real estate investments to my portfolio. I study the real estate investment space a lot through books and podcasts. This book came up over and over as the go-to guide for real estate investors.

Thoughts so far:  This book is excellent. It is exactly what I was hoping it would be. It is inspirational. It is clearly a resource book, and not just an interesting read. If you are thinking about buying real estate as an investment you should read this book. Plus it has that yellow starburst on the cover. Which is the international symbol for ‘Buy Me!’

Vanderbilt.jpg

7. The First Tycoon: The Epic Life of Cornelius Vanderbilt by T.J. Stiles

This is the biography of Cornelius Vanderbilt. I love reading about business people who totally dominated. And he totally dominated like few others in history have. Other than maybe Rockefeller, Carnegie and the Gangnam Style guy. I first picked this book up at the library when I lived in Atlanta. But because it is about 800 pages long I couldn’t finish it in one 3-week session. So I asked for it as a Christmas gift last year and started again from the beginning.

Thoughts so far:  Vanderbilt was a badass. His focus, vision and determination were like weapons. He was such an imposing force that everyone referred to him as the Commodore, despite the fact that he never served in the military or sang with Lionel Richie. However, he was not a model father or husband. Although I have been to his son’s shack outside Asheville, North Carolina. So I know he ends up spreading the wealth around. But that hasn’t come up yet. If you want to be inspired by a hard-driving, take-no-prisoners tycoon, this is the book for you.

soar-by-bishop-t.d.-jakes-christian-book.png

8. Soar!  by T.D. Jakes

My parents attend a major book publisher’s annual clearance event in Indianapolis every year. I am always a beneficiary of their annual treasure hunt. They find business books, biographies, sports stories and other titles they think I’d like. Then they surprise me with a delicious new pile every year. This book was in the pile this year. I took it with me on a recent trip to Seattle and read a good chunk of it on my return flight.

Thoughts so far:  Jakes is a good, motivating writer who plays the part of both inspiring  entrepreneur and uplifting pastor. The book is best for those who are looking for inspiration to spread their wings and launch their first business.  3 years into my entrepreneurial journey I found it entertaining and nice. But I didn’t need the heavy doses of encouragement.

On Writing by King.jpg

9. On Writing by Stephen King

I like to rummage through the book section of Goodwill Stores for hidden gems and good deals. This was both. King is one of the most prolific and broad-ranging writers in America. So I was curious to hear what he had to say about the art of writing itself.

Thoughts so far: I have found this book interesting, although I haven’t really gotten to his writing advice yet. He begins the book with a biographical sketch of his life, starting with his surprisingly challenging childhood. So the story is good so far. But I am still not to the part where he teaches me how to write Rita Hayworth and Shawshank Redemption (Shawshank Redemption), The Body (Stand By Me) or The Shining. But when he does, I expect this blog will get a lot awesomer.

Hustle Economy.jpg

10. The Hustle Economy  by Jason Oberholtzer and Jessica Hagy

This is another book I received from my parents, courtesy of the annual publisher’s book sale. The book is a collection of 3 to 6 page essays from creative thinkers who have used their creativity to create their own streams of income. Some have started businesses. Some are freelancers. But they all have something to say about how they did it and what you can learn from their independent creative hustle.

Thoughts So Far. I read 80% of this book on my recent flight to Seattle. It was light enough reading that it made for a nice plane book that I could fly through. It is a good book to read in a day. The chapters are short. There are fun little illustrations, charts and diagrams that are insightful and entertaining. And I found little nuggets or quotes to take away with me. Plus I knew one of the writers, Drew Collins, from Columbus. So that was a fun discovery.

41bP-HTUUqL

11. Think And Grow Rich by Napoleon Hill

This is one of my favorite books of all time. Napoleon Hill had a conversation with Andrew Carnegie, who had more money than Davey Crocket and the whole cast of Dynasty combined. Carnegie told Hill that he should study successful people and find out what they had in common. So he did. Hill wrote one of the best selling books of all time as a result.

Thoughts So Far: I have read this book several times. It is a reference book. An inspirational book. A how-to success guide. I think everyone should own this and reread it once a year. Right now I am reading a page or two at night. I can’t say enough good things about this book. If you haven’t read it put it on your list now. And if your name is Rich, it will really help you think and grow.

 

The One Thing

12. The One Thing by Gary Keller with Jay Papasan

I love listening to The Bigger Pockets Podcast on real estate investing. At the end of the podcast they ask each guest to name their favorite real estate book and their favorite business book. I write all of the answers down. This book came up as a guest favorite over and over. So I ordered it.

Thoughts So Far: As the title alludes to, this book is about focus. I love the message. It is a great reminder of the power of focusing on the most important thing in front of you. I look forward to reading more of this. But, you know, I have 14 other books vying for my attention.

IMG_7744

13. Harry Potter and the Sorcerer’s Stone by JK Rowling

This is the first book in the Harry Potter series. I am reading it for the 4th time. I read it once on my own. Then read the next 2 books in the series of 7. But I decided that I didn’t have enough time to read all 7 of these children’s books, so I stopped. Then I had kids. I have read this book to my daughter, Ava, and my son Johann. Now I am reading it to my baby boy, Magnus, who turned 9 yesterday.

Thoughts so far:  This books is fun to read, and just as entertaining the fourth time around. It is really fun to read with kids, because each kid sees it with their own sense of wonder. Magnus is no different. It is such a good story and such a fun series that I may decide to take Magnus through all 7 books. We’ll see. We’re just a couple of Muggles after all.

IMG_7372

14. How To Win Friends And Influence People by Dale Carnegie

This book is an all time classic. The title tells you everything you need to know. Friends and influence are important elements of success and happiness. This book takes a very positive approach to both. I have read this book twice on my own. Now I am reading it with my 12-year old son Johann.

Thoughts so far:  Everything in this book is gold. It is a reference book that we should all keep on hand and revisit often. I love reading this with Johann. Because he brings up examples of people who are good at the points made in the book.  There are constant aha’s on his face. And when we recap a chapter I know he has learned important principles of friendship and influence. I highly recommend reading this with kids. (Look at me trying to positively influence people!)

51pG7v9PJQL

15. Rich Dad. Poor Dad.

When I first heard about this book I thought is sounded like a cheesy, infomercially, get-rich-quick book. So I avoided it for a long time. But I kept hearing about it from people I respected. So eventually I picked it up from the library. And it changed my outlook on money forever.

This book compares and contrast how rich people and poor people view money differently. It provides an eye-opening look at assets and liabilities that everyone needs to know. I now own this book and have read it several times. I am currently reading this with my 13-year old daughter, Ava. Clearly I am trying to be more Rich Dad than Poor Dad.

Thoughts So Far:  Reading this with Ava makes me feel like a good parent. I feel like I am taking her through a college course in junior high. I can tell she is seeing the world differently now that she has almost finished reading this. This may be the most important book I have ever read to her. Sorry Goodnight Moon and Harold And The Purple Crayon.

Key Takeaway

There are more great books to read than you will ever have time to read in one lifetime. That’s why it’s fun to keep many books going at once. They satisfy your needs for learning and growing. They entertain you. The feed your curiosity. And they make you feel more learn-ed (say that with a Forrest Gump accent).

Plus, it is easier to tackle dense, long and challenging books when you give yourself a break by switching up to a light and easy read once in a while. #AtlasShrugged #WarAndPeace #TheBible  If you haven’t tried multiple books at once, give it a shot. It just might spice up your reading life, and show you just how much is out there to discover.

9 killer books that will motivate you to be an entrepreneur.

I always wanted to start my own business. It is a really easy thing to want.  It’s much harder to make it a reality. The single greatest challenge is getting yourself mentally prepared to make the leap from a comfortable salaried job to an only-eat-if-you-find-a-customer reality.  It’s a bit like getting yourself ready to jump out of a perfectly good airplane. It takes mental preparation. It requires you to amass enough confidence in your plan that you believe you can fling yourself out of the plane, and not splatter on the deck below.

How I did it.

To get myself mentally prepared to open my advertising and idea agency, The Weaponry, I put myself through a self-devised entrepreneurial boot camp. A critical part of my preparation was reading. This reading was really more like serious studying. The books I read provided the inspiration, tools and examples I needed to believe I could generate enough interest in my business to keep me and my family of five fed, clothed and sheltered long enough to fend off family services until my youngest child turned eighteen (and he was only five at the time).

It seems to be working.  I’m well into the second year of my entrepreneurial adventure and we continue to pick up momentum. We are all eating.  Everyone has clothes. We are paying two mortgages. I’m having fun. And I couldn’t be happier. I feel like I was well prepared for the challenge.

That’s why I’m sharing the books I read in hopes that they will provide you with the same entrepreneurial foundation, confidence and motivation to make your own leap.

The books I read, in order.

  1. Rich Dad. Poor Dad.  Robert Kiyosaki51pG7v9PJQL

I had known about this book for a long time. But I thought it seemed hokey. Like attending a get-rich-quick seminar. But finally I bought a used copy and devoured it. My preconceptions were wrong.

It was amazingly insightful. It helped me recongize the difference between assets and liabilities. It shined a spotlight on the perils of working for someone else. And the advantages of owning your own business.  It made me see my skills as an asset that could create a business asset that could translate to significant wealth.  It was a great motivating first read. I’m now reading it to my children as a bedtime story. Seriously.

2. Call Me Ted. Ted Turner 518OfUMIYEL

I bought this as an audio book for $1. Ted Turner is ballsy, brash and innovative.  This book gave me a vision of how someone else had built their personal brand, recognized opportunities, taken progressively larger and larger chances, got creative with financing, changed the world and made a billion dollars along the way. It showed me that action is the simple differentiator between doers and dreamers. He also talks candidly about his shortcomings and failures in a way that make you feel like you don’t have to be perfect to be highly successful. Which is good, because I don’t want to give up my own personal shortcomings I’ve fought so hard to keep.

3. The Alchemist  Paulo Coelho41f1zMJb9WL

I read an article about Pharrell Williams a couple of years ago in Fast Company where he said this book was like his Bible. I bought it, used. I was really wowed by it. This book helped me think about my personal legend, and made me start paying attention to all the signs the universe was sending me, encouraging me to follow my own path. This was timely because the universe started putting up neon signs all over the place. Like Reno. I am sure there are signs the universe is giving you right now that you don’t recognize. This book will help.

4. Think and Grow Rich. Napoleon Hill

41bP-HTUUqL

Many of the books I’ve read reference this book and its power. So I picked it up and loved it. At the encouragement of Andrew Carnegie, Hill studies rich people and finds their commonalities. He then serves up his learnings to the reader in an easily digestible way.

This is a great book for the start of your journey.  Everyone should read it.  It is really about the power of positive thinking. It’s about having a clear vision of your goals. The book encourages you to think about the finishline from the start.  I revisit this book often.

5. The Little Red Book of Selling  Jeffrey Gitomer91-1qV3oRfL

I picked this great little hardcover book up for $1 at a library book sale.  It is packed with great little bites of advice, info and techniques on selling.  If you want to be an entrepreneur, you have to be able to sell.  Having lots of knowledge in sales makes you feel like your parachute is going to open when you jump.

The two key take aways from this book were, 1. People hate to be sold. But they love to buy. 2. Don’t sell to people. Build relationships.  These were great insights because they play to my natural tendencies. I prefer to make friends and talk to them about what I am doing. Then, if they come to the conclusion that what I’m doing could be helpful for them we both win.

6. The Little Black Book of Connections  Jeffrey Gitomer41nTexTO9fL

I checked this audio book out at the library.  It is a great companion piece to the Little Red Book of Selling. It teaches lessons about the importance of your personal network.  But the most important new lesson I got out of this book was, ‘It’s not who you know. It’s who knows you.‘  It shares great insights and advice around this particular statement that have helped me gain traction. The book helps you think about growing a network that develops inbound introductions and requests. Being sought after makes the entrepreneurial experience much easier.

7. The 7 Habits of Highly Effective People. Stephen R Covey51S1IFlzLcL

I bought this book on Amazon. Full price. Everyone should read this book. It offers great advice on how to become a better, more effective human. I loved the way it highlighted the things that successful people do regularly, and how to continuously improve yourself to become more effective. One of my favorite lessons is about The Win-Win. Highly effective people seek outcomes that benefit everyone. That has become core to my operating style.

8. The Science of Getting Rich. Wallace Wattles51Zy-xiGuUL

This was a happy little accident. This short, pamphlet-like book came up as a ‘You may also like…’ when I was ordering another book. I am really glad I read it.  I had previously read Wattles, The Science of Being Great, and thought it was surprisingly great. TSOGR shared a lot of similar thoughts as Think and Grow Rich, although it was a quicker and easier read. It taught me that earning money is a really important desire that turns the wheels of the economy. 

9. The E-Myth  Michael Gerber51MPu8oSjcL

This book helped me synthesize all of my thoughts and put them into an actionable plan.  The E-myth is the Entrepreneurial Myth.  It focuses on why most small businesses fail, and what to do to prevent that. It helps you think about systems and processes and structure and scalability. It encourages you to think about your business like a franchise model that could be repeated, even if you don’t ever plan to franchise. This was great advice for me.  It made me feel like my parachute was packed with checks and balances to ensure it will perform correctly when I need it to.

Conclusion

If you want to get yourself in the right mindset to start your own business, buy a business or start a side hustle, read these books yourself.  At a minimum you will end up smarter with new ideas. Perhaps you will finally act on that business you’ve been dreaming about, build an empire, make a billion dollars and change the world.  If that happens, write your own book. I’d love to read it.

Request

If you have books that helped you get mentally prepared to start your own business please share in the comments section.