When you’re launching and growing a business, it may seem like there’s little time left to read – and that’s exactly why every entrepreneur should make time for reading! The top business books to read on small business ownership and the entrepreneurial journey are more than just relatable; they can save you time, stress, and money, while helping you hone key skills, ramp up creativity, and much more.
Continuous learning is an important part of any successful entrepreneur’s path. To help keep you inspired and energized, here are the top business books to read this summer or anytime you need an insightful boost.
Why reading about entrepreneurship is important
Owning and operating a small business requires a wide range of skills. Even if you bake thousands of cookies before opening your own bakery, you may not have experience managing staff, planning inventory, or marketing your products – or any of the dozens of other tasks that you’ll end up doing as a small business owner.
When there’s so much to learn, reading the right books can help you avoid common mistakes while improving your business’s operations, marketing, finances, and customer relationships:
- Business books provide proven frameworks, lessons from experienced entrepreneurs, and practical strategies that can help you avoid costly mistakes.
- Each book on the list focuses on a different area of business, so you can prioritize based on your most significant current challenges, then move on to the rest.
- Many of the strategies can be implemented immediately, from improving customer interviews to reorganizing finances or documenting business processes.
Rather than consider them one more thing on a very long to-do list, approach reading these as an opportunity to learn from experts with minimal investment of your financial resources and time.
What can you learn from business books?
The best business books are easy to read, understand, and implement. Together, they help to answer many of the most pressing questions that you may have, like:
- Are you solving a real customer problem, or are you making assumptions? This is important because one of the leading reasons that small businesses struggle is by assuming people’s needs, wants, and interests, rather than talking to potential customers. This can be very costly up front and potentially devastating in the longer term.
- Does your business depend too much on you? In most industries, to create a truly successful small business, you must be willing to delegate responsibilities and to teach others how to take on the day-to-day operations so that you can focus on growth.
- Do you have documented systems for consistent operations? You need to establish efficient systems early on that are scalable as your business grows.
- Is your business actually profitable, or just generating revenue? This can be tricky for startup and early-stage businesses because it can take a while to realize profitability. You should know whether your business idea is viable and how to ensure that it is truly profitable.
- Do you know where every dollar is going? Early on, entrepreneurs tend to have a laser-like focus on every dollar, but as your business grows, it’s easy to lose track. Knowing how to track and optimize all of your expenditures is essential.
- Do you have a clear, documented marketing plan? Small business owners often underestimate the importance of a strong marketing plan, but it’s a key to gaining customers and growing sales.
- What is the biggest bottleneck preventing your business from growing? There are little and big bottlenecks you’ll experience throughout your entrepreneurial journey. Learning how to identify and resolve them sooner can get you on the path to success.
Small business owners are challenged by these questions, and so many more – and the reading list can help.
What are the best business books to read?
This brief reading list highlights several practical and actionable books with strategies you can implement in your business immediately. Use this list as a starting point – there are many great books on entrepreneurship out there, so be sure to explore, learn, and add some new favorites to the recommendations:
1. Customer discovery and validation
The Mom Test: How to Talk to Customers & Learn If Your Business Is a Good Idea When Everyone Is Lying to You by Rob Fitzpatrick. It’s critical to validate your business idea and customer needs – and the assumptions you make about them and your potential business’s ability to help them. This book teaches entrepreneurs how to ask better questions and gather honest customer feedback before investing time and money into new ideas.
2. Systems and scalability
The E-Myth Revisited: Why Most Businesses Don’t Work and What to Do About It by Michael E. Gerber. Following up on his original text, The E-Myth, Gerber explains why business owners should build systems rather than rely solely on themselves to run the business. He dispels entrepreneurial myths and stereotypes – the “E-myth” – and gives useful insight into how to build a business through systems that help create predictable and productive growth.
3. Financial management
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine, by Mike Michalowicz, helps entrepreneurs create healthy financial habits and prioritize profits. It introduces a cash-management system that prioritizes profitability and healthy cash flow– in fact, by following his methodology, your small business can become profitable beginning with your very first sale!
4. Marketing and growth
The 1-Page Marketing Plan: Get New Customers, Make More Money, and Stand Out from the Crowd, by Allan Dib. This book provides a simple framework for creating an effective marketing strategy without unnecessary complexity. Using this straightforward method, you can build your customer base, increase profitability, and create systems that are easy to implement, effective, and proven.
By applying the lessons and methods in these books, every small business owner will be on their way to a more profitable business. Better yet, you’ll learn invaluable insight that can prevent mistakes that can cost you significantly in time, money, and stress.
What business book is best for new business owners?
The Mom Test and The 1-Page Marketing Plan are especially valuable during the early stages, when validating ideas and attracting customers. However, there are insights that are helpful even for entrepreneurs who have been in business for years or who have launched multiple businesses.
What business book helps established businesses the most?
The E-Myth Revisited and Profit First are particularly useful for businesses looking to improve operations, profitability, and long-term growth. For example, if your business has been in operation for a while but you still struggle to make a profit, then Profit First can help you look at your business in a whole new way.
However, Profit First is also great for pre-launch and early-stage businesses because it teaches financial principles and perspectives that can make your business profitable as soon as you make your first sale.
Pursuit has financing options that support businesses at every stage
If you have a business in New York, New Jersey, Pennsylvania, Connecticut, Illinois, or Delaware, Pursuit can help you get the financing you need to launch and grow.
Pursuit’s a leading small business lender offering loans and a line of credit for working capital, commercial real estate, equipment, and much more for a huge range of uses in most industries. Our experienced team will help you get the financing you need, introduce you to resources that can help as you launch and grow, and support your success at every stage.
