10 Must-Read Books for Small Business Owners
Owning a business, especially a small business is one of the most challenging tasks in life. The stress and roles that come along with running businesses is monumental from executing everyday tasks to planning for forthcoming years. Learning from other experts’ experiences is a good way to gain better knowledge and be inspired towards achieving a similar goal. Below are ten books that every small business person should read in order to overcome the challenges in business.
1. The Lean Startup by Eric Ries
The Lean Startup is a game-changer for entrepreneurs who want to avoid wasting time and money. Ries advocates for building a “minimum viable product” (MVP) and getting it into the hands of customers quickly. Then, gather feedback, make adjustments, and continue testing. This approach helps businesses avoid investing too much in an idea before knowing if it will succeed.
Key takeaway: Don’t wait for perfection before launching. Get a product in front of customers, learn from their feedback, and pivot if necessary.
2. Good to Great by Jim Collins
Collins dives into why some companies make the leap from being good to being truly great, while others stagnate. His team studied companies that outperformed their peers over a long period and discovered common traits, like disciplined leadership, a focus on what they do best, and creating a culture of accountability.
Key takeaway: It takes more than luck to go from good to great. You need strong leadership, the right focus, and consistent action.
3. The E-Myth Revisited by Michael Gerber
In The E-Myth Revisited, Gerber highlights a common trap small business owners fall into: trying to do everything themselves. He argues that to grow successfully, business owners need to think more like entrepreneurs and less like technicians. Instead of being the one to do every job, create systems that allow the business to run without you.
Key takeaway: Systematize your business so it can grow beyond just you, allowing it to function smoothly even when you’re not involved in every detail.
4. Start with Why by Simon Sinek
Simon Sinek’s Start with Why is all about finding and clearly communicating your business’s purpose. He believes businesses that understand their “why” – the reason they exist beyond making money – are more successful at connecting with customers and employees on a deeper level.
Key takeaway: Start with your purpose, and let that drive everything else. When people understand your “why,” they’re more likely to support and stay loyal to your business.
5. Profit First by Mike Michalowicz
Managing finances can be a challenge for many small business owners, and Profit First provides a straightforward solution. Michalowicz flips the traditional accounting formula – Sales – Expenses = Profit – and recommends prioritizing profit first. By allocating a percentage of revenue to profit right away, you ensure your business remains financially healthy.
Key takeaway: Prioritize profit from the beginning, and force yourself to operate within the remaining budget. This method makes sure you’re always turning a profit, no matter your revenue.
6. Shoe Dog by Phil Knight
Nike founder Phil Knight’s memoir, Shoe Dog, is an honest, behind-the-scenes look at what it takes to build a global brand from scratch. Knight shares the ups and downs of Nike’s journey, from its humble beginnings to its rise as a worldwide giant. His story is full of struggles, risks, and near-failures, but also perseverance and belief in a vision.
Key takeaway: Building a business is messy, and success doesn’t come overnight. Stay resilient and believe in your vision, even when things get tough.
7. Atomic Habits by James Clear
Clear’s Atomic Habits isn’t specifically about business, but its principles are highly relevant to any small business owner. The book focuses on how small, incremental changes can lead to big improvements over time. By focusing on building good habits and breaking bad ones, business owners can improve their productivity, decision-making, and overall effectiveness.
Key takeaway: Success doesn’t come from one big move; it’s the result of small, consistent actions that compound over time. Focus on getting 1% better every day.
8. Dare to Lead by Brené Brown
Brené Brown’s Dare to Lead explores what it means to be a courageous leader. She argues that vulnerability, empathy, and trust are essential traits for effective leadership, and that these qualities foster stronger, more productive teams. For small business owners who often juggle leadership and management roles, Brown’s advice is invaluable.
Key takeaway: Effective leadership isn’t about being perfect or all-knowing. It’s about being authentic, building trust, and creating a safe space for your team to thrive.
9. The One Thing by Gary Keller and Jay Papasan
As a small business owner, it’s easy to feel overwhelmed by the sheer number of things you have to do. The One Thing helps you focus on what’s most important – the one task that will have the biggest impact on your business. Keller and Papasan emphasize the importance of blocking out distractions and focusing on high-priority tasks first.
Key takeaway: Stop multitasking and focus on the one thing that matters most at any given time. By narrowing your focus, you can make meaningful progress toward your goals.
10. Crushing It! by Gary Vaynerchuk
In Crushing It!, Gary Vaynerchuk shows entrepreneurs how to leverage social media to build a personal brand and grow their businesses. Vaynerchuk highlights real-life success stories and breaks down how platforms like Instagram, Facebook, and YouTube can be powerful tools for small businesses looking to build connections and grow their reach.
Key takeaway: Building an authentic, personal brand through social media is key to standing out in today’s crowded marketplace. Consistently engage with your audience, and use your unique voice to build trust and loyalty.
Business ownership is challenging especially when running a small business, however, not forever. Reading these books should help you get the information that can be useful when facing such situations and get the knowledge that one requires. These are good starting points when implementing the things you need to learn in order to become better at leading, being able to manage your finances, or simply focusing better. It’s not going to make you a success, but will definitely prevent you from making some basic mistakes and give your business the kick it needs to move up a notch.
