The idea of a startup and working for yourself is tempting and very exciting. But when you enter the startup world you realize that you lack real world experience and that can only come with time and experience. Startups require 4 essential components; an idea, product, team, execution
If your startup has a good idea, and it has a good product-market fit, and you have a good team, and if you execute it well, then it could really go well for you.
When it comes to startups we all know how hard it is to get ahead and be the best in your forte. As someone has rightly said, “A wise person learns from his mistakes. A wiser person learns from other peoples mistakes. But the wisest person of all learns from other peoples successes” In this article, we have put together a list of best books for aspiring entrepreneurs. Have a look:
18 Must Read Books for Young Entrepreneurs
The Millionaire Fastlane – MJ Demarco
The idea of getting rich is very basic in every country. You study hard, get a job, start to save, and keep on saving with only one thing in mind, to spend your money after your retirement.
You want to be rich and have a good life when you retire. But this is not how life works and you don’t have to necessarily need to settle.
This book sheds light on such an event and gives you a pretty good insight about retiring rich. It may sound like any other infomercial but you have to read it to believe it.
The Millionaire Fastlane has gotten good reviews on Goodreads and other web portals.
Think and Grow Rich – Napoleon Hill
One of the best seller when it comes to self-help books, Think and Grow Rich is also the author’s best work. Napoleon Hill is considered one of the best writers on self-help and motivation.
He has a strong belief that a determined mind can achieve anything in this world. Being a person from middle-class family, Napoleon has seen his fair share of bad days. He has a pretty good idea about being fortunate. For any young entrepreneurs, this is a must read book and a motivation goldmine.
The Four Hour Work Week – Tim Ferriss
Written by Princeton University guest lecturer Tim Ferriss, this book gives you a resourceful insight on how you can do more with less.
It is not about getting rich but how to become wealthy and live the comfortable lifestyle.
You can check GoodReads page to learn more about the book’s content.
The One Week Marketing Plan – Mark Satterfield
If you want to learn some serious marketing then this is a must read for every young entrepreneur out there.
Most businesses try to market themselves but whatever they do is not that effective. You will learn about growth hacking and how you can dramatically improve your marketing strategy.
How to Win Friends and Influence People – Dale Carnegie
We all know influencing people is one of the biggest quality ones can possess. This book shows how you can make yourself heard, improve your lifestyle, and influence the people around you.
This book was published in 1937 and sold over 15 million copies. This book is a timeless classic and its advice are still relevant to this date.
The E-Myth Revisited
There are many myths when it comes to starting a business but the ground reality is different.
For example, the founders of Instagram didn’t know how to code or founder of Uber doesn’t even know how to drive. This book cleans all the stigmas out.
Not everything is about making sales, or how big you are as there are other aspects to business as well.
This book has been a best seller and gotten great reviews by critics and users alike.
The Lean Startup –
Not all startups would go on to become successful ones. In most cases the mistake they have made and problems those startups faced can easily be fixed.
The book focuses on a new approach where you can learn a lot about some of the common problems and how you can keep your startup afloat during hard times.
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Zen and the Art of Motorcycle Maintenance-
The book is all about living better, how you can improve your lifestyle and be calm in all the situation. The story of love, fear, growth, personal gain, and acceptance. One of the best seller and has gotten so many positive reviews.
How Much is Enough? Money and the Good Life
What is the meaning of a good life? What is the meaning of earning and how much is enough? When the 2008’s financial crisis hit the world it crippled the world economy.
This is a book which will give the right answer to all those unanswered questions.
This book is among the modern classic written by Alan Lightman. Collection of fictional stories of Albert Einstein in 1905 when he worked as a clerk in the patent office.
The book is full of amazing stories about the genius that has ever lived. Must read for all the young entrepreneurs out there.
Zero to One
Yet another great addition to this list, Zero to One is a collection of stories by Peter Theil (founder & Investor)
He narrates a story about the time when “.com” was a big thing and how he and Elon Musk sold PayPal. How they were able to survive .com bubble and much more amazing stories.
Must read for anyone who is a fan of revolutionary startups.
Zero to one is also an NYT #1 bestseller and has gotten so much praise and positive reviews from critics and readers.
The Startup Owner’s Manual
This book is more like a cheat sheet for all the youngster out there looking to leave a mark. By famous author Steve Blank, he tells the stories of his experience and best practices to follow.
If you are serious about launching your startup, this is a must-read. You can know more about the book on GoodReads.
When we talk about business books all they have one thing in common which is that they give the same advice on how to launch your startup.
Rework provides you with the real-life lesson which is implementable. There are some unconventional lessons which will make you question and think.
One of the best book for any aspiring entrepreneur out there.
I AM THAT
This is a timeless classic by Sri Nisargadatta Maharaja. The book contains stories of followers who came to seek guidance and learn about self. His belief was that mind is the most powerful asset a human has and it should recognize and penetrate its own being. Little unconventional book to be considered in this list but certainly a worthy of a mention.
The Personal MBA
Any person who thinks of doing MBA, he/she usually wants to specialize in the certain area of marketing. This book debunks the idea of MBA and leaves you with critical thinking.
As suggested by the author, MBA is the waste of money and universities are teaching decade old lessons.
All about ideas, implementation and following the pattern.
The 5 Elements of Effective Thinking
Authors of this book are Mathematics professors. They are revealing the hidden powers of deep understanding, failure, question, and creative thinking.
It also makes a valid point on the idea of genius peoples. They aren’t a special breed they are the same as we are.
Influence: The Psychology of Persuasion
To understand the psychology behind why people say. “Yes”. And how you can use that to your advantage.
In the book, there is six universal principle, how to use them and be influential.
Contagious: Why Things Catch On
Named the best marketing book of 2014 and new york times best seller. This book sheds the light on what makes things popular? Why things go viral? And it is not because of advertising, it is something else. Read to find out more.
So there were some of the Must Read Books for Young Entrepreneurs in 2018. Did we miss anything? Do let us know in the comment section below.
While you are at it, check out our series of free-tests to know yourself better.
As a manager, when you hire someone new in the organization, do you think to yourself how long will they last? This is a very common problem which corporates and startups both face alike. Hiring is perhaps still an art rather than science.
It all boils down to the fact that dealing with people is unlike dealing with machines as people are unpredictable, they lie and they are constantly under stress and pressure.
What’s even more astounding is the fact that humans are very difficult to benchmark. This is very true if you accept the statement that marks don’t reflect intelligence.
Traditional ways of measuring human potential i.e. Aptitude is slowly losing its authenticity & charm. It doesn’t account for the practice effect which simply means that practicing for an aptitude test causes an improvement in score. This means that it is not a great indicator of cognitive thinking.
There are other indicators for measuring human potential that can work better for the traditional office settings. I am talking of course of personality and interest testing. It measures those traits of a human which are essential for him/her to do a particular job or task.
All these tests; personality, aptitude, interest, and intelligence are collectively called psychometric testing (psycho: meaning mind, and metric: meaning measure)
Some of the biggest firms in the world use psychometric testing as a base for recruitment and training of their workforce.
More than 18% of the organizations currently use personality tests in the hiring process, according to a survey conducted by the Society for Human Resource Management.
This number is growing at a rate of 10-15% a year according to many industrial and organizational psychologists, as well as the Association for Test Publishers. Talking about the top Fortune 500 companies, all of them use one form or another of psychometric testing.
If you are an entrepreneur who wants to hire the right people for the right job then you need to be extremely sure that your next hire doesn’t hamper the current business processes.
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Conducting psychometric testing for your workforce should absolutely be mandatory, especially if you are a small or a mid-size firm. These tools will help you to gauge a person in a completely different realm; his/her innate nature.
It’s true that there are limitations to these kinds of testing such as social desirability, random answering, faking good and it cannot measure all the properties of the human behavior. However, they do reveal a valid chunk of information which can help you hire your next best employee.
When used correctly, cognitive and personality tests can increase the chances that new employees will succeed. Since the cost of a bad hire is widely estimated to be at least one year’s pay, there are huge incentives for organizations to get hiring right. Unfortunately, too many organizations use the wrong psychometric assessments in the wrong way.
Here’s what organizations need to know in order to minimize potential risks and maximize the predictive accuracy of these tests.
Let’s take an example to see how the right application of psychometrics can help hire the right employee.
Psychometric in Corporate Environment – Which one would you hire?
Now would you be interested to know whether he scores well in logic and verbal, or would you be interested to know whether he is a people person who possesses certain personality characteristics such as Diplomatic nature, Achievement Orientation, Persistence and Stress tolerance?
The answer is a mixture of both. Since salespeople should be good in numbers as well as verbal intellect. In addition to this their personality should be of a particular type.
Generally, diplomatic people, they should be persistent with clients and should set high standards for themselves and should have stress tolerant ability in order to cope with their jobs. Similarly, we can create an ideal psychometric sheet for all types of functions and job slots.
Psychometric assessments are the most cost-effective tool for predicting future job performance. They provide an objective and standardized view of a range of candidate competencies, such as abilities and personality.
Psychometric assessments supply an organization with valuable information about an individual. These assessments produce results which can be compared against established industry benchmarks, providing a clear positioning of candidates’ potential to perform against large, relevant occupational groups.
Research confirms that the most accurate, holistic view of a candidate is achieved when psychometric assessments are used together with other methods, such as interviews and work sample tests.
In Conclusion, Psychometrics is not just limited to aptitude tests, it also includes personality tests, interest tests, and creativity tests.
Corporates should use psychometric tests in combination with interviews and work sample tests to hire new employees in order to ensure that no bad hire happens. This is especially true for the small and medium enterprises.