Knowledge on how to manage and grow one’s business coupled with wealth management could be learnt through diverse forms and means. These could be learnt through the net, magazines, radio and TV programmes and last but not the least, books. Nowadays, the love for books keep fading owing to lack of interest and not devoting a handful of time for tapping from the success stories of past entrepreneurs. Most people do venture into business without envisaging and getting prepared for the likely problems ahead.
Not learning the ropes through any of these means has greatly affected many businesses. Online books are okay but, I rather recommend getting hard copies of your books of interests pertaining to business and wealth management — this will give you opportunities of marking and making references to important areas at any time.
Although there are many lessons learnt, having read a handful stories of how the world reckoned billionaires started their firms and businesses; it occurred to me after the eclectic compilations of their “diverse-converging” stories — I can boldly say they have similar thing in common which is “TAKING RISK”. Taking risk while defying all odds and outstretching their comfort zones — not minding whether they are at loss. The gimmick to adopt is zeroing one’s mind off the loss and concentrating with full optimism on profit. No pain, no gain.. RISK is the pain, PROFIT is the gain. This seems handy. All odds must be defied and comfort zone outstretched.
CAVEAT: The books mentioned here are not the only inspiring books worth reading, in fact, those mentioned here are a few of such books. Do not restrict yourselves, read wide and incorporate those knowledge into your businesses. There are throngs of them.
Some people might have read the books, for those who never read them. Below, these are tips of an iceberg of what you should expect upon reading these books.
(1) THE RICHEST MAN IN BABYLON (by George Samuel Clason):
This is my favorite book anytime any day, it sheds light on practicable and realistic rules governing money towards wealth building coupled with financial discipline. No matter the condition, it emphasizes saving at least 10% of your income and making the saved 10% work for you. You need to pay yourself first and then invest it! That’s the foundation of what the book teaches. The need to spend on your basic needs and weaning yourself of spending on frivolous wants — by not spending above your means i.e what you earn, the need not to spend the saved money but investing it in profitable businesses and enterprises for multiplicity, avoiding too good investments like ponzi schemes, casino etc are a few tips raised. The book admonishes the readers to seek advice and tap from prosperous friends, experts and entrepreneurs who are versed with how money works.
The beauty of this book is how it explicitly analysed how to effectively manage accrued debt profile. This is practicable and can be done by living on 70% of what you earn, saving 10% for yourself and using the remaining 20% to repay your debts.
(2) RICH DAD POOR DAD (Robert Kiyosaki)
This book would raise your curiosity in querying the status quo. By virtue of his experience by being raised by two fathers — The Rich (Entrepreneur) and The Poor Dad (Educated government worker); Robert Kiyosaki made explicit comparisons between the two Dads. The hallmarks of their differences are their THINKING, RISK TAKING, OUTSTRETCHING COMFORT ZONE and BELIEF patterns — and these are what drove and propelled them to being Rich and being Poor respectively. It all revolves around state of their minds. A fellow taking calculated risk and seeing possibilities where there seems to be none is firmly on track to financial breakthrough though, there maybe failures and challenges while the complacent is on deleterious path of vicious cycle of RAT RACE; a symbolic trait of financial stagnation.
For financial breakthrough, clear distinction should be made between an ASSET and LIABILITY. Strategies should be adopted in shattering the vicious cycle of RAT RACE; a scenario where large chunk of your salaries are spent on bills and liabilities rather than creating a financial empire (ASSETS) that will increase your stream(s) of income. This principle aligns with the major laws stated in Richest Man in Babylon.
(3) THINK AND GROW RICH (Napoleon Hill)
This book is thought provoking, it challenges and put you in thinking mode. The book has 13 principles which are Desire, Faith, Auto-suggestion, Specialized knowledge, Imagination, Organized planning, Decision, Persistence, the Power of the master mind, the Mystery of sex transmutation, the Subconscious mind, the Brain, and the Sixth sense. What human beings will become starts from the craved inner desire and not mere wishes. It piqued the readers’ minds to engage in timely and precise actions culminating their goals. Imagination and Faith as espoused by Hill are driven by Desire, while not neglecting other principles, these three principles are adjudged to be foundation upon which other principles are erected.
It emphasizes creating a niche for yourself by being specialized rather than Jack of all trades.
(4) Jewish Wisdom For Business Success (Rabbi Brackman and Sam Jaffe)
This is quite an enriching book which reveals over four thousand year old blueprint for success – which consists 9 chapters. Many principles guding business management, thought provoking ideas and quotes were shared. Negotiating techniques, how to make sales, conquering fear of the unknown, business models are a few tips shared.
These are a few books worth reading next year.