Improve your business acumen with these smart book suggestions.
Business expert Michelle Seiler-Tucker is an entrepreneur, author and founder of Capital Business Solutions. This month, she shares her five must-read books for any business owner to improve financial acuity and foster better business decisions.
“Think and Grow Rich,” by Napoleon Hill
The 1937 classic, “Think and Grow Rich,” is far more than a “how-to” book; it is a philosophy of the fundamentals of manifestation. Napoleon Hill expounds on the primary laws of not only attracting wealth, but also acquiring anything one may desire. Hill describes the law of success in 13 principles that instantly inform the reader. For example, the amount of success an individual receives is greatly determined by the assurance of his or her convictions. “Think and Grow Rich” is a necessity for anyone with aspirations of any kind. Applying the fundamentals in this book has allowed me to actualize every goal I have set for myself in my adult life. Because of this certainty, I am so honored to be featured as a contributing author in the modernized publication and bestseller, “Think and Grow Rich Today.”
“The Art of the Deal,” by Donald Trump
There is a common misconception that the dynamic salesperson and the robust dealmaker are born, not made. Sure, there are those who are naturally compelling and persuasive, but there is an art to selling and deal making that, if applied, will raise anyone’s aptitude for success. “The Art of the Deal” provides an overabundance of insight into the mind of a brilliant entrepreneur. Trump formulates his own 11 guidelines for success by divulging the elements of his own financial dexterity. He highlights the common components of the greatest deals while shattering prevailing myths, with advice like, “You don’t necessarily need the best location. What you need is the best deal.” Trump has transformed abandoned properties into convention centers, superstructures and luxury resorts. This book is truly a monument to the art of the deal and the craft of wealth attainment.
“Secrets of the Millionaire Mind,” by T. Harv Eker
I have always wondered why some people get rich while others are destined for a life of destitution. Why some agents and business owners earn six- to seven-figure incomes, while others are content making five figures or less. Upon interviewing a prospective agent, I always ask, “What is the highest amount of income you have ever earned in a year?” If the candidate has only made five figures or less, in some cases, it is my experience that they will continue to earn no more than five figures. Similarly, if an individual has made $250,000 or more at any point in their professional career, I’ve determined that they can “rinse, repeat and generate that income again.” No matter the figure, the increase in earning potential is directly related to a person’s propensity to reconstruct their financial blueprint, reformulate their personal expectations of achievement and, most importantly, reset their “financial thermostat.” “Secrets of the Millionaire Mind” is a brilliant book and a must-read for the person yearning to break the mentality of financial confinement. It also serves as an employer’s handbook, assisting supervisors’ understanding of the differences between an underachiever and a professional dynamo, as well as how to hire the best and transform undesirable employees into viable candidates.
“Rich Dad, Poor Dad,” by Robert T. Kiyosaki
This is a brilliant story that compares the philosophies of Kiyosaki’s biological father and the father of his childhood best friend regarding education, money, assets, liabilities, success, etc. Kiyosaki’s biological father, otherwise known as “Poor Dad,” believed that education was the passport to success. He held a doctorate and went to Ivy League universities, but he was always struggling financially. Like the majority of society, “Poor Dad” was focused on mundane career factors, such as job tenure, social security, vacation, sick leaves, company insurance, salary raises and promotions. On the other end of the financial scale, “Rich Dad” had a meager formal education (eighth grade) but tons of street smarts. He developed financial intelligence and business savvy through real-world experiences, which, according to him, were “the most powerful asset.” This bestseller incorporates lifelong lessons with a riveting narrative that will initiate financial success for the attentive reader. Kiyosaki teaches the basics of financial proficiency by elaborating on crucial topics, like the error of generating a string of expenses and the importance of building assets. Improve the asset column on your balance sheet and learn to earn the “Rich Dad’s Way.”
“Sell Your Business for More Than It’s Worth,” by Michelle Seiler-Tucker
Have you ever wondered why some businesses sell for millions of dollars, while others sell for pennies on the dollar? Why some businesses thrive while others take a nosedive? “Sell Your Business for More Than It’s Worth” unravels the mystery and reveals the insider secrets of building a business that will be attractive to hundreds of buyers willing to pay top dollar. This groundbreaking book is a blueprint for creating wealth and planning your exit strategy so you can afford the lifestyle you have always dreamed of attaining. You will learn how to create brand loyalty versus location loyalty, add congruent revenue streams, expand your customer base and create a business that works for you, rather than you working for it. This book is a must-read for anyone owning or managing a business. It will dramatically improve your financial IQ.