For those who aspire to create and innovate, there's one book that stands out as essential.
"Had this book been available earlier, my entrepreneurial journey would have been significantly easier." — Simon Sinek
Simon Sinek, renowned for his influential book Start With Why, has established himself as a leading voice in business literature. His 2009 work has become a cornerstone for leaders seeking to enhance their thinking, actions, and communication. Therefore, when he endorses another title, it warrants attention.
The book in question is How I Built This by Guy Raz.
In 2016, Raz launched a podcast where he interviewed various innovators and entrepreneurs, exploring the depths of their business experiences. Each week, for an hour, he delved into their triumphs, setbacks, and invaluable lessons learned. This series became a source of inspiration for me as I listened to the stories of my business heroes and discovered many new ones. While I was in the process of building my own venture, I found motivation in their narratives and tried to incorporate their lessons into my own journey.
When Raz published his book in late 2020, I couldn't wait to get my hands on it. It topped my Christmas list, and I was thrilled when it arrived, which I read eagerly.
The book synthesizes numerous podcast interviews, offering additional insights and identifying recurring themes in the stories shared. Its structure guides readers through the various phases of entrepreneurship, blending practical advice with real-life examples, making it both a playbook and a case study.
This is the one book I now recommend to anyone keen on starting their own business.
I read 1800 business books - these 10 will make you RICH - YouTube
In this video, the speaker discusses the most impactful business books they've encountered, providing insights on how these readings can contribute to financial success.
Statistics reveal an interesting trend: 55% of Americans believe they have the capability to launch their own business, yet the business ownership rate in the U.S. was only 9.9% in 2020. This indicates a significant disparity between aspiration and action, with many individuals hesitant to take the leap and opting to remain in their comfortable, yet unfulfilling, jobs.
Raz often mentions that many entrepreneurial ideas begin as a mere spark.
"This spark is nurtured over time, and eventually, the individual who would bring that idea to fruition realizes that their initial motivation has shifted."
Many entrepreneurs advocate for having a safety net while they explore and test their ideas. They suggest building a business on the side before fully committing to it. For instance, Herb Kelleher maintained his law career for fourteen years while developing Southwest Airlines. This cautious approach is common; Sara Blakely sold fax machines while working on Spanx, and Phil Knight balanced his accounting job while investing his earnings into Blue Ribbon Sports, which later evolved into Nike.
You don't necessarily have to leave your job to embark on your entrepreneurial journey, but you do need to ignite that spark and fan it into a flame.
Chapter 2: Navigating the Entrepreneurial Landscape
"Anyone who reads How I Built This will gain a significant advantage. Guy offers the compass, map, and headlamp necessary to navigate the entrepreneurial wilderness." — Joe Gebbia, co-founder of AirBnB
If you're already operating a business and wondering whether this book is still valuable, the answer is a resounding yes.
The narrative flows smoothly through three main sections: the call, the test, and the destination. These divisions allow entrepreneurs to jump directly to the segment most pertinent to their current journey.
While reading the entire book is ideal, you might skim through the first part and focus your attention on the latter two sections, taking notes and highlighting key points.
Here are my notes on the sections:
The Call
The first section delves into generating ideas, conducting research, and finding a co-founder. A crucial takeaway for me was the importance of having a business partner, not just for business but for mental support in navigating the stress of entrepreneurship.
Choosing the right partner can be challenging; I experienced this firsthand with my most recent venture.
The Test(s)
This section addresses funding, marketing, organizational structures, and sometimes, the need to pivot. Entrepreneurs in the early to mid-stages of their journey can start reading here, extracting valuable insights and wisdom.
There are strategies for managing crises, including a masterclass in damage control from James Burke, CEO of Johnson and Johnson, and advice on how to recover from setbacks.
The Destination
What do you aim to achieve? You might aspire to become a unicorn or land on the Forbes Billionaires List, and I genuinely hope you do. However, this section offers lessons on managing partnerships, understanding when to sell, and perhaps most importantly, how to remain kind throughout the journey.
Collectively, these sections function as a GPS for establishing and nurturing a sustainable business.
Inspiration for Writers as Well
Even though I sold my business earlier this year and stepped away from entrepreneurship, I continue to find inspiration in books like this.
Each year, I eagerly peruse Amardeep Parmar's recommendations for the best business reads, adding several to my own list. As a writer, I enjoy merging the business lessons I encounter with my insights.
A notable chapter from Raz’s book was about building a culture rather than a cult. Many companies falter in this area. Raz highlights Yvon Chouinard, the founder of Patagonia, whose story intrigued me. After reading about him, I sought out Chouinard's book, Let My People Go Surfing, which details how he fostered a company known for its low turnover and highly motivated workforce. Given the current climate of the Great Resignation, leaders have much to learn from this.
After absorbing that knowledge, I authored an article titled Patagonia Provides the Perfect Blueprint to Avoid the Great Resignation, which gained significant traction. Even though I'm no longer at the helm of a business, both Raz and Chouinard have influenced my writing.
Inspiring the Next Generation
Recently, I received a call from a friend, Adam, with whom I co-founded a business at the age of twenty. Since then, we've been exchanging ideas as if we're on a two-person Shark Tank.
He sought advice for his eighteen-year-old stepson, who possesses a brilliant business idea but needs encouragement to take action.
"He's intelligent and has a fantastic concept. I just need to inspire him to move forward. I know he'll be successful; he just needs a push."
After discussing the idea, I agreed it sounded promising. Adam then asked how he could support his stepson.
I suggested he gift him a book and to touch base with me afterward.
Who knows? Perhaps Adam's stepson will one day find himself featured on the How I Built This podcast.
If you enjoyed this, consider joining my free mailing list for more stories and updates. If you haven't signed up for Medium, you can support writers like me by doing so.
The 6 Top Books to Read for Entrepreneurs (My 8-Figure Reading List) - YouTube
In this insightful video, the presenter outlines six essential books that every entrepreneur should read, emphasizing their impact on achieving business success.