Every year, scores of new business books are published and read by millions of people. But with so many titles to choose from, which ones should you prioritize?
I recently read eight of what many regard the best business books of all time. These are the books that have all stood the test of time — they've made the New York Times best-sellers list and have been recommended over and over again by critics and the world's most successful business leaders. Some of them may even be sitting on your parents' nightstand.
To save you the trouble of reading them yourself, here are the most fascinating lessons from each book:
1. "Think and Grow Rich," by Napolean Hill
Key takeaway: You can achieve anything you conceive and believe.
Thoughts are things — and they are incredibly powerful. Focus on what you want to achieve and strengthen your resolve by having what Hill calls a "definiteness of purpose." It's also essential that you persist in the face of obstacles that are bound to impede your growth along the way.
2. "Rich Dad, Poor Dad," by Robert Kiyosaki
Key takeaway: Know the difference between an asset and a liability.
There's a reason the rich get richer: They understand the vital yet often misunderstood difference between assets and liabilities. An asset puts money in your pocket. A liability takes money out of your pocket. In order to get rich, you must buy assets and leverage the income generated from them to buy luxuries and fund your lifestyle.
3. "The E-Myth," by Michael Gerber
Key takeaway: Work on your business rather than in your business.
"I understand the technical work of a business, therefore, I understand a business that does that technical work." This is a costly assumption new entrepreneurs make. Understand that everybody who goes into business has three identities: An entrepreneur, a manager and a technician. You need all three to build a company that can thrive without you.
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