Stephen Bush is a consulting and career training expert. He is the CEO and Founder of AEX Commercial Financing Group.
Reading Recommendations for Small Business Owners and Students
Whether you are a small business owner, student or a reader interested in learning more about running a successful company, my shortlist of practical and effective small business books should be helpful. Many, if not all, of these superb business, communications and finance books should be included in any academic setting that is committed to providing students with the most effective and practical training for succeeding in the business world. At the same time, the high standards for including any book on my list also requires that 100 percent of them can be immediately helpful to anyone already involved in any stage of running a company.
The Five Primary Audiences for These Book Recommendations
This overview will feature a number of personal reviews. Taken together, these book reviews represent my recommended reading list about running a successful business. While each and every business book reviewed here does certainly deserve a "must read" label, more importantly they each have also earned a "must use" label from me. In other words, if you want to have a successful business, my candid recommendation is that you "must use" these business books to help guide what will still be a challenging journey. Interspersed with the book reviews you will find additional commentary about business and finance.
The five primary groups of potential readers for the recommended books are shown below:
- Small business owners
- Current or aspiring business students
- Anyone thinking about buying or starting a small business
- Someone trying to help a friend who owns a business
- Anyone who enjoys learning about business issues
"Shut Up and Say Something" by Karen Friedman
Adding or improving business communication strategies should be among the top priorities for any small business owner. I believe that Karen Friedman's explanations represent the best business communication book available anywhere. She persuasively conveys the reasons for effectively communicating in a very understandable fashion and simultaneously translates her candid views into a practical "how-to" about communications. This is a living and breathing example of what I mean by a "must read and must use" book. The communication skills to be learned from this superb business book will be easily transferable to everything that you do, both in the business world and beyond.
Business Communication: Don't Overlook Business Writing
When you focus on the value of business communication, remember that it's not all about talking and listening. The power of the written word is overlooked far too often. The following video highlights some of the biggest business writing mistakes to avoid.
Tips for Avoiding Business Writing Mistakes
"What Every Investor Needs to Know About Cash Flow" by Frank Gallinelli
Frank Gallinelli has also written Mastering Real Estate Investment: Examples, Metrics and Case Studies. While you could easily choose to buy both books, I recommend the more cost-effective option of buying only What Every Investor Needs to Know about Cash Flow.
Real estate has ups and downs, and anyone with a working goal of having more ups than downs should read and use this book. Any small business owner has a real estate investment by default if they own the real property in addition to the business itself. It is absolutely critical to obtain a better understanding of real estate because it will impact almost everything related to small business financing. This book should make you much more comfortable with using and understanding the most important financial measures for real estate.
One More Thing—Must Read and Must Use
In my reviews, I intentionally included the "must use" phrase along with "must read." Each of the books I have included on my selective recommended reading list can be thoroughly enjoyed by anyone simply searching for a refreshing and unique business book to read. But if at least part of your goal in reading these books is to improve both yourself and your business, then the "must use" label should serve as a gentle reminder to keep these books front and center (at least in your mind) when making decisions about both life and business.
A Practical and Effective Book About Choices
Any individual must become adept at making good decisions, and "Smart Choices: A Practical Guide to Making Better Decisions" is a superb book to guide you in making sound choices both inside and outside of a business context. Because decision-making is a "must have" skill, this is clearly a "must use" business book—written by John Hammond, Ralph Keeney and Howard Raiffa.
It should be viewed as having universal appeal for individuals making decisions at all levels of a business. This guide also follows through with a detailed explanation of how to apply this decision-making information. This book has a long and esteemed track record of excellence and practical help.
Additional Choices When You Are Seeking Help and Information
I love reading! But it is not the only thing that I do with my time. I am constantly looking for new ideas and sources of information. Part of this comes from reading a variety of written media (including books like those recommended here). Managing risks and problem-solving generally requires entertaining ideas from multiple sources. Reviewing authoritative sources encompasses an important strategy, but it is not (and should not be) the only alternative.
Internet Video Presentations
During the past ten years or so, video information has become more popular because of increasing availability on the Internet. While some of the ideas and strategies presented in these videos are not totally new, the viewership potential has elevated the information to a critical mass level. The increasing pace of life also means that many of us feel that there is simply not enough time to read the long version of anything. Some of the best video presentations require less than ten minutes to absorb, and time management issues alone can make video sources compelling. I regularly view videos to obtain information and new ideas about topics such as negotiating, business writing, inbound marketing and career training.
A Video Presentation About Improving the Bottom Line
It is our choices ... that show what we truly are, far more than our abilities.
— J.K. Rowling
What Do You Know About Zombie Banks?
Very few businesses can survive without dealing with banks and bankers. The growing numbers of "Zombie Banks" and Problem Banks being monitored by the FDIC mean that companies of all sizes will need to learn more about the impact of bank problems on commercial real estate loans and working capital financing for their business.
"Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy" deftly illustrates why "Zombie Banks" should be understood before small businesses try to arrange commercial financing. This book was written by Yalman Onaran with the active support of Sheila Bair (she also wrote the foreword), the former chief of the Federal Deposit Insurance Corporation (FDIC).
For many of the most serious business finance mistakes made by lending institutions, greed is a common theme. Unsurprising negative results were produced by the attempt to achieve quick profits and higher-than-normal returns. The only people seemingly surprised by the devastating losses are the bankers themselves. After two years of trying unsuccessfully to get someone else to pay for their errors, the largest small business lender in the United States (CIT Group) eventually declared bankruptcy. During the recent financial crisis, we witnessed a record level of bank failures. By most accounts, many of the largest banks should have been allowed to fail but were instead supported by artificial government funding.
When making loans or buying securities such as those now referred to as toxic assets, there were many instances in which banks failed to look at cash flow. An underwriting process known as stated income in which commercial borrower tax returns were not required was used for some small business finance programs. Lehman Brothers was one of the most aggressive commercial lenders using this approach, and they also filed for bankruptcy due to this as well as other questionable financial practices.
A Trilogy of Books About Negotiating in Difficult Situations
The benefits of doing a better job at business negotiations usually include quick improvements to the bottom line, and Getting Past No by William Ury provides practical and candid help for a misunderstood business process. Negotiating is a key example of a business skill that does not get enough respect for what it can accomplish for a small business owner. After all, the other guys (bankers, suppliers, utilities, etc.) will make maximum use of their negotiator. Here's a book to help level the playing field!
William Ury has written a trilogy of books about the critical use of "Yes" and "No" (this was the second). The first was "Getting to Yes" and the third was "The Power of a Positive No."
All three are exceptional. Each book stands on its own and can be read independently.
You cannot open a book without learning something.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2012 Stephen Bush
And now, your thoughts on the subject...
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AstroGremlin on December 20, 2013:
@jayavi: I disagree. It is better to start business and then read like a maniac.
AstroGremlin on December 20, 2013:
I have one of your picks already. You are clearly smart and now I am tempted to read others. I enjoy your material.
John Huf on August 09, 2013:
Good list guys. I am a small business owner myself and I write a blog about web tools for small businesses. So I constantly like to deepen my knowledge about various aspects of small business.
LauraCarExpert on July 03, 2013:
I personally think 4 hour work week revolutionized how we want small businesses' to look and run. Good list here.
MissMalaprop on April 04, 2013:
The E-Myth Revisited by Michael E. Gerber is one of my personal favorites! A must read for any small business owner!
Bartukas on March 22, 2013:
Very helpful lens thanks for sharing
jayavi on March 20, 2013:
Its better to improve your knowledge before you start business.
Deborah Carr from Orange County, California on February 28, 2013:
These are great books for small businesses!
chickie99 on February 23, 2013:
good lens! ~~ good suggestions
small business is the core of america!
TopReviews2u on February 06, 2013:
Great selection of small business books. I'm always looking on how to take my business to the next level.
Darcie French from Abbotsford, BC on January 22, 2013:
I'm a visionary that probably misses a good deal of details when it comes to managing my online business. I get caught up in creating.
Jeph Maystruck from Regina, SK on January 06, 2013:
Awesome lens! Love these book themes my friend. Keep em going!
northoftheburgh on November 30, 2012:
Power Questions seems like a very informative book. I really want to learn how to ask questions and which ones matter! Thanks for the insight!
breaststrokeswimming on November 21, 2012:
secrets of power negotiating is one of my favs. you have a great list here. some that I didn't know about but look great. thanks for the info
anonymous on November 03, 2012:
Very insightfully. Thanks!
Mawkjump on October 04, 2012:
Very helpful. Thanks.
Stephen Bush (author) from Ohio on September 26, 2012:
@CruiseReady: I have not read that yet. So many books and so little time! Thanks for the question and comment.
CruiseReady from East Central Florida on September 26, 2012:
Some good selections here. Have you read 'Leadership Secrets of Atilla the Hun?'
anonymous on September 18, 2012:
anonymous on September 18, 2012:
Very good day, this is the really Great links.
CoolFool83 on September 17, 2012:
This is a really good lense! Thanks for sharing.
radkoaleks on September 15, 2012:
Very nice writing. I like this lens. I work from home last two years and I feel much better than any other job been holding before.
anonymous on September 10, 2012:
Small home biz are the right kind of income for many people who want to stay home and help the family too. An independent income that is not directly dependent on inflation and recession, in addition to its capability of independence is welcome for many enthusiasts who want to open their own small business.
CleaningGreenBu on September 08, 2012:
Really great lense with great links!
sunny saib on September 06, 2012:
SailingPassion LM on August 30, 2012:
MyBabyBoo on August 29, 2012:
Awesome lens, nicely done!
dahlia369 on August 26, 2012:
Very useful lens, especially these days when more and more people are turning to a small business option instead of looking for a job.
sentanta lm on August 11, 2012:
I just took the lead to opening my own shop five weeks ago, and I am happy to say I have read a few of these already. But there are definitely a few that I am going to check out!
spikeyflower on August 04, 2012:
Lots of great suggestions! I wish I took more courses on running a small business in school. I am lucky that a lot of it comes pretty naturally for me, but it is obviously always best to learn from other people's experiences and advice by reading books like these. I try to get the ones that are available on book on tape, so I can listen to them when I take care of basic tasks.
Ardyn25 on August 03, 2012:
A very well done lens, I was looking for some info on this...thanks.
ae dc on July 18, 2012:
nice book suggestions, and great info. you're really an expert in your niche. thanks and congrats!
anonymous on June 13, 2012:
Looks like a great library, and I love the theme. ~ Blessed :)
anonymous on May 25, 2012:
This is great lens. The book recommendations are no doubt very solid. But what I really like is the way you laid your Wordpress blog in the Commercial Financing and Business Planning. That's neat!!! I'm following your blog now.
Fcuk Hub on May 14, 2012:
This lens has shown great resources of business books :)
myprecious lm on May 14, 2012:
Thanks for the information!!Great len!