Why Reading Is Important For Entrepreneurs – Key Benefits Of Reading For Business

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“The average employee reads 1 book per year and the average CEO reads 52” – Unknown

 

I can’t believe I started an article with the worlds most cliché quote of all times but there you go.

There is no secret that all the top business people, great leaders and entrepreneurs are readers and they are looking for two things – knowledge & Improvement.

“Not all readers are leaders, but all leaders are readers.” – Harry S Truman (Former US President)

They are looking for all types of knowledge that the people around them can’t provide but can be easily found in books which is probably why Warren Buffet dedicates most of his time to reading.

Before we dive into the key benefits, let’s take a look at the top 10 reading quotes from great Leaders and Entrepreneurs past and present:

 

“I would continuously search for new ideas. I read every book and magazine I could. Heck, 3 bucks for a magazine, 20 bucks for a book. One good idea that led to a customer or solution and it paid for itself many times over.” – Mark Cuban (Dallas Mavericks)

“Read 500 pages…every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.” – Warren Buffett (Coca Cola)

“If you want your children to be intelligent, read them fairy tales. If you want them to be more intelligent, read them more fairy tales.” – Albert Einstein (Genius)

“My best friend is a person who will give me a book I have not read.” – Abraham Lincoln (President, USA)

“There is more treasure in books than in all the pirate’s loot on Treasure Island.” – Walt Disney (Disney)

“Show me a family of readers, and I will show you the people who move the world.” – Napoléon Bonaparte (Military Leader)

“Reading is still the main way that I both learn new things and test my understanding.” – Bill Gates (Microsoft)

“I cannot live without books.” Thomas Jefferson (Founding Father, USA)

 

We can see from these quotes that books are just as important now as they were in the 18th century, even in the information age where anything we want to know is at the tip of our finger tips.

From a personal perspective, reading and listening to books was one of the key reasons I was able to become successful so let’s jump straight into key benefits of reading for Entrepreneurs, leaders and business people.

#1 The Number 1 Reason – IMPROVEMENT

People often ask what it takes to be an Entrepreneur and we hear the same things over and over again, Consistency, Persistence And Never Giving Up.

These are all amazing traits that Entrepreneurs absolutely need but I see one quality that people never seem to give enough credit. Entrepreneurs are obsessed with constant and continual improvement with books being an excellent source of the knowledge and wisdom they need to improve further and faster.

The more we improve the better we can perform and the better results we can obtain. This is the main reason and benefit of reading for Entrepreneurs but there are plenty more!

#2 Books Are An Excellent Medium

Despite all of the disruptive technology, books are still an excellent medium because one author can condense all of their knowledge on a topic into a book and if you read the book, you can absorb much of the knowledge.

Reading a book is like having the author sit down beside you and tell you exactly how they were successful in whatever field or area they were involved in.

If you want to be successful in the same area or field, the knowledge of someone who has been there  and done it is invaluable. It is going to give you a ton of relevant knowledge that you can apply to your own situation.

#3 Entrepreneurs Need To Be Good In Many Different Areas

When you start to expand a business, you can hire people to do the things you are not good at but when you start out, you have to perform every function by yourself.

We all have the areas we are good at and we can often start out thinking we will spend all our time doing those things but it doesn’t work out that way.

Every business needs sales, marketing, finance and operations but most importantly they need to make profit.

You can find books written by experts in every area you need to conquer that will give you the knowledge, insights, tips and tricks to improve in any area that you need to.

You can find specialised knowledge on each topic but also general knowledge on running a successful business and if you pick up a few things you can apply from each book, its should be a bargain for your business.

For my first 18 months in business, I went through at least 2 books a week, usually 3. The knowledge you can pick up is crucial and you are looking for that one nugget in each book that you can apply straight away in your business.

#4 Learning From Other People’s Failures

Success is simply moving from failure to failure without ever giving up.

If you can learn from your own mistakes you will make a good living but if you can learn from the mistakes of others you will be wealthy.

Your wealth is defined as how long you can survive if you stopped working today – I learned that in a book!

Most people will not be successful because they are afraid of failure and avoid it.

Successful business people embrace failure as it brings them closer to success but they also want to avoid as many failures as possible so they can move through the process faster.

People will write in their books about mistakes it took them 10 years to realize and by reading the book, you can avoid that mistake while still getting the lesson and speed up the process of achieving success.

#5 You Don’t Know What You Don’t Know

Entrepreneurs need to lead a business using all the knowledge they possess but they don’t know what they don’t know and can often find it in books.

That’s why so many business leaders binge on books because they don’t know when they will find those next aha moments that take them to the next level.

When certain situations or predicaments come up in their business, they can often recall hearing something similar in a book and already know the best course of action to take.

#6 Inspiration

Who doesn’t want to be inspired?

Through books we can live through times of war, business success and outstanding sports achievements, understand better what was driving the main characters and get inspired to be better in our own business or enterprise.

All of the great leaders and business people have strengths that we can learn about, gain deeper insights into and emulate in our own lives.

They also have weaknesses that we can learn about and avoid.

#7 It Becomes A Hobby And De-Stresser

“It’s lonely at the top” is a phrase we here time and time again and it can be difficult to connect with those on the same path as you.

Successful business people spend a lot of time alone and books can become an important hobby for us to de stress, engage our mind and keep us from getting bored.

Learning and applying that knowledge becomes the hobby when you want to get better at business and books are a sure fire way to do that.

#8 Improves Cognitive Ability, Vocabulary & Understanding People

Reading keeps the mind active and improves our cognitive ability so when difficult decisions need to be made we can process them better and more quickly.

Reading is like exercise for the brain and is a crucial ingredient in keeping us firing on all cylinders, especially as we get older and it fills our mind with knowledge that can be applied in every day life.

Reading also expands our vocabulary and gives us a ton of knowledge to drop in conversations, The only problem is that your conversation will reach the next level and someone who doesn’t read will find it hard to keep up with you.

The knowledge we can get in books also gives us a deeper understanding about people, human nature and what drives and motivates them, whether that is fear, greed or looking to safe face.

By understanding what makes people tick, we can put ourselves in their shoes and make better decisions.

#9 Get A Good Nights Sleep

Running a business is tough work and trying to switch off at night can be easier said then done.

Reading a book for 30 minutes to an hour causes us to feel more sleepy, calms down our thoughts and can help us get some much needed rest so we can attack the next day fresh and sharp.

We could go on about the benefits of reading for entrepreneurs forever but now let’s take a look at how the medium of reading has changed over the years.

Physical Books Vs Audio

Audiobooks have become extremely popular for the modern day entrepreneur as it allows them to multi task and get more done while enjoying the incredible benefits of reading.

Many sceptics say that you don’t get the same benefits from audio as you do for listening but many studies have shown that you take a book in and can remember just as well after listening to the audio version.

Audiobooks allow entrepreneurs to get some exercise while expanding their knowledge, go for walks and even listening while working at times.

They also allow us to speed up the book and go through more material in the same amount of time.

Check Out Our Full Article On Reading Vs Audiobooks Here

With Kindle unlimited and audible we can move seamlessly from our kindle ebook to the audio book and it will pick up from the same spot where you left off on either device which is another awesome innovation that allows us to get the best of both worlds.

That being said, there is still something about printed books that is appealing and the market for printed books is still massive worldwide.

Blogs, Book Summaries And Youtube

We read books to get knowledge and improve and the mediums where we can get knowledge have now expanded to Blogs, Book Summaries and Youtube videos.

They all offer something different and a keen knowledge seeker will take advantage of every medium to obtain the maximum amount of knowledge possible.

It is a testament to the effectiveness of books that they are still so popular, even in the technological revolution we continue to see where industries are being disrupted right, left and center.

How Many Hours Does Bill Gates Read Per Day

Bill Gates is a big reader and he goes through at least 1 book per week. That equates to about 1 – 2 hours of reading per day obviously depending on the size of the book but it is probably around to 1 hour mark.

Mark Cuban, the owner of the Dallas Mavericks is a more prolific reader, spending 3 hours a day ingesting the glorious knowledge that lies between the pages of the worlds best books.

5 Classic Books Every Entrepreneur Should Read

Think And Grow Rich

A Classic from Napoleon Hill about the importance of having the right mindset to achieve greatness.

The sentiments in this book have been echoed by great business men and leaders alike who say it starts with a burning desire of achieving the goal you set out to accomplish.

Napoleon spent years studying the worlds most successful men and composed this book detailing the similarities between them and how you too can achieve success.

48 Laws Of Power

A Super Famous book by Robert Greene which can be likened to a modern day ‘Prince’ By Machiavelli.

It states that success is a game of achieving power and to achieve power, you must deal with many different people who are all also hungry for power.

By learning the laws of power you can have and advanced insight into how people’s minds work and manoeuvre to gain leverage over them which is crucial to business success.

Lessons like never outshine the master, plan seven moves ahead, never put too much trust in freinds are all valuable lessons we can use in business.

The 10x Rule

Best Selling Author, Sales Genius and Property Mogul, Grant Cardone started from the bottom and clawed his way up the hard way.

The 10X Rule is all about setting high targets and taking massive action towards them.

If you want to be a successful entrepreneur, you need to put down the excuses, pick the phone up, make the difficult phone call and do whatever it takes to be successful.

The Richest Man In Babylon

The Richest Man In Babylon by George Classen is a classic book in building and sustaining wealth that has been around for over 50 years but the message contained in it remain relevant today.

This book will teach you things like, Master a Skill, Save 10% Of Everything You Earn, Invest Your Money Wisely, Avoid Gambling And Alcohol, Buy Your Own Home and much more.

The story is set in the ancient city of Babylon and goes to prove that the laws of building wealth are eternal in that they have changed little over the centuries.

The Millionaire Fast Line

An Excellent book by MJ De Marco around growing and scaling a sellable consulting business.

This book gives live, in the trenches knowledge from how MJ made his first million.

It goes through the options that are available to you:

The conventional route where you spend all you time working and put money in a pension so that one day you can retire in a life of luxury. These people don’t stop to think that their earnings are limited to how much time they have available to sell to their boss and can’t ever go past that.

By starting a business, you have the potential to move into the fast lane, remove the limit on your earnings and build wealth much more quickly.

This books is a hands on practical guide to doing just that.

Conclusion

Reading is crucial to Entrepreneurs because the amount of knowledge they have directly effects the quality of their decision making and how much they improve directly determines their potential earnings.

If you ever need a nudge to read more books to expand your business, this is it!