Billionaire entrepreneurs’ reading picks

In 1962, Phil borrowed $50 (equivalent to Sh41,000 today) from his father to start a business.

The 24-year-old graduate wanted to set up a company that would import high-quality, low-cost athletic shoes from Japan.

Phil brought in his first stock and sold the shoes out of the boot of his vehicle. In the first year of business, he made $8,000 (equivalent to Sh6.6 million today).

Fast forward to today, and 55 years later, Phil Knight, the founder of Nike Inc, is estimated to have a net worth of Sh2.8 trillion.

In his memoir, Shoe Dog, Knight goes into the details of how he grew the business from the boot of his car into the multinational it is today. He goes into the unconventional strategies he adopted, the setbacks he faced and how he overcame them, and how he settled on his first partners.

It’s a story of perseverance – the value that so many other entrepreneurs credit as being behind their success.

Here are some of the other books successful entrepreneurs have written or swear by to motivate those looking to make it in the world of business.

Like a Virgin: Secrets They Won’t Teach You at Business School, by Richard Branson

The founder of Virgin Group, which controls more than 400 companies, talks about his journey in business in a humourous way, making this book rather entertaining. He uses his personal experiences to explain what’s turned him one of the most successful entrepreneurs in the world.

He brings to life Benjamin Franklin’s words: “Either write something worth reading or do something worth writing.”

The takeaway: Branson talks about issues like having empathy for employees and having clear strategies for thinking big and building small.

Now What?, by Brad Burton

This is a thought-provoking book by another British entrepreneur, Brad Burton, who is also the managing director of the international business networking group 4Networking.

In the book, through personal stories, Burton explains how entrepreneurs can remain main players in their field while dealing with challenges and change in their lines of business.

The takeaway: Burton explains in detail how you can replicate his success by making your own well thought-out decisions. According to him, in business, how you handle the crucial ‘now what’ moments will make or break you.

The $100 Startup, by Chris Guillebeau

This book has made it to several must-read lists for entrepreneurs. According to Guillebeau, a blogger and speaker, you don’t have to be born rich or get a loan to start and run a successful business. He encourages thinking creatively to start a business with $100 (Sh10,400) – less than you would spend on buying coffee in a year.

The takeaway: Guillebeau shares anecdotes of ‘accidental entrepreneurs’ who have become successful by seizing opportunities, such as turning their hobbies into profitable businesses.

The Innovator’s Dilemma, by Clayton Christensen

This book by a Harvard Business School professor goes into detail on what it takes to stay ahead in a constantly changing global economy. It is one of billionaire businessman Mark Cuban’s most favourite books.

In an interview, Cuban said: “This (book) helped me make sense of why things worked and didn’t work in the technology industry.”

On reading the same book, Amazon CEO Jeff Bezos had his employees read it to understand how their company could retain its competitive edge.

The takeaway: Christensen diagnoses hurdles and proposes solutions for companies looking to compete favourably with large businesses in the same market.

Rework, by Jason Fried and David Heinemeier Hansson

This isn’t your ordinary motivational book aimed at those who have already made it in business. It mainly speaks to people who have not yet struck out on their own, but dream of going into business in the near future. Cuban says if given a choice between investing in someone who has read Rework and a person who has an MBA, he’s picking the one who’s read the book.

The takeaway: The book targets people who have lost their job, small business owners and beginner entrepreneurs who want to make it in business.