7 Recommended Books for Starting an Online Business

Do you really need to attend a business school to be a successful entrepreneur? While it may help you in certain circumstances, it isn’t a necessity, especially when you want to start an online business. Pete Cashmore began Mashable when he was only 19. And look at how amazingly successful it is today!

But the road to success isn’t easy. You need to gather adequate information, couple it with wisdom and imagination to make things work. And what could be a better source for all these than books! Just take your pick, read and absorb what the best have to say.

Here’s a quick look at 7 of the best books for starting an online business:

Will It Fly? By Thomas K. McKnight

Does your business idea have wings? Or will it fall flat? The 44-item checklist in this one will help you find the answer to this vital question. Do you have the right personal traits? Do you know where the exits are? You’ll find answers to all your queries and also evaluate your chances of success.

The $100 Startup by Chris Guillebeau

Is it really possible to build a million dollar business on a modest budget? Guillebeau brings forward a series of case studies to prove his point. A pleasant read, this offers great value if you are on the lookout for a book that helps you understand why you should do what you love – and how to do it too.

The E-Myth Revisited by Michael E. Gerber

Being an entrepreneur isn’t exactly similar to being the mythical hero it is often cut out to be. If you wish to get the entrepreneurship facts straight, this is the book to read. It also illustrates the distinction between working ‘on’ your business and working ‘in’ your business.

The Barefoot Executive by Carrie Wilkerson

Want a little inspiration? Take up this book and glimpse Wilkerson’s journey to become a home-based entrepreneur. An entertaining read, this helps you understand the ways in which to tackle the core issues – identifying the target market, creating marketing strategies, building your brand, and so on.

The Lean Startup by Eric Ries

Creation and assessment of business processes may not be an easy task. And it is where this book can be a handy guide – when you are planning to start an online business, especially a software startup, this is one of the must-reads. And the best part, it comes from his experience.

The 4-Hour Workweek by Tim Ferriss

Well, flexible work hours are one of the chief points that drive individuals to begin their own businesses. This book explores the opportunities that you can get when you decide to take the plunge. And the way the author relates the points in a fun and motivational manner makes it all the more interesting.

Lucky or Smart? by Bo Peabody

Bo Peabody was an online multimillionaire in his twenties. In this book he answers the important question – was it luck or was he smart enough to do it? He illustrates the way you can cultivate your perception and identify when he was plain lucky. Smart for him to do it!

No single book can be your only guide; read up on as many as you can before you take a step.

Recommended Books on Growing an Online Business:

Zero To One by Peter Thiel and Blake Masters
Digital Bacon by Alex Rodriguez
The Suitcase Entrepreneur by Natalie Sisson
The Startup Survival System by Kurt Won
Virtual Freedom by Chris Ducker

What books for starting an online business would you recommend to online entrepreneurs? Share your books in the comments below:

The post 7 Recommended Books for Starting an Online Business appeared first on The Entrepreneurs Library.

A summary of things you should know about Walk Away Wealthy according to Mark Tepper

Introduction

In this episode Mark Tepper with Strategic Wealth Partners shares his book Walk Away Wealthy. This book is the perfect fit for entrepreneurs or business owners looking for an exit strategy for their business plan. This is a book that is specific to building wealth for entrepreneurs and will focus on both the liquid and the illiquid investments. As an entrepreneur this is really the only book you need to read on wealth management.

The Book’s Unique Quality

This is a book that is specific to building wealth for entrepreneurs. It will focus on both the liquid and the illiquid investments and as an entrepreneur this is really the only book you need to read on wealth management because it covers both sides of the equation.

The Best Way To Engage

I would recommend reading it from beginning to end. It’s broken up in to three different sections and chronologically set up to be read that way.

The Reader’s Takeaway

Planning is a process, not an event. The longer you wait to get started, the less money you’re ultimately going to get for your business. Begin your financial and exit plan as soon as possible and continue to revise it along the way.

A Deep Dive Into The Book

There are three main sections in the book; building value, monetizing value and preserving value. We have twelve different secrets that you need to know if you really want to have the most financially successful life as an entrepreneur.

Secret #1 is creating your exit plan before you need it. What this chapter talks about is there is a misconception that you don’t need to focus on your exit plan until you are ready to sell and the fact is you should begin working on your exit plan the day you start your company. Even if you are a startup you need to start focusing on what you are eventually going to get out of that business. The only reason you should be going into a business is to hopefully one day sell it at a substantial profit.

Secret #2 is knowing the value of your business. One of the biggest issues that entrepreneurs have is they are emotionally attached to their businesses and because of that they over value their company. We talk about how evaluations are calculated and how to go about determining your valuation without costing an arm and leg.

Secret #3 is value is more than cash flow. Earning is important but there are two parts of the valuation equation which is earnings times a multiple. The multiple is going to be determined based on how risky a company is in the eyes of the acquirer. The most risky the company appears to be, the lower the multiple, therefore the company is not worth as much. The less risky it is, the higher the multiple. This chapter focuses on how to increase the multiple.

Secret #4 is how to make yourself expendable and it talks about how to remove yourself from the operations of the business. You need to build a business that can stand on its own and we talk about how to do that.

We then hop into the monetizing section of the book and the first secret there is selling is your best exit option. If you are looking for the best financial reward, the best way you can go about doing that is by selling to a third party. We talk about how complicated that process can be but we also try to explain it so that there’s no curve balls if and when you do decide to go through that process.

The next secret in that section is if you can’t or won’t sell, consider an internal transfer. An internal transfer would be possibly selling to your family members, your key employee or your management team. Unfortunately, if you decide to go that path, you are not going to get the same financial payday. We are going to tell you how to go about doing that in the most efficient manner possible.

The next secret is to never sell your business yourself. In our experience a good investment banker is worth their weight in gold. They are typically able to get you significantly more money than what their commission cost you. What we do in this section is we talk about how complicated the process can be, how you can screw it up if you try to do it alone and we map out exactly how investment bankers get paid. There is more to a good deal than a sale price. This chapter is all about what are the other terms of the deal that you need to pay close attention to.

The last section of the book is preserving value. The first secret there is having a financial adviser create your personal financial plan. What we focus on is to do it now, don’t wait until after the sale. The next secret is plan for the unexpected and make sure you are covered if anything happens. The secret after that is to not bet your retirement on starting another successful business. We talk about ways to protect you from starting another business, losing all your money and then having to go and find a job because that puts you in a pretty awful situation.

The last secret is to find something to fill the void after your liquidity event. Identify what it is that you’re really passionate about prior to selling your business and pursue those passions after.

Notable Quotes From The Book

There is a term that I refer to that kind of summarizes the purpose of the book and that term is irreversible financial mistake.

“Once you sell your business you can’t give the money back and start growing it again, it’s a done deal; it’s time for you to move on.”

The Credibility/Inspiration Of The Author

I own a wealth management firm called Strategic Wealth Partners based out of Cleveland Ohio. Our focus is on working with entrepreneurs and taking care of their wealth management needs.

I am married and have three kids who are seven, almost five and almost three.

The majority of my clients are entrepreneurs and entrepreneurs tend to have very unique wealth management situations. Entrepreneurs need to focus on building and growing both their liquid investments but also their illiquid wealth, growing that is just as important, if not more. What we found is on average about 80% of entrepreneurs net worth is tied up in his or her illiquid business. And additionally most entrepreneurs are only going to sale that business one time and that is going to be the most significant financial event of their life. We really wanted to put together a book that looked at both sides of the wealth management equation.

Other Books Recommended By The Author

The E-Myth by Michael Gerber

More Information About This Book and The Author

Buy Walk Away Wealthy by Mark Tepper on Amazon today

Visit SWPconnect.com to email, call, or learn more about Mark

Follow Mark Tepper on Twitter

More Information About This Episode

Download the full transcript here

Listen on iTunes, Stitcher , and SoundCloud

Related books: Final Act of Ownership by Jerry Baltus | From Idea To Exit by Jeff Weber | Sell Your Business For An Outrageous Price by Kevin Short

Relevant advice and tips: 7 Important Things You Need To Know When Selling Your Business

What did you like and not like about this episode? Fill out this one minute survey here.

The post A Preview of Walk Away Wealthy with Mark Tepper appeared first on The Entrepreneurs Library.

A summary of things you should know about Dream Year according to Ben Arment

Introduction

In this episode Ben Arment shares his insights on turning your dreams into reality with his book Dream Year. Over the course of 11 chapters, Arment gives you a practical guide for defining your dream, creating a business model, and a financial plan so entrepreneurs like you can market, grow, and sustain your new idea as a business. This is not a book about pursuing a hobby, this book is about helping you turn your passion into something that can be monetized.

The Book’s Unique Quality

I spend a lot of time at the beginning of the book showing people how their passion or their ideas are rooted in their past. I don’t know many business books that start that early on in an entrepreneur’s journey but I really do believe that the greatest ideas come from experiences when we were children.

The Reader’s Takeaway

I don’t want dreamers, makers or entrepreneur’s to believe that you have to be special in order to work for yourself or launch your own business. I think what Dream Year will do is it will demystify dreaming and it will break down the process of bringing a great idea to life in to very actionable, practical steps.

A Deep Dive Into The Book

The first chapter is called Daring to Dream and it is dealing with all of the issues that keep people away from pursuing their ideas. It talks about fear, risks and all of the things that frighten people about pursuing an idea.

The next chapter is called Defining the Dream and that is really about looking back at your history and realizing your dream didn’t just start now but it’s something you can trace back to your childhood.

The third chapter is called Your Idea Model and I call it that because not everybody wants to start a business. It’s helping people understand that the world is too full of ideas, what you need is a new idea model. It’s basically taking an idea that other people might be familiar with but flipping it on its head. When you create a new expression of that idea or new offering, it removes the competition, it reinvents the industry and it offers a really unique experience to the world.

Chapter four is called Your Financial Model and this is the backbone of the book. This is not a book about pursuing a hobby, this book is about helping you turn your passion in to something that can be monetized. I have this expression that goes a great idea is a spreadsheet with skin on, and that is really about helping people understand what the financial model of it will be long before it launches. The goal is to make a profit and to make sure that the effort you put in to it is worth it financially.

Chapter five is called Executing the Dream and it’s the notion that every dreamer, every entrepreneur is made up of two people. You got ordinary you and you also got CEO you. Most of us go through life living as ordinary you. We have bosses who tell us what to do or we have teachers in school that guide our learning and there really has to come a moment in our life when we decide that we’re going to take the reins. We have got to turn ourselves in to someone more capable in order to achieve our goals.

Chapter six is called The Big Ask and it is all about rain making. It’s about the idea that revenue is important to bringing your dream to life and the only way that is ever going to happen is if you get in to the business of making asks of people.

Chapter seven is called Branding the Dream. Branding the Dream is about crafting what you are offering to the world is. Not just what the idea is but how it will engage with the world and what kind of experience will you give your customers. It’s not just the logo, it’s not just the website, it’s how you answer the phone and it’s the total user experience. Steve Jobs once said that branding is not just your logo, it is customer service.

Chapter eight is called Building your Platform and it’s the fact that if you have a great idea, it doesn’t really matter if no one is aware of it. It’s important that we as entrepreneur’s, we as dreamers, build a platform of people while we are also constructing our business.

Chapter nine is called Marketing the Dream. Marketing is about creating demand for the dream, sales is about trying to convince people to buy something that they don’t really want. We talk about how you create demand for your dream, how you frame it in such a way so that people really want it. The goal of this chapter is to help people craft a property that excites people and builds demand for what you do.

Chapter ten is called Growing the Business. It’s about building the business and for a lot of people to get their business to work, they have to continue to adjust it, adapt it and change it.

The final chapter is called Sustaining the Dream and it’s about encouraging the entrepreneur to not quit. I think some of the most successful businesses in history have been those who have suffered early failures and they just didn’t quit. This chapter is where I feel like my gifts as a writer shine.

Notable Quotes From The Book

“From 30 thousand feet creating looks like art, from ground level it’s a to-do list.” – Ben Arment

“If it doesn’t work out quite the way you want it, you can always get another job, you can always rebuild your savings, you can get your dignity back but you can never recover what you never tried at all.” – Ben Arment

The Credibility/Inspiration Of The Author

I am the founder of an organization called Dream Year and we coach people in pursuing their passions and helping them turn them in to businesses.

Years ago I was blogging and actively logging my experiences, starting businesses and launching projects and I began getting a lot of e-mails from people asking how I did it. I found myself answering all of their questions in the exact same way and realized after a year of this that there was a need for someone to lay out what it looks like to bring a business to life. I began coaching people for about 4 or 5 years and all of my writing, e-mails and research yielded this beautiful book. It’s the combination of nearly five year of work and I am excited for people to read it.

Other Books Recommended By The Author

The Alchemist by Paul Coelho

The E-myth Revisited by Michael Gerber

More Information About This Book and The Author

Buy Dream Year by Ben Arment on Amazon today

Visit DreamYear.net to learn more about Ben’s company and his book

Follow Ben Arment on Twitter

More Information About This Episode

Download the full transcript here

Listen on iTunes, Stitcher , and SoundCloud

Related books: Scrum: The Art of Doing Twice the Work in Half the Time by Jeff Sutherland | Smartcuts: How Hackers, Innovators, and Icons Accelerate Success by Shane Snow | Own Your Future by Paul Brown

Relevant advice and tips: 5 Important Things That Every Entrepreneur Needs To Know About Starting a New Business

What did you like and not like about this episode? Fill out this one minute survey here.

The post A Preview of Dream Year with Ben Arment appeared first on The Entrepreneurs Library.