Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. That is where best business books for young professionals come in handy.
The good news is that there are different types of business plans for different types of businesses. If you intend to seek financial support from an investor or financial institution, a traditional business plan is a must.
The best business books for young professionals must help you plan
Entrepreneurs are starting new companies at a record pace of 80 an hour. However, many of these startups fails due to proper education. In order for any startup to be successful, your business management and planning skills should be brushed up. So purchase a book that helps you plan.
After you choose your best business books for young professionals, put together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.).
Does your idea have the potential to succeed? You will need to run your business idea through a validation process before you go any further.
In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants.
You need a plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth, and it is a must-have for all new businesses.
This type of business plan is generally long and thorough and has a common set of sections that investors and banks look for when they are validating your idea. If you don’t anticipate seeking financial support, a simple one-page business plan can give you clarity about what you hope to achieve and how you plan to do it. In fact, you can even create a working business plan on the back of a napkin, and improve it over time.
Some kind of plan in writing is always better than nothing.
The best business books for young professionals Must Be ‘Up to Date’
Choosing best business books for young professionals that is in tune with the present time is the key. If you are you running a digital marketing business? If so, there is nothing worse than buying a book published in the 1990’s if you are trying to run a successful business in 2017. Older books may have all the similar business jargons but they will most definitely fail to resonate with the ever changing world of online marketing and social media.
The best business books for young professionals Must Be Problem Solving
Every business will meet challenges along the way and in order to be successful with business, you must be able to problem solve and overcome those challenges. Rather than being stuck on your business problems, learn how to solve issues beforehand so that you are fully prepared. Good books will try and unravel the paradox and problems in business, and suggest solutions. Look out for reviews by other readers, who will give out clues as to whether this book is for you.
Best business books for young professionals is The Definitive Gudie to Business co-authored by award winning life coaches Bianca Miller Cole and Byron Cole and is a must read for all budding entrepreneurs. There are many tips included in the books such as, resonating with your audience and being street smart. The book also highlights the importance of networking in today’s contacts based world, whilst exploring the issues of personal branding and why it’s important for start-ups.