The World's Best Book Summaries
What strategies can help you successfully scale your business? What practical actions can you take to keep your organization growing? Scaling Up’s Verne Harnish offers four strategies for scaling your business. He discusses how to form a strategic thinking group, adapt to changing circumstances, evolve the structure, and move beyond the founder. Read more to learn these strategy tips to successfully scale your business.
What are the keys to building an effective team? How should you approach new hires and current team members? An all-star team is crucial to successfully grow your business. In Scaling Up, Verne Harnish offers three tactics for building an effective team—two for new hires and one for current employees. Read more to learn how to build an effective team.
What does Charlie Munger’s biography tell us about his relationship with Warren Buffet? Why did he join Berkshire Hathaway? Charlie Munger’s biography shows that he met Warren Buffett when they were working together in Buffett’s grandfather’s store as kids, and reunited when Charlie returned to Omaha after the death of his father. He joined Berkshire Hathaway when Buffett convinced him that investing is a better fit for his talents than law. Read on to discover the important details from Charlie Munger’s biography.
What does the book Who Not How say about investing in personnel? How can spending money to hire more employees benefit you? In their book Who Not How, Sullivan and Hardy give four reasons why you should hire more personnel. They say that having more personnel will grow your business faster, will make you more money, will improve your personal relationships, and will help you optimize your purpose. Here’s why you should invest in more personnel, according to Sullivan and Hardy.
Do your low goals help you achieve a higher-level goal? Why should you be picky about which goals you pursue? If you are pursuing a goal that does not directly connect to your high-level goals (e.g. writing a novel or starting a business), you should drop it. Otherwise, you are wasting valuable time that could be spent pursuing your high-level goals. Here is why you should prioritize which goals you spend time on.
What do you need to build the next trillion-dollar business? What are the factors that can affect businesses in the 21st century? To build your company into the next trillion-dollar business, you will need exceptional brand recognition, enduring customer loyalty, and scale. You must also recognize the impact of the depreciating dollar, technology, and changing consumer purchasing power on your business goals. Read on to discover more about what it takes to build the next trillion-dollar business.
Why should you listen to Charlie Munger on investing? What are Munger’s recommendations on investing? You should listen to the recommendations of Charlie Munger on investing because he along with Warren Buffet successfully built Berkshire Hathaway from a textile mill into a massive conglomerate. Their success has made them legendary in the investment community. Munger’s advice to investors is to always wait patiently for great opportunities, and be decisive when those opportunities come along. Read on to discover the recommendations of Charlie Munger on investing in the stock market.
What drives innovation? How does efficiency prevent people from generating innovative ideas? In his book Range, David Epstein explains that trying to work efficiently and seriously—as many scientists and innovators do—will actually make it more difficult to innovate. When you let go of expectations and the fear of failure and experiment for the joy of experimenting, that’s when many breakthroughs tend to happen. Here is how innovation happens, according to David Epstein.
What is Berkshire Hathaway’s investment strategy? Can the company perpetually maintain its impressive rate of return on investments? Berkshire Hathaway’s investment strategy involves using the cash collected from the conglomerate’s insurance subsidiaries and investing it in other businesses at a much higher rate of return. The strategy has helped the company to grow to be as large as it is today. However, even Charlie Munger notes that it will be difficult to maintain the company’s historical returns because it is harder to find underpriced investments when you have billions than when you have a few million. Read on to discover
Do you want to know how to plan your goals and follow through? What do you think is the main obstacle? Most people have at least some idea of the goals they want to achieve. The challenge comes in creating a realistic and actionable plan on which they can follow through. In his book The Sligh Edge, Jeff Olson lays out a two-step process for planning your goals: 1) design a representation of your goal, and 2) create a blueprint for carrying it out. We’ll explore both of these principles below.