Published April 08, 2014
| FOXBusiness, The Young Entrepreneur Council (YEC)
Ten business owners share their must-reads for aspiring entrepreneurs who need to get better at managing their own money:
No. 1: "Rich Dad, Poor Dad"
From Darrah Brustein of Network Under 40 / Finance Whiz Kids
I read "Rich Dad, Poor Dad" in high school, and it started me on a personal journey to learn about personal finance and entrepreneurship. Whether or not you agree with all of the principles, it's a great jumping-off point.
No. 2: "Accounting Made Simple: Accounting Explained in 100 Pages or Less"
From David Ehrenberg of Early Growth Financial Services
"Accounting Made Simple: Accounting Explained in 100 Pages or Less" is a solid introduction to accounting principles, including GAAP compliance, cash versus accrual methods, and financial ratios. It’s a good foundation for young entrepreneurs and a good resource for the early stages when you want to set up a clean accounting system but don’t have the resources to hire a professional.
No. 3: "Solving the Money Puzzle: Personal Finance Made Simple"
From Nicolas Gremion of Free-eBooks.net
I recommend "Solving the Money Puzzle: Personal Finance Made Simple" because it's crucial for young entrepreneurs to properly manage their personal finances before being endowed with startup capital. If you can straighten out your own house, the pressures of being responsible for vast capital will diminish, and your positive habits will carry over.
No. 4: "Get a Financial Life: Personal Finance In Your Twenties and Thirties"
From Josh Weiss of Bluegala
"Get a Financial Life: Personal Finance In Your Twenties and Thirties" is a great primer on the basics of personal finance and money management. A lot of the tips and advice in the book are invaluable.
No. 5: "The Richest Man in Babylon"
From Brett Farmiloe of Markitors
"The Richest Man in Babylon" is 100 pages, was written in the 1920s and has stood the test of time with simple personal finance lessons such as “Pay yourself first.” Head into a bookstore one afternoon for some nuggets of financial wisdom.
No. 6: "I Will Teach You To Be Rich"
From Eric Siu of Single Grain
"I Will Teach You To Be Rich" is a great book on how to automate your savings by creating a sound system. The author has personally gone to businesses like Google to speak about his systems that are simple and effective.
No. 7: "The Lean Startup"
From Daniel Wesley of DebtConsolidation.com
"The Lean Startup" is a phenomenal piece of work that inspired me in how I operate my own business. Managing finances is an important aspect of the book, and it will definitely help readers lay some necessary cornerstones for their company.
No. 8: "Predictable Revenue"
From Ryan Stoner of Freelance
"Predictable Revenue" is a fantastic book for startups with a B2B sales process that want a more modern perspective on consistent quality lead generation and more predictable revenue.
No. 9: "Financially Fearless: The LearnVest Program for Taking Control of Your Money"
From Raoul Davis of Ascendant Group
"Financially Fearless: The LearnVest Program for Taking Control of Your Money" has some unique tips such as always saving a $5 bill instead of spending it. The book is a fast read, comes with a strong website portal and has beneficial information.
No. 10: "Destroy Student Debt: A Combat Guide to Freedom"
From Michael Seiman of CPXi
An employee of mine recently recommended "Destroy Student Debt: A Combat Guide to Freedom." He said the most valuable advice in the book was that we often aren't aware of the influence of consumerism in our lives. We buy things because that's what we do. Being thoughtful consumers -- or, as the author suggests, questioning why we purchase things at all -- is helpful.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.