My First Million
3 Unconventional Books Every Entrepreneur Should Read
Tue Jul 25 2023Description
The episode explores the importance of discipline and purpose in business, lessons in leadership and bravery, John Rockefeller's business insights, and lessons in respect and motivation.
Insights
Discipline Breeds Excellence
The book 'Undaunted Courage' highlights the importance of discipline in maintaining standards and achieving excellence.
Finding Personal Product-Market Fit
Lewis' journey from being an outdoorsman to having an office job before embarking on an expedition emphasizes the importance of finding personal product-market fit.
Purpose and Making a Meaningful Impact
Lewis' reflection on his 31st birthday highlights the importance of finding purpose and making a meaningful impact in business and life.
Understanding Individual Traits for Effective Leadership
Effective leadership requires understanding the individual traits and motivations of team members.
Inspiration through Stories of Bravery and Sacrifice
'The Operator' provides inspiration through stories of bravery and sacrifice.
Commander's Intent for Planning and Decision-Making
Commander's intent is a valuable tool for planning and decision-making.
John Rockefeller's Business Insights
'Titan' explores the biography of John Rockefeller and his impact on Standard Oil, providing valuable business insights.
Valuing People and Hiring Good Managers
John Rockefeller's belief in valuing the efforts of others and hiring good managers changed the speaker's perspective on business.
Learning Skills Before Pursuing Goals
Learning a skill before starting a business or pursuing personal goals is emphasized by John Rockefeller.
Being Kind and Vicious in Business Dealings
John Rockefeller demonstrated that being kind and vicious in business dealings are not mutually exclusive.
Chapters
- The Importance of Discipline and Purpose
- Lessons in Leadership and Bravery
- John Rockefeller's Business Insights
- Lessons in Respect and Motivation
The Importance of Discipline and Purpose
00:00 - 06:42
- The host shares that he has been reading a lot of adventure books lately, which helps him escape from his daily work and business stuff.
- Most of the books he reads are not business-related but have learnings for business people.
- The host recommends three or four books that have had a huge impact on his day-to-day with business.
- The first book is called 'Undaunted Courage' and it tells the story of Lewis and Clark's expedition to discover the West in the early 1800s.
- The punishment aspect in the book emphasizes that discipline breeds excellence and strict rules are necessary to maintain standards.
- Another TV show is mentioned where strict discipline creates a culture of excellence, reinforcing the importance of punishment.
- The second takeaway from the book is finding personal product-market fit, as Lewis was an outdoorsman who eventually had an office job before embarking on the expedition.
- Lewis reflects on his 31st birthday about how little he has done to further human happiness, highlighting the importance of finding purpose and making a meaningful impact.
Lessons in Leadership and Bravery
06:28 - 12:57
- Lewis reflects on his wasted time and commits to taking action
- Finding personal product market fit is important for success
- Understanding individual traits and motivations of team members is crucial for effective leadership
- 'The Operator' provides inspiration through stories of bravery and sacrifice
- Commander's intent helps in planning and decision-making
- 'Titan' explores the biography of John Rockefeller and the impact of Standard Oil
John Rockefeller's Business Insights
12:34 - 18:47
- Teddy Roosevelt made monopolies illegal due to the influence of Standard Oil.
- John Rockefeller broke stereotypes by valuing the efforts of others over his own.
- Rockefeller's belief in hiring people to do the work instead of being a solo business changed the speaker's perspective.
- The ability to deal with people is as valuable as commodities like sugar and coffee, according to Rockefeller.
- Rockefeller's view on hiring good managers despite not being a great manager himself inspired the speaker.
- Learning a skill before starting a business or pursuing personal goals is emphasized by Rockefeller and resonates with the speaker.
- Rockefeller's experience as an accountant taught him about operations and laid a foundation for his success.
- Being a generalist is no longer seen as advantageous by the speaker after learning from Rockefeller's example.
- Rockefeller was both kind and vicious in business dealings, demonstrating that these qualities are not mutually exclusive.
- Rockefeller listened more than he spoke during meetings, gathering information before making decisions.
- Complementing people first before pointing out mistakes was one of Rockefeller's strategies for motivating and gaining respect.
Lessons in Respect and Motivation
18:27 - 19:50
- The speaker noticed a small mistake in some well-kept books.
- He complimented the person responsible for catching the mistake and motivated them to correct it.
- Instead of publicly insulting someone for making a mistake, the speaker found it fascinating how they handled the situation with respect.