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The Knack, by Norm Brodsky and Bo Burlingham (both columnists for Inc Magazine) is a gift to any entrepreneur. The books is filled with pearls of wisdom about “real companies facing real challenges”. The basic premise of the book is that there is no magic formula or step by step process for running your own business rather, “there’s a mentality that helps street-smart entrepreneurs solve problems and pursue opportunities as they arise. Brodsky calls this mentality “the knack“.

From the books website…

Among the morsels of business wisdom you will find here:

Numbers run a business. - If you don’t know how to read them, you’re flying blind.—Start tracking them by hand as soon as you launch your business.

A sale isn’t a sale until you collect. - A receivable is like a loan. Make sure your customers are credit-worthy.

When your short-term liabilities exceed your short-term assets, you’re bankrupt. - Keep track of how much you’re going to collect and spend in the next twelve months.

Forget about shortcuts. Run a business as if it’s forever. - In the long run, your shortcuts will prove to be detours on the road to achieving your goals.

Cash is hard to get and easy to spend. - Make it before you spend it.

You have no friends in business, only associates. - You can laugh and cry with your employees, but neither you nor they should forget that it’s a business relationship.

Gross margin is the most important number on the income statement. - Don’t make the mistake of focusing on the top line.

Identify your true competitors, and treat them with respect. - Their opinion of you will play a critical role in determining your reputation.

Culture drives a company. - The boss’s most important job is to define and enforce it.

The life plan has to come before the business plan. - You need to figure out where you want to go before deciding how to get there.

The book is well worth the time spent reading it. Go pick up a copy of: The Knack: How Street-Smart Entrepreneurs Learn to Handle Whatever Comes Up

Check out the New York Times Best Seller - Business Books in Hardcover

I am looking for a good business book to read - any feedback on the following books from the New York Times list…

OUTLIERS, by Malcolm Gladwell.
THE SNOWBALL, by Alice Schroeder.
HOT, FLAT, AND CROWDED, by Thomas L. Friedman.
THE ASCENT OF MONEY, by Niall Ferguson.
CALL ME TED, by Ted Turner with Bill Burke.
THE RETURN OF DEPRESSION ECONOMICS AND THE CRISIS OF 2008, by Paul Krugman.
PANIC, by Michael Lewis.
THE TOTAL MONEY MAKEOVER, by Dave Ramsey
THE BLACK SWAN, by Nassim Nicholas Taleb.
TALENT IS OVERRATED, by Geoff Colvin.

“The Dip” is a little book about quitting. This lens tells you what you need to know before you buy a few dozen copies for everyone you know.

It’s a mind grenade, a little bit of insight that will help you see what’s causing your organization (or you) to get stuck. Here’s the official description:

The old saying is wrong-winners do quit, and quitters do win. [PS The Dip just hit #5 on the New York Times bestseller list.]

Every new project (or job, or hobby, or company) starts out exciting and fun. Then it gets harder and less fun, until it hits a low point-really hard, and not much fun at all.

And then you find yourself asking if the goal is even worth the hassle. Maybe you’re in a Dip-a temporary setback that will get better if you keep pushing. But maybe it’s really a Cul-de-Sac, which will never get better, no matter how hard you try.

What really sets superstars apart from everyone else is the ability to escape dead ends quickly, while staying focused and motivated when it really counts.

Winners quit fast, quit often, and quit without guilt-until they commit to beating the right Dip for the right reasons. In fact, winners seek out the Dip. They realize that the bigger the barrier, the bigger the reward for getting past it. If you can become number one in your niche, you’ll get more than your fair share of profits, glory, and long-term security.

Losers, on the other hand, fall into two basic traps. Either they fail to stick out the Dip-they get to the moment of truth and then give up-or they never even find the right Dip to conquer.

Whether you’re a graphic designer, a sales rep, an athlete, or an aspiring CEO, this fun little book will help you figure out if you’re in a Dip that’s worthy of your time, effort, and talents. If you are, The Dip will inspire you to hang tough. If not, it will help you find the courage to quit-so you can be number one at something else.

I don’t claim to have all the answers. But I will teach you how to ask the right questions.

Seth Godin - “The Dip”