My favorite books for founders trying to be in the 10% of businesses that succeed

I know the work that Entrepreneur First does and some young founders who have benefitted from their work and built successful businesses. This book is read by the founders as they talk about entrepreneurship, the start-up phase and co-founding.

I found the sections on understanding and using your ‘edge’ especially interesting, and this leads to some smart thinking about how to choose the right co-founder. The book stops at the point where the business is about to take off; keep that in mind.

I like this book because it’s based on mining quantitative data on almost ten thousand founders, not only anecdotal experience.

There is a lot of debate about the importance of co-founders and not trying to ‘go it alone.’ According to Noam, 65 percent of startups fail because of co-founder conflict. I find that super interesting, and it emphasizes why, if you want success, you’ve got to pick your co-founder(s) wisely. The same is true of the management team as well of course. 

I love the fact that Ali has provided evidence that ANYONE can succeed as a founder. He has done a lot of number-crunching on ‘unicorns’ (I admire his tenacity for that!) and examined what makes a successful startup founder and some surprises emerge.

Age, education, and number of cofounders were not predictors of a startup’s success, as many of us might have expected. The big thing that does matter is experience. Sixty percent of unicorn founders had previously launched startups. It seems that in pretty much every walk of life, including this one, practice is the key.

I have listened to Steven Bartlett’s podcast for years. He has interviewed an impressive and eclectic range of people, especially founders, and has pulled together much of what he has learned, both from his own business success and that of his guests.

I like the practicality of the “33 laws” in the book. I don’t agree with all of them. For example, I take issue with “Create a cult mentality,” but many of these laws are very sound indeed, including “Ask who not how” and “You must out-fail the competition.”

I like Steven’s persuasive and punchy style and the fact that he came from humble beginnings and has achieved so much. 

This book makes strategy practical for founders, and strategy is so often done badly and contributes to business failure.

The essence of it is to recognize and solve the “decisive challenge.” For example, Elon Musk identified and solved the decisive challenge facing SpaceX when he made Falcon 9 the world’s first orbital class reusable rocket.

Back down to earth, strategy has to face the business challenges honestly and provide a coherent approach to tackling them. This book genuinely helps us to do just that.