The business book you should read this month: BOLD
Global tech mogul and philanthropist Tej Kohli reviews his top business book and explains how it could help you become a "super-entrepreneur"...
Business book: BOLD: How to Go Big, Create Wealth,
and Impact the World
Recommended by: Tej Kohli of Kohli Ventures and The Tej Kohli Foundation
What is BOLD about?
Part manifesto, part motivational guide and part manual, BOLD is all about how to become a super-entrepreneur.
It pushes the belief that start-ups need to think much bigger and explains that failure is more likely to result from thinking too small as opposed to too big. It encourages its readers to pursue ‘moonshots’ – huge ideas that are 10 times their goal, ideas that could change the world. You can start a company on day one that affects a small group, but aim to positively impact one billion people within a decade.
BOLD is an enthusiastic resource on the use of emerging technologies, thinking at scale, and the future of innovation based on the fact that the collapse in the costs of sensors and computing power has ushered in new technologies which are leading to “BOLD” technology, “BOLD” mindsets, and a “BOLD” crowd (the three sections of the book).
Anyone running a business – whether it is a start-up or legacy company – and all those who are entrepreneurially minded.
What’s the best bit of BOLD?
It offers its reader a crystal ball of things to come in technology and makes you realise that if you’re not investing or looking at your company through a technology lens already, you should be.
Why should business owners read BOLD?
Business owners are constantly worrying about risk and setting their sights within easily achievable targets and this is precisely what BOLD discourages. It emboldens business owners to think about their ‘moonshots’ and their wider impact, be it through their current company or future ones.
3 top takeaway points for start-ups:
- The world’s biggest problems are the biggest business opportunities
- Motivation based on intrinsic rewards (internal, emotional satisfactions) is critical to achieving one’s ‘moon shot’ (huge idea). In particular, autonomy: the desire to steer one’s own ship; mastery: the desire to steer it well; and purpose: the need for the journey to mean something.
- Fail frequently, fail fast, and fail forward.
Excerpt business owners can learn from?
“Kodak […] was unable to keep pace with the digitalization of the industry. Kodak began to struggle in the nineties and stopped turning a profit by 2007, then filed for Chapter 11 in January of 2012.
“Because it forgot its mission and failed to do the math, a gargantuan hundred-plus-year-old industry floundered and became yet another cautionary tale about the disruptive nature of exponential growth.
“We live in an exponential era. This kind of disruption is a constant. For anyone running a business […] the options are few. Either disrupt yourself or be disrupted by someone else.” (P.10)
|Book name: BOLD: How to Go Big, Create Wealth, and Impact the World
Authors: Peter H Diamandis and Steven Kotler
Date published: February 2015
Synopsis: Using advances in technology, case study examples, and insights from top entrepreneurs including Larry Page and Richard Branson, BOLD looks at how you can you go from having an idea to running a billion-dollar company that can bring about global change. It touches on how to raise funding, build communities, and how to make your “business dreams come true”.
To get inspiration from other highly-recommended business books, follow the links below: