Profiles of successful entrepreneurs, their favorite books, and how reading helps them run their companies.
How some of the best business minds get their information
Let's make one thing clear at the outset: the people in this article are not normal. Not by a long shot.
That's because, as we all know, normal entrepreneurs don't read that much. They don't have time; running their companies takes all their energy and then some. Sure, most small-company managers peruse some magazines and trade journals, listen to tapes while commuting, and maybe occasionally pick up something else during an airplane flight. But as for much more -- who has the time?
As anyone familiar with the stresses of growing a company can attest, this attitude makes a good deal of sense. That's why we're continually surprised to find people who swear that, despite the many other demands on their time, they wouldn't miss reading books for anything.
Businesspeople who are consultants or whose companies have already grown large and prosperous are not the only ones who make the time to read. There are managers in all fields, at all stages of success and company development, who make reading an integral part of their strategies. Frequently, they apply the ideas they read about to their companies. Every once in a while -- as in the case of the managers at United Electric Controls Co. -- they say that reading transformed their entire organization.
That, we figured, was worth finding out more about. So we've talked with a number of businesspeople who are avid readers, and for good measure we added a few business authors. We asked them why they read, what's influenced them most, and how -- given an infinite amount of information and a very finite amount of time -- they determine what's worth the effort.
Here are some of their answers.
STEW LEONARD
Age: 60
Occupation: chairman, Stew Leonard's, $100-million dairy store in Norwalk, Conn.
Education: undergraduate work in agriculture
Recommended Reading: How to Win Friends and Influe nce People by Dale Carnegie
Why: It reminds him of the importance of listening and of making other people feel important. "It's the greatest book there ever was. I've read it 15 times. I even bought the tape to listen to in my car."
Reading that Helps Me Run the Company: Leonard reads primarily to remind himself of basic management principles, "the little simple stuff that's so important you forget." He adds, "I look for analogies -- little stories I can use in my business."
As his company grows, Leonard sees his role as spreading those little stories and ideas among his people. But he finds he doesn't have much luck convincing employees to read books by giving them out. So as he's reading a book he likes, Leonard highlights the important thoughts -- and then a secretary summarizes and types those passages for his managers. Similarly, if he finds helpful magazine articles, he cuts and pastes excerpts -- usually the beginning, the end, and a good story from the middle -- to make one-page summaries that he copies and passes out.
Other Favorites: Minding Your Own Business by Murray Raphel
Earl Nightingale's Greatest Discovery: The Strangest Secret
. . . Revisited by Earl Nightingale
Father, Son & Co.: My Life at IBM and Beyond by Thomas J. Watson Jr. and Peter Petre
The Unnatural Act of Management by Everett T. Suters
Beyond Survival by Gerald Coffee
Good Advice by Leonard Safir and William Safire
A Passion for Excellence by Tom Peters and Nancy Austin (not a surprising choice; Leonard is featured in the book) What To Skip: Memoirs by arrogant CEOs
Choosing Books: Leonard selects new books -- one or two a week -- by reading reviews in Publishers Weekly. Keeping Track: For the past 20 years Leonard has excerpted interesting quotes and has filed them in 14 large plastic photo albums under 68 categories, such as analogies, religion, and work. He uses the quotes in the company newsletter, in speeches, and for personal uplift: "I've never picked one up and read it that I didn't feel better."
GARY CINO
Age: 35
Occupation: president and CEO, Step Ahead Investments, in West Sacramento, Calif. The $20-million company was #79 on the 1989 INC. 500; it includes a chain of retail stores selling all items for 98 as well as a wholesale liquidation business.
Education: high school
Recommended Reading: Quiet Desperation: The Truth About Successful Men by Jan Halper
Why: "A business is so all consuming that to achieve success there are other parts of your life that must be compromised -- family, friends, marriage, personal pleasure. Quiet Desperation deals with putting the necessary compromises in proper perspective without feeling guilty. The book has helped me cope with guilt."
Straight to the Bottom Line: Cino reads mostly how-to and self-help books, looking for ideas to use in his company or ways to improve his business abilities. But whatever he's reading, he has the day-to-day affairs of his company in mind, as well: "I always look for opportunity."
For Cino, opportunity crops up in some strange places. Take an article in a local paper about a truck accident. Too bad, most people would think and turn the page. Cino, on the other hand, already had designs on the tomato paste the truck had been carrying. It, he reasoned, probably now belonged to some insurance or trucking company -- which might be willing to sell at a price below market value.
Or take an article in INC. two years ago about a consulting firm's traumatic experience with a dishonest employee. It was a cautionary tale -- or that's what we saw. Cino saw something different: the company ended up with a warehouse of auto parts the employee had bought with embezzled funds. Those parts, Cino figured, might be cheap.
In his search for deals, he reads three papers, six or eight magazines, four or five business weeklies, listens to business radio, and watches financial news. "We need exposure to as many situations as possible to buy something at a price below 98¢," he says. "To do that, you've got to be turning over a lot of rocks."
