Very OT: Recommendations for business economic books

[Brian Phillips]

I am due to start studying part time a Business economics course for 6 months from January.  I would like to get up to speed in this subject before January with a kick start read.

Can any of you recommend a good book or two for me to get started on?  The only background I have in business economics is running my own business for the last 8 years and Project Management in heavy construction for another ten years.

I know I can punch in "Business Economics" on Amazon but then I get about 2000 recommendations!

Sorry to everyone for an OT subject and hopefully I will have enough recommendations that this thread can be deleted pretty soon.

Thanks.

[Mac Plumart]

My second favorite topics...economics!!!

Tell me this prior to my recommendation...why are you studying business economics?  This will have an impact on the book I suggest.

FYI...if this thread gets deleted, pop me an email or a PM.

[Brian Phillips]

Mac,

Great question.  We are doing pretty well at getting projects, I would say we are designing damn good golf courses when do get the projects. Times have slowed down a little so this is a great time to catch up important studies.  I want to improve my understanding of finances and economics on the business side.

Hope that helps!!

[George Pazin]

Basic Economics by Thomas Sowell

Economics in One Lesson by Henry Hazlitt

Capitalism, Democracy, and Ralph's Pretty Good Grocery by John Mueller

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These are more like macroeconomics books, so they may or may not be what you're looking for.

I'd send you mine, but it would probably be cheaper to buy them from overseas Amazon.

For the opposing view, you could always go see Capitalism: A Love Story.
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In reading your follow up, you may be better off with marketing or sales books, or at least more general business books.

My favorite sales book is Ice To The Eskimos by Jon Spoelstra.

I also enjoy reading biography or history type books of specific companies. Give me a sec to think of a few.

[Bill Brightly]

Geeze, it has been 30 years but I still remember my Paul Samuelson Economics textbook. Pretty sure it is still widely used if you want an introduction into Macroeconomics...

[Jim Thompson]

Here you go Brian:

http://mises.org/store/

[Bill_McBride]

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These are more like macroeconomics books, so they may or may not be what you're looking for.

I'd send you mine, but it would probably be cheaper to buy them from overseas Amazon.

For the opposing view, you could always go see Capitalism: A Love Story.
-----

I went to see this new Michael Moore movie with my wife, who is pretty much a communist.  When it was over, I turned to her and said, "I need a martini.  Extra dry."

[cary lichtenstein]

Anything by Donald Trump

[George Pazin]

For the opposing view, you could always go see Capitalism: A Love Story.
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I went to see this new Michael Moore movie with my wife, who is pretty much a communist.  When it was over, I turned to her and said, "I need a martini.  Extra dry."

Did your wife opt for champagne?

[Bill_McBride]

For the opposing view, you could always go see Capitalism: A Love Story.
-----

I went to see this new Michael Moore movie with my wife, who is pretty much a communist.  When it was over, I turned to her and said, "I need a martini.  Extra dry."

Did your wife opt for champagne?

No, just a nice proletariat sauvignon blanc from New Zealand.

[Mac Plumart]

Brian...

Although I think some of these other ideas are solid, reading Paul Samuelson and trying to apply it to a golf course architecture business might be a bit difficult!!  He's a total economic genius and is, at times, way above most peoples heads.  And in fact, I am not sure you want a theoretical economics book.  You want something you can use in your business, right?  

If that is right, I think the following has the potential to add some value.  However, here is the kicker.  All of these types of book throw out theory and mathematical formulas.  They may or may not be of use to you.  If you can read the thought process behind the math and the strict formulas, I think you can find useful information.

Economics...Private and Public Choice by Gwartney and Stroup.  The entire book is a wildly interesting and useful book for financial experts, but in chapter 1 there is a section on the "economic way of thinking".  I think it is a value add to read to see how these guys think.  However, maybe not worth paying the price for the entire book to get a few pages.  Let me know if you want me to copy and send you some excerpts.

Fundamentals of Financial Management by Brigham nad Houston.  This is what I think you are looking for.  Chapter 10...Capital Budgeting, Ch. 11 Cash Flow Estimation, Ch 12. Risk Analysis and the Optimal Capital Budget, Ch. 13 Capital Structure and Leverage, Ch 15. Financial Forcasting.

Strategic Management by Thompson and Strickalnd...Awesome Case Study book regarding businesses and management decisions regarding how to build them.  I think this could be(?) a value add to you.

Also, for giggles...Reminiscences of a Stock Operator.  No value add to your situation, but such a great read and great story...true story...about a back in the day stock trader (early 1900's through the crash of 1929).  Great read, but bear in mind I like the stock market , finance, and economics (maybe) more than golf.  FYI.  Read at your own risk based on that last sentence.
I hope that helps at least some!

[George Pazin]

Mac, please take this in the spirit intended, and no offense intended, but do you really think the financial books you recommend are relevant to the individual entrepreneur?

I am but a lowly t shirt printer, but I am also an escapee from UPenn and Wall Street, so I have somewhat of a financial background. My business lives almost 100% on sales sales sales. The day that financial budgeting, forecasting, etc. will make a difference is looooooooooong off in the future. That's the sort of thing I would be concentrating on if I were trying to be the CEO of a large, several hundred person company, not an individual business owner with a handful of employees like I am and I'd guess Brian is.

I'd recommend reading books by successful entrepreneurs, particularly those who built their success in sales. Much as I dislike the guy, I see Cary's logic in recommending Trump. I've also read business oriented bios about Bill Gates and a few others, and autobiographies such as Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time by Howard Schultz.

Again, I am not trying to be argumentative, I am sincerely interested in why you believe financial forecasting skills might prove beneficial to a golf course architect.

In thinking out loud further, the absolute first book I'd recommend is What They Don't Teach You At Harvard Business School by Mark McCormack, followed by Swim With The Sharks Without Being Eaten Alive by Harvey Mackay. These books and others like them offer far more to the small business owner, imho.

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I guess my advice might be different if I were specifically looking to prepare Brian for business school type classes. Perhaps that is what you intend. If so, I can't really relate to that, I opted out.

[Mac Plumart]

George, no sweat...I would be happy to explain my thought process.

Brian said "I want to improve my understanding of finances and economics on the business side."

With this in mind I suggested reading, a small portion of an economics book.  The part I suggested is a few pages in the "economic way of thinking" section.  This should set the stage for my next suggestion.

Regarding the Financial Management book, it is vital to read the initial portion of my post... "All of these types of book throw out theory and mathematical formulas.  They may or may not be of use to you.  If you can read the thought process behind the math and the strict formulas, I think you can find useful information."  With this in mind, I suggest that he reads chapter 10-15 with the exception of 14.  These chapters discuss cash flow management, capital budgeting, forecasting, etc.  What is cool about this book is that it has a section at the end of each chapter reconciling these concepts to the small business owner.  Since I don't know Brian or his business, this would cover him if he is a bigger business or smaller.

Next I suggested he read a  Strategic Management book.  This book has a lot of the elements that might be in some of the books you suggested (Strabucks, etc), but is includes a lot of companies and it has a lot of discussion and questions/exercises reagding key decisions management had to make regarding growing their business.  Once again, I thought that might be applicable.

In closing, if you (George) or Brian don't like my suggestions...don't take them.  My feelings won't be hurt in the least.  I am simply trying to help a fellow GCA'er in an area that I have developed an expertise.

In closing have fun and hit'em straight!

[John Mayhugh]

Brian,
If you're taking an economics course and want to truly get a head start, read The Wealth of Nations by Adam Smith.  This may sound cliched, but I think the book lays out macroeconomic theory as well as anything I've ever seen, even if it was written before 1800. Takes a bit of getting used to language-wise, but is not really all that hard to understand.  The course instructor will love you for having read it.

As far as the other business book suggestions, the number one sales book has to be Dale Carnegie's How to Win Friends and Influence People. 

[Jim_Kennedy]

Brian,
I'm sure you'll get a load of great advice from those in the know so I won't be mentioning any books, other than the textbooks you'll be using for your course. Buy/start reading them now and use their footnotes and the references to find other sources of pertinent information. 

[Jason McNamara]

I'd also recommend George's first two books - don't know the third.

The first two will refer to Bastiat's broken window parable, which is always great to remember in terms of (a) unintended outcomes and (b) scarcity of resources.

[George Pazin]

Mac, thank you very much for answering in the manner you did, I do appreciate you fleshing out your thinking.

I am going to look up the strategic management book you reference and give it a go.

John Mayhugh -

PJ O'Rourke recently wrote a book on Wealth of Nations that attempts to make it a bit more accessible to today's reader.

[Mac Plumart]

George...no problem.

The strategic management book is one I personally like, but that book "Reminiscences of a Stock Operator" is mind blowing and historical.  You won't learn about management or economics per se, but you will be entertained and amazed...and you will learn historical finance and how NOT to manage your money long term.

Later!

[Rich Goodale]

Brian

If I were you I'd start with "Accounting for Dummies," or some book of that ilk.  If you do not understand double entry bookkeeping, you'll never fully understand business economics, or much of any discipline of business for that matter.  Save Adam Smith for when you are wealthy enough to spend time theorizing about the human condition, and don't even think about Samuelson (or any other Economics primer) unless you are looking for a job at the Norwegian Central Bank.

Rich

PS--I also agree with George regarding the sales, sales, sales mantra.  Get the schlockiest book you can think of (e.g. Zig Ziegler), read it with an open mind and then try to separate the wheat from the chaff.  Business economics is nothing without business, and business only comes from the selling process.

rfg

[Brian Phillips]

Thank you to everyone that has contributed so far. George and Mac I have sent you both emails.

Rich,

Thanks for the tips, double entry bookkeeping is not a problem (I am married to a bookkeeper) but as she says..I can keep the books but that doesn't mean I can analyse them.

I am a bit of a sales junkie when it comes to books on sales so I have Zig Ziglar, Brian Tracy, Success magazines, Jeffrey Gitomer etc but if you have any other suggestions I would be open to them!

Thank you again to everyone and anymore "basic" suggestions would be welcomed.

[Mike Hendren]

There's no such thing as a free lunch.

Prices increase when demand exceeds supply.

Prices decline when supply exceeds demand.

That's all you really need to know.

Mike

[Kalen Braley]

There's no such thing as a free lunch.

Prices increase when demand exceeds supply.

Prices decline when supply exceeds demand.

That's all you really need to know.

Mike

All that with the caveat that market is regulary manipulated!!   

[cary lichtenstein]

I would also recommend your reading everything by Warren Buffet and some stuff Bill Gates, the 2 richest men in america.

[Mike Sweeney]

Thank you again to everyone and anymore "basic" suggestions would be welcomed.

"I Have A Story About That" by Mike Policano (part time GCAer) on Amazon. Real world stories about the egos and negotiations that execute economics that IMHO are more important economic theories.

Based on where you live, I also suggest:

The European Dream : How Europe's Vision of the Future Is Quietly Eclipsing the American Dream by Jeremy Rifkin.

It gets a little repetitive, but in the Obama era, it is an interesting read.