How Your Lack of Reading Is Stunting Your Business

88% of wealthy people read 30 minutes or more each day for education or career reasons vs. 2% of poor people.

63% of wealthy people listen to audio books during their commute to work vs. 5% of poor people.

These stats are from Tom Corley’s Daily Habits of Wealthy People.

How Much Are You Reading

Warren Buffet estimates that he spends 80% of his day sitting in his office reading and thinking. When asked how to get smarter, Buffett once held up stacks of paper and said he "read 500 pages like this every day. That's how knowledge builds up, like compound interest."

Food for thought: If you aren't practicing wealth habits, do you really want to be wealthy?

What Are You Reading

My Monday through Friday routine usually begins scrolling through the business section of four newspapers; The Philadelphia Inquirer, the Virginian Pilot, the Washington Post, and the New York Times. Every now and again I’ll be a little kinky and mix it up with Inc or Entrepreneur mag, but I typically reserve those for the weekend. Identifying the publications that can help me most is paramount in my growth, so I concentrate on those.

You’d be surprised at how being aware of what's going on around you helps you plan strategically for your business. For example, if you read your local business newspaper and learn a shopping center will be built in a nearby area, you can get a head start on finding a nearby storefront, upgrade your marketing to reflect the changes, or get a jump on complimentary businesses you'll be able to partner with.  

How Not Reading Hurts You

All of us can build our knowledge but most of us won't put in the effort. They say ignorance is bliss but it can be fatal as an entrepreneur. The odds are already high when it comes to failure. The only thing constant is change and so reading and educating yourself about your career or business can help you adapt and excel.