Subject: Read: People that read a lot make way more money (2.3 times more?!!!!)
Students:
Here is an astounding fact – readers make more money – a lot more! It’s true. According to a number of studies*, business people who read at least 7 business books a year earn over 2.3 times more than people who read only 1 book per year.
Why exactly do readers earn so much more money? One of the core reasons is that they have a constant stream of new ideas and strategies they can use to help their careers (e.g., developing core competencies), their teams and their companies.
The Japanese call this act of using a stream of new ideas to improve business practices “Kaizen”. They constantly use new ideas to make incremental improvements, which over time, stack up one on top of the other to create massive success.
The same success principle applies to managers. But where can you find a stream of new and practical ideas to help drive your success?
The easiest and most underutilized method is to learn directly from the world’s business experts (e.g., the Harvard Business Review). Many of them have written great books that offer their proven strategies and winning ideas – ideas and strategies that took years to develop and perfect. This information is just sitting there for the taking – ready to propel you to the next level.
The problem is, who has the time to do all that reading?
A recent study showed that 74.9% of all managers understand they need to read more to stay ahead of the curve, but they simply don’t have the time. And this troubling reality is directly impacting their incomes – not to mention their careers!
There is a solution! Just read.
Last year I had a student with a “BOOKS READ” section on her resume and it included a combination of business professional and personal pleasure books. She had a list of around 10 books. I am curious, if you had this section on your resume, what would that list look like?
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Pick up a book
Both Gates and Buffett make a point to read every day, a habit that research shows reduces stress and boosts intelligence.
“Reading books is my favorite way to learn about a new topic,” Gates writes on his blog. “I’ve been reading about a book a week on average since I was a kid. Even when my schedule is out of control, I carve out a lot of time for reading.”
Every evening before bed, he reads for one hour. By making time every day, he reads a whopping 50 bookseach year.
Buffett too credits much of his prowess to reading. He says he starts every morning by poring overseveral newspapers and estimates he spends as much as 80 percent of his day reading.
When asked once about the key to success, the Berkshire Hathaway CEO pointed to a stack of books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
As Ferriss writes in his popular book “Tools of Titans,” habits are more important than we think.
“To enjoy life, you don’t need fancy nonsense,” Ferris writes, “but you do need to control your time.”
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According to another study in the Economic Journal, those who had over 10 non-school books as a kid earned an average of 21% more than those who did not.
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Why exactly do readers earn so much more money? One of the core reasons is that they have a constant stream of new ideas & strategies they can use to help their careers, their teams & their orgs.
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Recommended Books to Read (perhaps during break or next summer or…now?)…
Students:
Recommended book reading (these are classics for business majors):
HOW TO WOW: FRANCES COLEJONES
THE EXCEPTIONAL PRESENTER: TIMOTHY J KOEGEL
THE SEVEN HABITS OF HIGHLY EFFECTIVE PEOPLE: STEPHEN COVEY
GOOD TO GREAT: JIM COLLINS
THE PRESENT: SPENCER JOHNSON
FISH: STEPHEN LUNDIN
THE GOAL: ELIYAHU GOLDRATT
THE SERVANT: JAMES C HUNTER
The video shows 7 business books recommended by Stanford professors, but these are pretty good also…
Recommended by Sime:
The Goal is a management-oriented novel by Dr. Eliyahu M. Goldratt, a business consultant whose Theory of Constraints has become a model for systems management. It was originally published in 1984 and has since been revised and republished in 1992 and 2004. This book is usually used in college courses and in the business world for case studies in operations management, with a focus geared towards the Theory of Constraints, bottlenecks and how to alleviate them, and applications of these concepts in real life. This book is widely used in leading colleges of management to teach students about the importance of strategic capacity planning and constraint management.
Another great choice and my first choice would be Car Guys vs. Bean Counters: The Battle for the Soul of American Business by Bob Lutz. He took over GM design around 2000 until about 2009. He’s responsible for a lot of the good designs coming out. He was a marketing guy, and there’s a lot about marketing in it. Thank you. Sime
10 Greatest Supply Chain Management Books of All Time
In dynamic supply chain environment, people have to make the quick and decisive actions against various issues. This can only be achieved by the knowledge and skills of the team. Then companies try to motivate staffs to continue developing their skills on regular basis. For both entry and executives, the self-study method has proven to be a cost-effective option. In order to facilitate smooth learning process, this article will show you 10 greatest supply chain management books that can help you accelerate the learning.
Results:
And the winners of 10 Greatest Supply Chain Management Books of All Time are listed in alphabetical order as below,
– Designing and Managing the Supply Chain by David Simchi-Levi, Philip Kaminsky and Edith Simchi-Levi
– Essentials of Supply Chain Management by Michael H. Hugos
– Logistics and Supply Chain Management by Martin Christopher
– Logistics Management and Strategy: Competing through the Supply Chain by Alan Harrison and Remko Van Hoek
– Manufacturing Planning and Control for Supply Chain Management F. Robert Jacobs, William Berry, D. Clay Whybark and Thomas Vollmann
– Purchasing and Supply Chain Management by Robert Monczka, Robert Handfield, Larry Giunipero and James Patterson
– Purchasing and Supply Chain Management: Analysis, Strategy, Planning and Practice by Arjan J. Van Weele
– Supply Chain Logistics Management by Donald Bowersox, David Closs and M. Bixby Cooper
– Supply Chain Management: Strategy, Planning, and Operation by Sunil Chopra and Peter Meindl
– The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage by Yossi Sheffi
Free online SCM books:
http://www.mim.ac.mw/books/Purchasing%20And%20Supply%20Chain%20Management%204th%20edition.pdf
https://www.sipm.com/Procurement-Academy/Articles/Cost%20Management/StrategicCostMgtLisaElram.pdf
https://www.mheducation.com/unitas/highered/sample-chapters/9781259957604.pdf ___
Why Reading Business Books May Actually Help You Get More Money:
https://natfluence.com/how-to-get-more-money-reading-business-books/#:~:text=According%20to%20Sales%20%26%20Marketing%20Executives,successful%20people%20have%20in%20common Reading List: A great book read for CFO types that want to understand SCM types (or the other way around?): “Supply Chain Metrics that Matter”…The book links corporate financials to supply chain maturity, & what metrics matter most.
The video shows 7 business books recommended by Stanford professors:
https://lnkd.in/g5EGVe_X
Other reads that I think would be good for SCM leaders:
The New Leader’s 100-Day Action Plan: How to Take Charge, Build or Merge Your Team, and Get Immediate Results- by George B. Bradt, Jayme A. Check, John A. Lawler
5 Levels of Leadership or 21 Irrefutable Laws of Leadership by John Maxwell. Both are mandatory readings for many F500 SCM teams.
Many are also proponents of the “The First 90 Days: Proven Strategies for Getting Up to Speed Faster and Smarter, Updated and Expanded”, by Michael D. Watkins
This was required reading in Procurement at a F500 org:
Switch: How to Change Things When Change Is Hard by the Heath Brothers
Great feedback on these 2:
Supply Chain Excellence by Peter Bolstorff and Robert Rosenbaum
The Lean Extended Enterprise by Terence Burton & Steven Boeder
Recommended by myself:
The Goal is a management-oriented novel by Dr. Eliyahu M. Goldratt.
Another would be Car Guys vs. Bean Counters: The Battle for the Soul of American Business by Bob Lutz.
Stuff we suggest students read:
– Designing and Managing the Supply Chain by David Simchi-Levi, Philip Kaminsky and Edith Simchi-Levi
– Essentials of Supply Chain Management by Michael H. Hugos
– Logistics and Supply Chain Management by Martin Christopher
– Logistics Management and Strategy: Competing through the Supply Chain by Alan Harrison and Remko Van Hoek
– Manufacturing Planning and Control for Supply Chain Management F. Robert Jacobs, William Berry, D. Clay Whybark and Thomas Vollmann
– Purchasing and Supply Chain Management by Robert Monczka, Robert Handfield, Larry Giunipero and James Patterson
– Purchasing and Supply Chain Management: Analysis, Strategy, Planning and Practice by Arjan J. Van Weele
– Supply Chain Logistics Management by Donald Bowersox, David Closs and M. Bixby Cooper
– Supply Chain Management: Strategy, Planning, and Operation by Sunil Chopra and Peter Meindl
– The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage by Yossi Sheffi
Also:
https://lnkd.in/gb9nDnju
https://lnkd.in/gjBhpb9M
https://lnkd.in/guxyh9Ny
The classics…
HOW TO WOW: FRANCES COLEJONES
THE EXCEPTIONAL PRESENTER: TIMOTHY J KOEGEL
THE SEVEN HABITS OF HIGHLY EFFECTIVE PEOPLE: STEPHEN COVEY
GOOD TO GREAT: JIM COLLINS
THE PRESENT: SPENCER JOHNSON
FISH: STEPHEN LUNDIN
THE SERVANT: JAMES C HUNTER
More thoughts on SCM Finance:
https://lnkd.in/gv7jfcRX
From:
Top summer reads: 6 unconventional books with supply chain lessons
Inspiration can come from many places, and these books can provide just that.
Andrew Balthrop and Stephanie Powell Thomas · June 13, 2024 ·
Joe Woodland sat on a beach in Florida more than 70 years ago and ran his fingers through the sand. The lines reminded him of the dots and dashes used for Morse code, and he soon discovered that inspiration and insight don’t always come in a laboratory.
Woodland’s doodles sparked an idea for solving a supply chain challenge that he and Bob Silver had been working on—creating a usable product code and a machine to read it—and by 1952, they had a patent for a “classifying apparatus and method.”
It would be nearly 20 more years before IBM’s George Laurer, with Woodland’s support, developed the industry-accepted Universal Product Code that’s now ubiquitous in modern retailing. The origins of the UPC, however, go back to Woodland’s realization that such a code was possible by using lines of varying thickness like the ones he had drawn in the sand.
As you head off for summer vacation, it’s worth keeping in mind that solutions to your supply chain challenges can emerge from unlikely places, including the books you carry to the pool or beach.
A quick search reveals more than 3,000 titles for books on supply chain management. And while many of those are worth reading, we’ve found that some of the best books on supply chains aren’t actually books on supply chains. Consider these six when packing your beach bag:
1. How the War was Won
Written by Phillips Payson O’Brien, this book provides a logistics perspective on World War II. In an effort to reduce allied casualties, the United States and United Kingdom decided early on to attack enemy supply posts. Therefore, they invested heavily in their navies and air forces.
This story, backed by a variety of charts and graphics, provides several examples of attacking supply chain choke points (most famously, ball bearings production). It’s also interesting how strategic bombing led to production dispersion in both Germany and Japan, which cut into productivity and made both countries more vulnerable to potential disruptions in transportation. When transportation networks were attacked after this dispersion, the axis economies foundered.
2. The Goal
Written by Eliyahu Goldratt, The Goal shows that inspiration for managerial challenges can come from the most ordinary of circumstances. Manufacturing plant manager Alex Rogo is facing some serious troubles at work and at home—something with which many supply chain leaders can identify. The entertaining narrative keeps readers engaged while they learn to think about identifying and ultimately managing the constraints that are part of any business process. Rogo memorably finds inspiration when he is volunteering on a hike with his son’s Boy Scout troop.
Goldratt uses fiction to teach about the Theory of Constraints, which supply chain managers can apply to a variety of contexts and challenges. Along with Rogo, the reader understands that even if the right answer doesn’t come immediately, you must keep trying, evaluating data, and refining. These are keys to efficiency and profitability.
3. The Box
Written by Marc Levinson, the authors argues that the most transformative technology of the 20th century was a steel box. The creation of the uniform shipping container by Malcom McLean broke unions and shrunk the world by reducing the costs for global transportation. We are still feeling the economic and social reverberations.
4. Supply Jane Clears the Way
Written by Megan Meyer, this one is perfect for summer travels that include the kids—or if you are a kid at heart. Supply chain practitioners who have struggled to tell their kids (or anyone else) exactly what they do for work can count on Supply Jane, along with her dog, Fifo, for a helpful and fun understanding of the discipline.
5. The Last Place on Earth
Written by Roland Huntford, this book examines nearly every aspect of the race between Britain’s Robert Scott and Norway’s Roald Amundsen to reach the South Pole. This adventure story details the importance of depot locations, transport speed, and supply chain agility. The expeditions were all about where to set up depots, as well as what—and how much—to put in them.
Amundsen gets it right; Scott doesn’t and pays with his life. Among other things, Amundsen used dogs, while Scott worked with ponies and primitive snowmobiles. Humans and dogs can eat the same thing in a pinch, but humans cannot survive on gasoline or hay— food for thought while nursing a cold beverage on a hot beach.
6. The Book Woman of Troublesome Creek
Written by Kim Richardson and set in 1930s rural Appalachia, this historical fiction follows the life of Cussy Mary Carter, who works as a librarian as part of the Pack Horse Project in Kentucky. She selects books and delivers them to people in the isolated communities along her route.
Several supply chain and logistics themes run through the story. Carter’s transportation and logistics challenges of delivering books to her patrons are the most obvious, but you can’t miss the care and intention she shows in making selections that will provide education, amusement, or escape as she builds relationships with her patrons. Supply chains exist to meet the needs of customers, and Carter shows the impact of them feeling known and valued.
These are a small supply of examples that can meet your demand for non-supply chain reading about supply chains. Because supply chains are integral to life, most books connect in some ways to the movement of materials. So whether you are reading a western by Larry McMurtry (like Dead Man’s Walk), science fiction by Andy Weir (like The Martian), or a beach-themed novel by John Grisham (like Camino Winds), you are sure to find inspiration somewhere within the pages.
About the authors:
Andrew Balthrop (PhD) is a research associate within the Supply Chain Management Research Center at the Sam M. Walton College of Business at the University of Arkansas. His research focuses on the interaction between supply chains and public policy. He can be reached at abalthrop@walton.uark.edu.
Stephanie P. Thomas (PhD) is an associate professor of practice in the J.B. Hunt Transport Department of Supply Chain Management in the Sam M. Walton College of Business at the University of Arkansas. Her research focuses on challenges related to buyer-supplier relationships in supply chains. She can be reached at Sthomas2@walton.uark.edu.
Back in June, Andrew Balthrop approached me with an unconventional story idea for Supply Chain Management Review. What about a summer story reading list, he pitched. Andrew, a research associate within the Supply Chain Management Research Center at the Sam M. Walton College of Business at the University of Arkansas, focuses primarily on the interaction between supply chains and public policy. Always looking for interesting supply chain stories (hint for readers out there!), I said I would run a reading list. So Andrew, joined by his colleague at the Walton College of Business Stephanie P. Thomas, put together a list of the “best books on supply chains” that aren’t actually books about supply chains. The list included: “How the War Was Won” by Phillips Payson O’Brien, “The Goal” by Eliyahu Goldratt, “The Box” by Marc Levinson, “Supply Chain Jane Clears the Way” by Megan Meyer, “The Last Place on Earth” by Roland Huntford, and “The Book Woman of Troublesome Creek” by Kim Richardson. You can read a short summary of each book in that original article. |
Are there more books? |
Of course there are more books available. Andrew and Stephanie noted a “quick search” found more than 3,000 titles for books on supply chain management. That doesn’t even touch other topics that impact supply chain. Who can read them all? To help narrow down the list, I asked my LinkedIn followers to offer some suggestions on books they recommend people in supply chain read. If you want to add your own suggestion, you can see that LinkedIn post here and add your thoughts. What follows are the suggestions I received (in no particular order). I don’t have the space to write summaries of each, so I’ve simply provided a link where you can learn more. And, this is not to be considered the definitive list of books, but could be a good start to learning more about supply chain and management. Enjoy. |
“Infectious Generosity” by Chris Anderson. Link: https://www.infectiousgenerosity.org/book“Coach Yourself Confident: Ditch the Self-Doubt Tax, Unlock Humble Confidence” by Julie Smith. Link: https://www.amazon.com/Coach-Yourself-Confident-self-doubt-confidence/dp/1788605179“Shoemaker: The Untold Story of the British Family Firm That Became a Global Brand” by Joe Foster. Link: https://www.amazon.com/Shoemaker-Reebok-Untold-Lancashire-Changed/dp/1471194019“Think Remarkable: 9 Paths to Transform Your Life and Make a Difference” by Guy Kawasaki and Madisun Nuismer. Link: https://www.amazon.com/Think-Remarkable-Paths-Transform-Difference/dp/139424522X“From Source to Sold: Stories of Leadership in Supply Chain” by Radu Palamariu and Knut Alicke. Link: https://www.amazon.com/Source-Sold-Stories-Leadership-Supply-ebook/dp/B0BC2L6P5Y“The Monkey and the Money: A History of Capitalism” by Dr. Kjell A. Nordström. Link: https://www.amazon.com/Monkey-Money-History-Capitalism/dp/9189425715“Surrounded by Idiots: The Four Types of Human Behavior and How to Effectively Communicate with Each in Business (and in Life)” by Thomas Erikson. Link: https://www.amazon.com/Surrounded-Idiots-Behavior-Effectively-Communicate/dp/1250179947“The Culture Map: Breaking Through the Invisible Boundaries of Global Business” by Erin Meyer. Link: https://www.amazon.com/Culture-Map-Breaking-Invisible-Boundaries/dp/1610392507“Supply Chain: HRB Insights” by Harvard Business Review. Link: https://www.amazon.com/Supply-Chain-Harvard-Business-Review/dp/B0CW55GZNP“Radical Simplicity: How Simplicity Transformed a Loss-making Mega Brand into a World-class Performer” by Ken Allen. Link: https://www.amazon.com/Radical-Simplicity-failing-company-success/dp/1529104726“The Magic Conveyor Belt: Supply Chains, AI and the Future of Work” by Yossi Sheffi. Link: https://www.amazon.com/Magic-Conveyor-Belt-Supply-I-ebook/dp/B0BZKD8C86“The Candy Bombers: The Untold Story of the Berlin Airlift and America’s Finest Hour” by Andrei Cherny. Link: https://www.amazon.com/Candy-Bombers-Untold-Airlift-Americas/dp/0425227715“Mine the Gaps: A Powerful Framework to Achieve Excellence Within Your Life Science Supply Chain” by Steve Clarke. Link: https://www.amazon.com/Mine-Gaps-powerful-framework-excellence/dp/B0CHQZ88SY“Practical Guide to Sales & Operations Planning (S&OP/IBP)” by J. Eric Wilson and Imane “Amy” Sabeh. Link: https://ibf.org/books/practical-guide-to-sales-and-operations-planning-sop-ibp-112 |
—Dr. Sime (Sheema) Curkovic, Ph.D.,Professor, Operations/Supply Chain, Lee Honors College Faculty FellowWestern Michigan University, Haworth College of BusinessKalamazoo, MI 49008-5429 | 269.267.3093 | sime.curkovic@wmich.edu
The Western Way: “Better, faster, cheaper” www.wmich.edu/supplychain
WMU: #1 in MI for earnings by graduatesSample Lectures: What is SCM?https://wmich.edu/supplychain/academics/lectureshttps://m.youtube.com/channel/UCuX-5NUln6727_QVxgo1y7Q/videosWMU…One of nation’s best undergrad SCM programs (Gartner); 2nd in technology (SoftwareAdvice); 2nd in top global talent (SCM World)
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