The Best Business Books of 2024 … The Algebra of Wealth, Supremacy, The Art of Uncertainty, Growth, Main Street Millionaire, Fusion Strategy, Make Your Own Rules, How to Become Famous … and More
October 15, 2024
I’ve written 10 business books, selling over 100,000 copies, won a few awards along the way, and seen them translated into 35 languages. I’ve hosted the Future Book Forum for the last 10 years, bringing together many of the world’s top publishers and partners. I’ve launched a digital startup with Wiley focused on the practical application of books. And I’ve worked with Thinkers50 over the last decade, celebrating the best ideas from around the world, and making them more accessible for business leaders to apply through events, articles and workshops.
So I’m definitely into books, or at least business books. And particularly those which are fresh, thoughtful, practical, and inspiring.
Here’s my shortlist of the best business books from 2024:
The Algebra of Wealth by Scott Galloway
Scott Galloway, or Prof G as he likes to call himself, is a populist business school professor. Insightful and irreverent, his podcasts and newsletters have a huge following. This is his practical guidebook to winning today’s wealth game.
Today’s workers have more opportunities and mobility than any previous generation. They also face unprecedented challenges, including inflation, labour and housing shortages, and climate volatility. Even the notion of ‘retirement’ is undergoing a profound rethink, as our lifespans extend and our relationship with work evolves. In this environment, the tried-and-true financial advice our parents followed no longer applies. He lays bare the rules of financial success in today’s economy. He explains you what you need to know in order to improve your chances of achieving economic security no matter what.
Galloway says there are 4 factors of wealth building, that financial success boils down to a simple algebraic formula:
- Focus: Picking a clear goal and dedicating sustained effort toward it.
- Discipline: Consistently making decisions that contribute to long-term wealth, like saving, investing, and avoiding bad financial habits.
- Serendipity: Creating opportunities for good fortune through hard work and networking.
- Luck: Acknowledging the uncontrollable role of timing and chance while maximizing your odds through preparation.
He advises you to invest in their professional skills and career development to ensure higher earning potential over the long term. He emphasises industries with strong growth prospects, like technology and healthcare. He highlights that wealth often comes faster through ownership than wages, encouraging readers to consider entrepreneurial ventures or acquiring equity stakes.
He stresses the importance of living below your means, avoiding unnecessary debt, and establishing an investment strategy. Galloway provides insights into effective money management practices. He explores how relationships and a network of supportive people can contribute to your personal and professional success. And he links overall happiness and quality of life with financial independence. He emphasizes maintaining good health and investing in oneself as critical components of success.
“The Art of Uncertainty” by David Spiegelhalter
We live in a world where uncertainty is inevitable. How should we deal with what we don’t know? And what role do chance, luck and coincidence play in our lives?
David Spiegelhalter has spent his career dissecting data in order to understand risks and assess the chances of what might happen in the future. He’s been described as “probably the UK’s greatest living statistician”.
In engaging, crystal-clear prose, he takes us through the principles of probability, showing how it can help us think more analytically about everything from medical advice to pandemics and climate change forecasts, and explores how we can update our beliefs about the future in the face of constantly changing experience.
Along the way, he explains why roughly 40% of football results come down to luck rather than talent, how the National Risk Register assesses near-term risks to the UK, and why we can be so confident that two properly shuffled packs of cards have never, ever been in the exact same order.
“Growth: A Reckoning” by David Susskind
Over the past two centuries, economic growth has freed billions from poverty and made our lives far healthier and longer. As a result, the unfettered pursuit of growth defines economic life around the world. Yet this prosperity has come at an enormous price: deepening inequalities, destabilizing technologies, environmental destruction and climate change.
Confusion reigns. For many, in our era of anaemic economic progress, the worry is slowing growth – in the UK, Europe, China and elsewhere. Others understandably claim, given its costs, that the only way forward is through ‘degrowth’, deliberating shrinking our economies.
At this time of uncertainty about growth and its value, economist Daniel Susskind provides an essential reckoning. In a sweeping analysis full of historical insight, he argues that we cannot abandon growth but shows instead how we must redirect it, making it better reflect what we truly value. He explores what really drives growth, and offers original ideas for combatting our economic slowdown.
Susskind argues that while economic growth has historically improved health and reduced poverty, it has also led to significant issues like environmental destruction and climate change.
He critiques the notion of ‘degrowth’—deliberately shrinking economies to address these problems—as impractical and potentially harmful, suggesting that abandoning growth could reverse progress and confine millions to poverty. Instead, Susskind advocates for redirecting growth to better reflect societal values, emphasizing the need for increased investment in research and development (R&D) and the adoption of new technologies.
He underscores the importance of managing intellectual property rights to incentivize innovation and calls for government policies that encourage technological progress. He also highlights the necessity of ethical considerations in shaping economic policies, suggesting that decisions about growth should balance improvements in living standards with the mitigation of negative consequences.
“Fusion Strategy” by Vijay Govindarajan and Venkat Venkatraman
How will real-time data and AI radically transform physical products, and the companies that make them?
Tech giants like Facebook, Amazon, and Google can collect real-time data from billions of users. For companies that design and manufacture physical products, that type of fluid, data-rich information used to be a pipe dream. Now, with the rise of cheap and powerful sensors, supercomputing, and artificial intelligence, things are changing—fast.
In Fusion Strategy, innovation guru Vijay Govindarajan and digital strategy expert Venkat Venkatraman offer a first-of-its-kind playbook that will help industrial companies combine what they do best—create physical products—with what digitals do best—use algorithms and AI to parse expansive, interconnected datasets—to make strategic connections that would otherwise be impossible.
The laws of competitive advantage are changing, rewarding those who have the most robust, data-driven insights rather than the most valuable assets. To compete in the new digital age, companies need to use real-time data to turbocharge their products, strategies, and customer relationships. Those that don’t risk falling on the wrong side of the next great digital divide.
- Integration of Real-Time Data and AI: The book emphasizes the importance of integrating real-time data and AI into the core of business operations to drive innovation and efficiency. This fusion is seen as a fundamental shift that redefines competitive advantage.
- Creating Strategic Connections: By combining the strengths of physical product creation with the capabilities of algorithms and AI, companies can make strategic connections that were previously impossible.
- Data-Driven Insights: The authors argue that robust, real-time insights are becoming more valuable than traditional assets. Companies need to use real-time data to turbocharge their products, strategies, and customer relationships.
- Organizational and Cultural Changes: Implementing a fusion strategy requires fostering a data-driven culture where decisions are guided by real-time insights rather than intuition or tradition. This involves investing in data literacy training, promoting cross-functional collaboration, and encouraging a continuous improvement mindset.
- Ethical and Societal Implications: The book highlights the importance of addressing ethical and societal challenges related to privacy, security, and job displacement. Businesses have a responsibility to ensure that their fusion strategies align with broader societal values.
- Leadership Role: Effective leadership is crucial for driving the adoption of fusion strategies. Leaders must champion the integration of real-time data and AI and create an environment that supports innovation and responsible use of technology.
“Supremacy” by Parmy Olsen
In November of 2022 – a webpage was posted online with a simple text box. It was an AI chatbot called ChatGPT, and was unlike any app people had used before. It was more human than a customer service agent, more convenient than a Google search. Behind the scenes, battles for control and prestige between the world’s two leading AI firms, OpenAI and DeepMind, who now steers Google’s AI efforts, has remained elusive.
It was never meant to be this way. The founders of the two companies behind the most advanced AIs in existence – Open AI (ChatGPT) and DeepMind (Bard) – started their journeys determined to solve humanity’s greatest problems. But they couldn’t develop their technologies without huge amounts of money – money that Microsoft and Google were more than happy to give them, in exchange for the most powerful seats at the table.
Supremacy is the behind-the-scenes story of the battle between two AI companies, their struggles to use their tech for good, and the dangerous direction that they’re now going in. Featuring a cast of larger-than-life characters, including Elon Musk, Larry Page, Sergey Brin and Peter Thiel, Supremacyis a story of manipulation, exploitation, secrecy and of ruthless, relentless human progress – progress that will impact all of us for years to come.
She states “The real threat of artificial intelligence that its top creators are ignoring: the profit-driven spread of flawed and biased technology into industries, education, media and more”.
Consumer AI has arrived. And with it, inescapable upheaval as we grapple with what it means for our jobs, lives and the future of humanity.
Cutting through the noise of AI evangelists and AI doom-mongers, Wharton professor Ethan Mollick has become one of the most prominent and provocative explainers of AI, focusing on the practical aspects of how these new tools for thought can transform our world. In Co-Intelligence, he urges us to engage with AI as co-worker, co-teacher and coach. Wide ranging, hugely thought-provoking and optimistic, Co-Intelligence reveals the promise and power of this new era.
Here are some of the main takeaways:
- Always Invite AI to the Table: Mollick emphasizes the importance of integrating AI into decision-making processes and workflows. By leveraging AI’s strengths, we can improve efficiency and innovation.
- Be the Human in the Loop: It’s crucial to maintain human oversight and validation of AI outputs. This ensures that AI-generated results are accurate and reliable.
- Treat AI Like a Person: Mollick suggests treating AI as a collaborative partner by providing clear context and instructions. This helps AI generate more useful and relevant outputs.
- Assume This is the Worst AI You’ll Ever Use: By acknowledging that AI technology will continue to advance, we can prepare for future improvements and avoid complacency.
- Start Tasks with AI: Mollick introduces the concept of “The Button,” encouraging users to begin tasks with AI and then refine the results as needed.
- Ethical and Cautious Deployment: The book highlights the importance of deploying AI ethically and cautiously to avoid potential misuse and ensure societal benefits.
A Peruvian family building a soft drink giant during an active terrorist conflict, a Syrian family business starting afresh in a neighboring country after their assets were seized following a military coup, and an iconic Haitian family hotel prevailing through earthquake, crime, and economic collapse.
Family businesses thrive in some of the world’s toughest environments, providing vital lessons for businesses everywhere.
The bulk of the world’s growth in population and economic activity in the foreseeable future will be generated in the developing world. This is precisely where enterprising families dominate, operating very differently than their peers in more stable and affluent nations. These businesses not only survive but actually thrive in turbulent times, enduring wars, lawlessness, market failures, environmental disasters, and more. The world’s most advanced economies will increasingly experience these types of structural shocks and chronic uncertainties in the years ahead. The question is, what can they do about it?
The book explores the lives of families operating in emerging and frontier economies who rely on a unique portfolio of stabilizing strategies to create islands of trust, resilience, and prosperity amidst persistent turmoil. Yet these tactics can also be deployed by any business coping with extended periods of volatility or building a more systematic approach to managing risk.
Warren Buffet’s success relied on a simple idea: invest in undervalued businesses with a history of strong and stable earnings. Forget about shiny startups, ecommerce, and drop-shipping. Instead, invest in a plumber, construction firm, cleaner, or electrician—the kind of businesses that are easily overlooked by white colour workers—to access reliable cash-flow.
Codie Sanchez’s book is a little flamboyant but refreshing in two ways. First, it concentrates on small “boring” businesses. Second, it serves up a recipe to bypass the challenges of a founder by creatively financing smart deals. Most people look for wealth in all the wrong places. From dropshipping and startups to grinding for promotions, you might believe you have to trade your life to be one of the few who win. But the truly rich know these paths are paved with delusion and false promises.
Sanchez explores a different path. Instead of risking it all with little chance of success, she shows you how to acquire cash-flowing businesses that are winning right now. Sanchez, one of the world’s leading small business experts, reveals the dealmaking framework she’s taught to tens of thousands, and that she’s used to build her own 9-figure holding company. Her secret? She acquires overlooked “Main Street” businesses, or small businesses available to us all on the high street. We’re talking about the unsexy but reliably profitable industries ― like plumbing, construction, cleaning, electrical ― that white collar workers have overlooked.
“How to Become Famous” by Cass Sunstein
This is quite a bold title. As is the subtitle “Lost Einsteins, Forgotten Superstars, and How the Beatles Came to Be.”
Fame is like lightning. Taylor Swift, Bob Dylan, Leonardo da Vinci, Jane Austen, Oprah Winfrey—all of them were struck. Why? What if they hadn’t been?
Consider the most famous music group in history. What would the world be like if the Beatles never existed? This was the question posed by the playful, thought-provoking, 2019 film Yesterday, in which a young, completely unknown singer starts performing Beatles hits to a world that has never heard them. Would the Fab Four’s songs be as phenomenally popular as they are in our own Beatle-infused world? The movie asserts that they would, but is that true? Was the success of the Beatles inevitable due to their amazing, matchless talent?
Maybe. It’s hard to imagine our world without its stars, icons, and celebrities. They are part of our culture and history, seeming permanent and preordained. But as Harvard law professor (and passionate Beatles fan) Cass Sunstein shows in this startling book, that is far from the case. Focusing on both famous and forgotten (or simply overlooked) artists and luminaries in music, literature, business, science, politics, and other fields, he explores why some individuals become famous and others don’t and offers a new understanding of the roles played by greatness, luck, and contingency in the achievement of fame.
Here are my main takeaways:
- The Social Dynamics of Fame: Fame isn’t purely about talent or hard work but is often dictated by social dynamics, including exposure, timing, and influential networks. Social media and the internet amplify the processes of becoming famous, creating more opportunities but also risks for individuals seeking public recognition.
- The Role of Social Norms: Sunstein emphasises the critical role of social norms in shaping fame. What society values at a given time—whether beauty, innovation, or charisma—significantly impacts who becomes famous. Fame is often self-reinforcing: once someone is famous, their influence on shaping norms can perpetuate their status.
- The Attention Economy: Fame thrives on attention, which is finite and competes with other demands. Strategies for becoming famous often involve figuring out how to capture and sustain attention in a crowded media landscape. Shock value, humor, and emotional resonance are common tools for breaking through the noise.
- Luck and Serendipity: While strategic planning and ambition are factors, Sunstein acknowledges the role of luck and timing in the pursuit of fame. Being in the right place at the right time can be as important as skill or strategy.
- The Double-Edged Sword of Fame: Fame can bring immense rewards—money, influence, and opportunities—but it also has drawbacks, including loss of privacy, constant scrutiny, and the pressure to maintain public relevance. The book discusses the psychological impacts of fame, such as identity crises and the fragility of public image.
- Fame in the Digital Age: The internet has democratised fame, enabling ordinary individuals to gain massive followings without traditional gatekeepers like publishers, producers, or industry insiders. However, this democratization has also led to challenges, including fleeting attention spans and the potential for “cancel culture.”
- Ethics and Responsibility: Sunstein reflects on the ethical aspects of fame-seeking behavior and the responsibility that comes with public influence. The famous often wield significant cultural and political power, which can shape public discourse.
“The Whole Story” by John Mackey
Adventures in love, life, and capitalism. Whole Foods Market’s cofounder and CEO for forty-four years, John Mackey offers an intimate and provocative account of the rise of this iconic company and the personal and spiritual journey that inspired its remarkable impact.
The Whole Story invites listeners on the adventure of building Whole Foods Market: the colorful cast of idealists and foodies who formed the company’s DNA, the many breakthroughs and missteps, the camaraderie and the conflict, and the narrowly avoided disasters. Mackey takes us inside some of the most consequential decisions he had to make and honestly shares his regrets looking back.
Beyond the Whole Foods story, Mackey also dives into his spiritual journey from Christianity to New Age mysticism, Eastern wisdom, and life-changing awakenings through psychedelics. Political and intellectual development: from countercultural co-op dweller to libertarian and Conscious Capitalist. Philosophical and ethical awakenings: especially with regard to animal welfare and the tension between his personal values and industry practices. Personal passions: most notably, his love of long-distance, ultra-light backpacking on the great trails of our country and planet.
“Red Helicopter” by James Rhee
In kindergarten, James Rhee received a toy red helicopter in gratitude for a simple act of generosity—sharing his lunch. Decades later, the lesson from that small gift led him to develop a human-centered framework for business and personal achievement that helped him overcome seemingly insurmountable hurdles and find unprecedented success.
Rhee was a high school teacher turned private equity investor when he unexpectedly took the helm of Ashley Stewart, an iconic company predominantly employing and serving Black women. Inspired by the values his dying Korean immigrant parents instilled in him, he knew that a radically different—yet familiar—approach was required to lead this twice-bankrupt company from certain liquidation to true transcendence.
Is it possible to be successful and kind? To lead with precision and compassion? To honour who we are in all areas of our lives?
The entire world bet against him and Ashley, but Rhee trusted his instincts to identify, measure, and leverage the intangible goodwill at the company’s core, a decision which ultimately multiplied its fortunes several times over. Anyone can combine the clarity and imagination we had as children with fundamental business metrics. Anyone can apply this refreshingly intuitive approach to lead change at work and at home.
“The Upside of Disruption” by Terence Mauri
Terence Mauri is a good friend. From a career in brands and advertising he has reinvented himself in the innovation space, and what it means for leaders.
He explores why so many of us continually overestimate the risks of bold decisions while underestimating the downsides of standing still for too long in an increasingly complex and volatile world. The upside of disruption is about turning challenge and threat, uncertainty and complexity, into a tailwind for laser-like focus and strategic courage.
He introduces the DARE framework, focusing on four critical areas:
- Data: Leading with AI. He emphasizes the transformative impact of artificial intelligence (AI) on industries and business models. He advocates for a human-centric approach to AI, suggesting that as organizations become more digital, they should prioritize human elements to empower people rather than replace them. This involves fostering a culture where employees are energized to use AI as a co-pilot for value-creating work, reducing time spent on bureaucratic tasks.
- Agility: The Importance of Unlearning. The book highlights the necessity for leaders to unlearn outdated practices and mindsets. Mauri defines unlearning as the capacity to reflect (humility), rethink (agility), and renew (growth). This proactive approach helps organizations adapt to changing circumstances, avoid stagnation, and embrace new opportunities for growth.
- Risk: Cultivating a Courageous Mindset. He discusses the importance of adopting a contrarian mindset to navigate disruption effectively. He suggests that leaders should have the courage to challenge conventional business wisdom, which can lead to identifying new growth opportunities and staying ahead of the curve. This involves balancing courage with humility, as overthinking can lead to risk aversion.
- Evolution: Building Trust-Based Cultures. The book underscores the significance of trust in organizational growth. Mauri introduces the Trust Mindset, focusing on identity (who we are), agility (how we work), and scalability (how we grow). He argues that leaders should create environments where values are clear, empowerment is genuine, and growth stories are compelling, enabling individuals to feel included and take ownership of the future.
“Make your Own Rules” by Andrew Huang
YouTuber Andrew Huang offers practical tips and hard-won advice for creatives seeking financial stability while staying authentic.
How does a musician with acute hearing loss, a refusal to perform live, and no industry connections carve a path to millions of followers and lucrative royalty checks? In Make Your Own Rules, Andrew Huang shares stories from his two decades as a music industry misfit and offers advice on both the artistic and business sides of working as a creator in our digital era.
Beginning with auctioning his songwriting skills on eBay as a teenager, Andrew continuously found new ways to thrive in a music career over the last twenty-plus years. His storied career and hard-won wisdom can help aspiring digital creatives find success as well. Organized by sections on building your creative foundations, growing an audience in the digital age, making money, and staying true to yourself, he book pairs personal anecdotes with concrete advice applicable to any freelance digital creator.
You’ll learn how Andrew became an early adopter of sharing music online—for free!—and how he leveraged social media to grow an organic following and amass millions of song streams and video views. Additional chapters provide insight into his designing an online course and music production tools that have been used by tens of thousands of people, and how he created revenue streams for himself that didn’t exist previously.
With open-minded perseverance, Andrew made up his own rules for life. His unlikely journey will inspire creators to find opportunity, financial stability, and fun in their pursuits.
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