Self-made billionaires and longtime friends Bill Gates and Warren Buffett agree on the best business book ever written: "Business Adventures," by former New Yorker staff writer John Brooks.
The key takeaway from the 1969 classic, a compilation of 12 stories from the world of Wall Street, is as relevant today as it ever was, Gates believes: "John Brooks' work is really about human nature, which is why it has stood the test of time.
"There's an essential human factor in every business endeavor. It doesn't matter if you have a perfect product, production plan and marketing pitch; you'll still need the right people to lead and implement those plans."
Lemonis: The one book every professional should read Lemonis: The one book every professional should read
It's a lesson that Gates has been reminded of throughout his entrepreneurial career, starting at Microsoft and now at the Bill & Melinda Gates Foundation, he says: "Which people are you going to back? Do their roles fit their abilities? Do they have both the IQ and EQ to succeed?
"Warren is famous for this approach at Berkshire Hathaway, where he buys great businesses run by wonderful managers and then gets out of the way.