Profit Reading: Read Like a Leader to Solve Meaningful Problems

Introduction: Profit Reading: Read Like a Leader to Solve Meaningful Problems

Imagine what your life would be like if you found that one idea in a book that could transform your life. Rapid changes and developments in technology have forced many businesses to change. The global pandemic has made some business models obsolete. Strategies that once worked, no longer work. Although in several countries, the number of new cases of Covid-19 infections is down, no one still knows what a post-pandemic world will look like. One thing you can do for yourself, is to engage in profit reading.

So what does profit reading mean?

Definition of Profit Reading

I coined the phrase profit reading. My hypothesis is that if you read the right books, and you implement the ideas, you can profit from your reading time. If you invest time in reading and digesting a book, you deserve to reap the rewards of applied knowledge. I believe you should get a return on investment for your time. The word profit could be directly and indirectly related to money. The ideas you find embedded in the pages of a book, could translate into increased revenues or decreased costs, or time savings.

Profit in this case could also be a promotion, an in-demand product you create to sell, or a new service you offer. But it could mean more online visibility, and increased personal brand recognition. Implemented ideas could answer questions you have, or solve meaningful problems that benefit humanity. You determine how you define profit.

Read Like a Leader to Solve Meaningful Problems

In a previous article, we discussed what it means to read like a leader. Leaders read to learn what they need to know. To make profit reading work for you, you MUST read like a leader. That means, before you start reading a nonfiction book, have a problem and a list of questions you want answered. Think of yourself as a detective, working to solve a case. In this instance, the case you’re trying to solve are problems to solve and questions to be answered.

Luminaries understand the concept of profit reading. They may not call it profit reading, but they’re actively reading to get ideas to drive their business forward. Elon Musk’s primary way of learning is by reading books. Looking at his accomplishments, he has excelled in several industries. He has also talked about using first principles to solve problems he has.

Let’s look at Mark Cuban. He’s the owner of the Dallas Mavericks, and spends about three hours each day reading, even though he is a billionaire. In his book, How to Win at the Sport of Business, Mark Cuban says,

“I learned from magazines and books, but I also learned from watching what some of the up-and-coming technology companies of the day were doing. It’s funny how the companies that I thought were brilliant back then are still racking it up today.”

Have you read?

Profit Reading: Make Money from Books Worth Reading

Leadership Reading: Read to Learn What You Need to Know

Process of Profit Reading

For simplicity's sake, let’s focus on nonfiction books. The process starts, as always, with having a purpose for reading.

1. Make a list of problems you want to solve and questions you’re seeking answers to.
2. Prioritize your list, starting with the most pressing ones.
3. Research to find books that possibly have the information you seek.
4. Choose five to 10 books to read.
5. Read the chapters and sections of books that likely have the information you seek.
6. Take notes as you read.
7. Review your notes a few times, picking out the big ideas.
8. Implement the ideas – solve problem and answer the questions.

What is a Big Idea?

The following list is only a guide. Add more items to the list as you see fit. Use the list to stimulate your creative thinking. A big idea:

• Solves problems.
• Increases revenues.
• Cuts costs.
• Saves time.
• Prevents liability.
• Helps people.
• Saves, fixes, and creates things.
• Improves operational efficiency.
• Improves the organization’s reputation.

Don’t forget to add items to the above list to include things that make sense for your industry and niche.

Avil’s Profit Reading Example

In the article, Leadership Reading: Read to Learn What You Need to Know, I mentioned that a problem I’m trying to solve is how to increase the number of subscribers to my membership site, the Art of Learning. I’ll use that same example here.

1. What are some strategies I can use to increase the number of subscribers to my membership site, the Art of Learning?
2. What are some strategies I can use to get access to corporate clients to teach their senior level executives to teach them leadership reading?
3. My priority is the membership site.

4. I’ve already read:

   1. Subscribed: Why the Subscription Model Will Be Your Company's Future – and What to Do About It by Tien Tzuo  and Gabe Weisert
   2. Sign Up: How to Create a Successful Subscription Business by Andreas Dirksen
   3. The Membership Economy: Find Your Super Users, Master the Forever Transaction, and Build Recurring Revenue by Robbie Kellman Baxter (listened to)
   4. Subscription Secrets: The Fast Track Into the Subscription Economy and Finding Your First 1000 Raving Fans by Austin Distel
   5. The Art of Selling Memberships: How I've Sold Millions of Dollars in Gym Memberships and How You Can Too by Erik Charles Russell

5. I need to read:

   1. The Forever Transaction: How to Build a Subscription Model So Compelling, Your Customers Will Never Want to Leave by Robbie Kellman Baxter
   2. The Subscription Boom: Why an Old Business Model is the Future of Commerce by Adam Levinter
   3. Gym Membership Sales: Triple your growth, develop your team, change your life by Ryan Moore
   4. Retention Point: The Single Biggest Secret to Membership and Subscription Growth for Associations, SAAS, Publishers, Digital Access, Subscription Boxes and all Membership and Subscription Businesses by Robert Skrob
   5. Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days by Joey Coleman
   6. Membership Recruitment: How to Grow Recurring Revenue, Reach New Markets, and Advance Your Mission by Tony Rossell
   7. Subscription Marketing: Strategies for Nurturing Customers in a World of Churn by Anne Janzer.
6. I have to review my notes for the books I’ve already read to pick out the big ideas.
7. Read the relevant chapters and sections of books I haven’t yet read that probably have the answer to my question.
8. Implement strategies to see if they increase the number of subscribers.

Conclusion: Profit Reading: Read Like a Leader to Solve Meaningful Problems

You may be wondering why I want to read so many books on the topic. It’s just that the Art of Learning membership site is important to me. Therefore, I want to do everything in my power to make it successful. That means investing time in finding unique ideas to implement. I also want it to be a primary source of income.

Next Steps in the Profit Reading Process

The ball is now on my court. I will let you know how this works out. When I read the book description for some books, they sound like they have exactly what I need. I hope the books do not say the same things. Since the books are diverse, I’m banking on increasing the number of subscribers. I rejected some books because they focus on starting a subscription site. Mine is already set up. I’m building out the content right now.

What are five books you can read to engage in profit reading?

Please consider joining my membership site, the Art of Learning.

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