Business Wisdom Literary Series: The Power of Habit
The Power of Habit
I came across The Power of Habit by Charles Duhigg and listened to the book through an app as I drove to work. It was so impactful that I have chosen to go through it a second time.
It is a genre of literature I refer to as “Business Wisdom” Literature. I place The Power of Habit in the top five of my Business Wisdom Library. The book is well researched and gives excellent case histories. The author establishes that a habit has three parts: A Cue, a Routine and a Reward. Following is a graphic from the author:
My early morning “Habit” is to turn the coffee maker on, grab a coffee cup and a K-cup, engage the machine and while that’s brewing, turn on the tv and watch selected parts of a market-centered newscast called Squawk Box, an early morning cable show devoted to financial markets and business. Once the cup has brewed, I mix in sweetener and heavy whipping cream, get a protein bar out of the pantry, and sit down.
I then watch specific parts of the show to keep abreast of current market trends.
So, what is my Cue, my Routine and my Reward?
The Cue is I wake up. The Routine is brewing my coffee, turning on the TV and eating breakfast. My reward is alleviating hunger and learning relevant information to help me run my business better. I am so compelled by the content of this book that I bought copies for my entire staff and linked their reading of it to their Quarterly bonus.
I highly recommend The Power of Habit by Charles Duhigg. There are a lot of books out there claiming they can change the way you work, but it is my belief that this book should be at the top of your list.
-Edwin A. McKnight-LUTCF, CHFC® -Investment Advisor
Over the next few quarters, McKnight will continue to spotlight insights from our ongoing studies. Stay tuned for more information about Edwin’s Business Wisdom Library.