New Delhi, Sept. 21 -- The Richest Man in Babylon is a timeless finance classic, written by George S. Clason. The book uses simple parables set in ancient Babylon. Yet, its lessons apply perfectly to modern business. Here are 5 powerful lessons every entrepreneur should know.

This is the book's most famous lesson. Always save a part of your earnings. The suggestion is to save at least 10%. This applies to businesses just as much as individuals. Set aside profits before spending on anything else.

Many businesses fail because they spend everything they earn. Building reserves first creates long-term financial stability. This habit protects your business during difficult times.

The book warns against confusing wants with needs. Many busin...