I have been fortunate in my life to have learned from some of the most successful people in business on the planet. I write down little things they say and the way they act. This is a compilation of 17 truths I have recorded over the years. It's a great reminder or maybe a new thought.
1. You must be in a
business you know and understand. Most
people fail in business because they don’t actually know what they are
doing. It’s why franchises exist. To help people who know nothing about what
they are about to do, succeed with proper support. People fail in business because they don’t
know what they are doing and they are just in business to make money. That is the worst possible motivation.
2. You MUST love what
you do. If you don’t love it, you will
stop doing it.
3. Never ever give
up. Keep on. Don’t quit when it gets
hard. When life knocks you down, get up
and keep going. Don’t ever blame others
for your situation. It mutes the drive of
your recovery.
4. Stay focused on
the task at hand. Don’t let
distractions, those bright shiny things, squirrels and endless bunny trails
take you off the path to success.
Diversions are not just costly, they are deadly. Stick to your knitting.
5. Be a little
paranoid. There are people are just
plain bad for you and some are trying to hurt you. Measure twice and cut once. Trust but verify.
6. Being nice isn’t always
a virtue. Kindness is. Cruel to be kind
isn’t just a song.
7. Be a contrarian to
go against the tide ONLY if you know you have the ability to follow it
through.
8. Trust your gut
instincts IF you have the ability to follow thru to success.
9. Not everyone is
cut out to do what others do. Never
imitate. There is only one Elon Musk. You are you, be that. Some are not emotionally equipped to be in
business for themselves. Know yourself,
be yourself.
10. Know your
capacity for risk taking. If you aren’t
wired for risk, don’t take it. If you
can’t sleep at night because of the risks you have to take to be in business
for yourself, you shouldn’t take the risk.
Business is too much fun to make people miserable.
11. Sometimes the
most intelligent people have the most difficulty in business. The constant risk reward calculation causes
them to stumble. They are always coming
up with ways to avoid the risks or trying to increase the reward. It’s a vicious cycle. Being smart or well educated does not automatically
make people a success in business for themselves. Success in business has more to do with your
emotional makeup than your intelligence.
12. Get the very best
people you can find to help you succeed.
Be careful NOT to trust them with your success. You need to stay involved. They must respect the vision (and you). Tell the truth to yourself and to others
about where you are headed. If they are
constantly pushing back, sometimes goodbye is a better strategy.
13. Don’t let people
step on you. If you demonstrate
toughness and cleverness they will be less likely to try to take advantage of
you. Don’t ever let people get away with
taking advantage of you. Push back when
they do.
14. There is such a
thing as luck. Good Fortune. Grace.
Some people seem to just be more fortunate. Why? What helps swing fortune your way is
optimism. The world is a discouraging
place. Believe it can be done. Nothing can happen unless you try
something. If it fails, move on. The harder you work, the luckier you will
be. You can’t win unless you are in the
game. Too many people go thru the
motions in business as a spectator; Letting circumstance dictate their destiny. You can’t celebrate victory unless you are on
the playing field.
15. Some people say
they want to win, but secretly want to lose.
It is easier to say, “I tried” and fail than to succeed. Success scares many people. Get over your fear of success. You deserve to win.
16. If you get into a
business arrangement, partnership, corporation or joint venture as a business
deal and it starts to go south, nothing you thought you understood or agreed to
matters except what is on paper. When it
comes to conflicts, particularly in court, only what is written down matters. He with the best documentation wins. A verbal
agreement, even between good people, is not worth the paper it is written on. I have learned this painful truth too many
times.
17. Think
bigger. If you play with pennies you win
pennies. If you play with dollars you
win dollars, if you play with hundreds, you win hundreds. Do fewer small deals. They take just as much time and effort as the
big ones. Focus on the big deals. There is the 10-10 rule. IF a prospect can’t make a ten thousand
dollar decision in ten minutes, move on.
It’s OK to do little deals if you have a system. Just don’t do it yourself. A $20,000 deal takes the same amount of time and effort
as a $2000 deal. You only have so much
time and energy.