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Saturday, 02.04.2012 |
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| How to Get Rich |
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Product Details
Notes
bought on the Kindle
great book, honest advice mixed with his personal stories
he believes in hard work and admits it's a lonely road
wealth doesn't make you any happier
his business required capital, so he assumes you need that to start
an interesting part is about the 3 stages of life:
1) young and poor - you have nothing to lose
2) on the way up - you're afraid to lose what you've built so far
3) senior manager - you risk security and happiness with family
in all of these cases, you also may lack capital
if he were to do it all over again
he would make $60-80M as quickly as possible
then cash out and write poetry and plant trees
fear of failure is the single biggest obstacle to getting rich
treat it like a game
a regular paycheck is like crack cocaine, it's addicting
look for a new or rapidly developing industry to catch the rising tide
the idea is worthless, it's all about execution
don't be ashamed to emulate a competitor's strategy
when it comes to capital, the best source is angel investors, friends, and family
ownership is key, don't give up percentage points to VC or bankers
manage your cashflow in the beginning
share the annual profits with employees, but don't give them stake
think big and act small
don't believe you're infallible, be willing to cut losses if the idea is no longer valid
be persistent, but not stubborn
identify talent and nurture it, they will do the work of growing your business
build more baskets, diversify your company earnings
when negotiating, understand the balance of weakness on each side
even a big company has the weakness of its institutional investors
if you're the small startup, the big company can't miss out on your growth
otherwise their shareholders will be mad at them
look for a rogue element you can bring in at the last minute
put the executives of the opposing company against each other
they are not your friend during a negotiation, be willing to walk away
delegate everything you can, but monitor carefully
step in when things go wrong
always be involved in any launch, sale, or closing of a business
make sure you give thanks and credit to talented employees
they don't even need tons of money, they want opportunity and praise
before closing any business, see if you can sell it
cut yourself loose from naysayers
look for promising industries that align with your skills and interests
don't just focus on your desire, look at your natural talents
practice managing your fear of failure
don't loan money to friends or family, give it to them as you wish
build a good support system and watch out for fraud
if you're bored with your business, sell it, ideally before you have to
nurture your old friendships
getting rich is a game, it's not the key to happiness
there are patterns to success you can follow if you're willing
you will earn respect, but it comes through envy
decide if you really want it
money is color-blind, race-blind, sex-blind, degree-blind
it doesn't matter who your parents were, or how you grew up
other people may try to block you for their own reasons
but money itself is completely neutral |
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