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1/ Since I forgot Newfound's 11th birthday, I figured I'd do a belated celebration by talking about 11 business lessons I've learned in 11 years.
In no particular order...
In no particular order...
2/ Action and progress are not the same.
The work is never done, but I try to focus on doing just one thing a day that moves the ball forward an inch.
Makes me feel better about calling it a day and focusing on other aspects of my life.
The work is never done, but I try to focus on doing just one thing a day that moves the ball forward an inch.
Makes me feel better about calling it a day and focusing on other aspects of my life.
3/ Every project, contract, and deal takes 2x as long as you think it should.
(And in asset management, assets delivered are typically 1/2 of those promised.)
(And in asset management, assets delivered are typically 1/2 of those promised.)
4/ Nobody believes they are the villain (and many are the hero of their own story.)
Internalizing Hanlon's Razor ("assume incompetence instead of malice") has allowed me to live with a lot less anger.
Internalizing Hanlon's Razor ("assume incompetence instead of malice") has allowed me to live with a lot less anger.
5/ I've found that celebrating other people's success is a much better way to live than being jealous of it.
6/ Don't let the shiny veneer fool you: behind the curtains, just about every business is duct taped together and everybody is struggling in some form.
7/ Luck plays a massive, massive role in success.
Be humble for your wins and don't judge others for their losses.
(But you can work hard to increase your surface area of luck.)
Be humble for your wins and don't judge others for their losses.
(But you can work hard to increase your surface area of luck.)
8/ Building a business is like running with a bucket. As you fill the bucket with rocks (fixed costs), you move slower and are much less nimble.
Be careful which rocks you put in your bucket and don't hesitate to dump some out.
Be careful which rocks you put in your bucket and don't hesitate to dump some out.
9/ Generally speaking, people like to do business with people they like. Don't under-estimate the value of relationships.
10/ Luck cuts both ways. If you run your business without enough cushion, bad luck can knock you out. But this often means growing slower than you want.
To paraphrase Aaron Brown, it's about finding "risk ignition."
But you have to survive to succeed.
To paraphrase Aaron Brown, it's about finding "risk ignition."
But you have to survive to succeed.
11/ Projects delivered too quickly are often under-appreciated, even if that speed is driven by a decade of cumulative knowledge and tool development.
Oddly enough, purposely delaying can increase perceived value.
Oddly enough, purposely delaying can increase perceived value.
12/ Don't be afraid to ask for help.
13/ Plenty more ... but 11 will do to celebrate Newfound's 11th birthday.
Fellow entrepreneurs: what lessons have you learned?
Fellow entrepreneurs: what lessons have you learned?
