Thread by @JohnDelfau

How to get rich

What's the best business book ever written? Probably "How to get rich" by #FelixDennis, a billionaire who picked this cheesy title as a joke but dropped some real business wisdom. Here are 25 immensely valuable lessons from his book.
A thread 👇 🧵

On #makingexcuses: Most of the so-called "reasons" for not pursuing wealth are not reasons at all they are excuses. Pitiful alibis you have erected to spare yourself from the quiet terror of taking your own financial destiny in your hands and making your dreams concrete reality.

On #gettingstarted: There is no point in sitting around thinking about getting started. Commit now, or leave your dreams behind. Begin now or turn away.

On #Selfbelief: Self-belief lies at the core of the getting of money. Without Self-belief nothing can be accomplished. With it, nothing is impossible. Self-belief encourages you to stare down failure and naysayers while tenacity works its magic.

On choosing the right #industry: Gold rushes rarely happen in old mines. New or rapidly developing sectors often provide more opportunities to get rich. 3 reasons 1. availability of risk capital 2. investor ignorance or greed 3. the power of the rising tide.

On #humiliation: If you have ever wondered why there are so few really wealthy self-made men and women, know that it has little to do with chance and everything to do with your capacity to accept the risk of being humiliated in the attempt - not just once, but many times.

On #boldness: All entrepreneurs have a short/medium-term plan; it's the only sensible way to proceed in the getting of money. But should the chance offer itself, that game plan must be hurled aside and the watchword on the narrow road changed to "Carpe diem!"

On being in the right place at the right time: It is always the right time and this is the only place we have.

On #StartUpHires: What you require are clever, cunning and adept people. Why would they work for you? Because there are many clever, cunning and adept people who are risk-averse. Many will happily work for you providing they do not have to brave the "narrow road"

On #hiring: If a candidate appeals strongly to you, be prepared to increase your offer. Human capital is the foundation of business success. A thousand here or there is a small price to pay for hiring a star talent. One star is worth a dozen plodders!

On #teamspirit: Team spirit is for losers, financially speaking. it is the glue that blinds losers together - a strategy used by employers to shackle useful employees to their desks. the truth is uglier. As the owner, you are in a team of one.

On #negotiating: 1. most of us are poor negotiators (including the other side) 2. most negotiations are unnecessary 3. detailed preparation is of great value 4. whoever depends the least upon the outcome will usually prevail 5. tenacity trumps eloquence 6. in doubt walk out.

On #Prioritizing: There is only one enemy. Time. If you will not prioritize your tasks and execute them on the basis of their relative importance, you remain at the mercy of your idle subconscious and happenstance. Be ruthless in prioritizing everything in your working day!

On #Luck: If one is not prepared, the opportunity will go begging. If one is not alert, all the preparation will be for naught. One thing is certain. Praying for luck is futile. Waiting on Lady Luck is folly and "if only" the saddest phrase in the language.

On #Courtesy: try to be courteous if you can. It will not make you richer in and of itself, but as a form of self-imposed discipline, it can certainly make you appear more formidable when you succeed.

On #emulating: There is an often overlooked adjunct to the subject of ideas in commerce; stealing them. Or, to put it more pleasantly, emulating them. But remember, what works for theories will very likely work for you, too.

On #Delegating: All who learn to delegate wisely increase their chances of success to a significant degree. Micromanagers, by contrast "kill the thing they love" and endanger their odds of success. But don't confuse delegation with abandonment. Absentee landlords rarely prosper

On #trustingyourinstincts: This is a potentially lethal piece of advice. It separates the wannabes from the gonnabes. Go with your gut. Don't be a slave to them, but when those instincts are screaming Go! Go! Go! It's time for you to decide if you really wish to be rich or not.

On #Persistence: Persistence is important, and requires a concerted effort of will and stamina to maintain. But it is not an end in itself. Persistence is a virtue when applied with intelligence, and with the humility to accept that your strategy may be flawed.

On #diversifying your portfolio: You should! But this suggestion is not designed for your early career. In the early days, one must concentrate on a single basket designed for a single egg. Focus as if your life depended on it. But once that something is working, then diversify.

On #Excellence: If on my deathbed, I had only a short time to pass what wisdom I had accumulated about making money, it would be this 1. Ownership shall be half of the law 2. Doing an outstanding job shall be the other half.
Striving for excellence works any way one looks at it.

On #Rivals: Bad-mouthing rivals is a sign of weakness. Instead, analyze them, but remember that no individual/company is the font of all wisdom. Get out of your way to praise rivals publicly when you can. Finally, make it a habit to meet informally with a rival's talent.

On #Misfortune: Breaking your neck is a misfortune, losing someone you love is a tragedy. Failing to accumulate a fortune is not, it's just a part of the game. You cannot bring back a beloved child from the grave. But you can always repair your fortunes on the road to the riches.

On the fear of #failure: Anyone determined to create wealth must make a pact with themselves to abandon the fear of failure. Just try. Go on, I dare you!
Fear of Failing in the eyes of the world is the single biggest impediment to amassing wealth.

On #Success: Well done! My advice is to cut that tiger loose from your ankle and begin giving your money away right now. It was just a silly game, wasn't it? Good fun, though. Don't forget to help other young entrepreneurs when you can!

Listening to @theSamParr and @ShaanVP on @myfirstmilpod podcast talking about this book inspired me to share this thread.
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