“Never spend your money before you have earned it.”
Happy day Sunshine!!
Woo!! So many changes in business!! I am not going to lie! It's even hard to keep up here over here. The goal is to give you the best of the best, the most relevant, high value content, news, trends and data. I'll do the reading, have the conversations and pull the most relevant for you.
Last week I emailed with James about his The 5 Biggest Assumptions I've Made About Business by James Altucher, that I couldn't stop thinking about. I love that he said failure hurts! And don't worry about focusing! Warren Buffett and Richard Branson didn't focus! I asked him if he had anything else to add and he came back with more brilliance.
"Here is one assumption I think a lot of entrepreneurs make:
YOUR IDEA IS GOOD
Most ideas are ok. Some are good. And many are bad. Even the bad ideas can find a few customers, which incentivize the entrepreneur to make a business about it.
But don't smoke your own crack.
There's a saying, "Take the cash when you can".
Make money. Make money now versus later (e.g. if a client says, "do this job for free because later we pay a lot." This is always BS).
Foursquare was offered $100mm 8 years ago by Yahoo. They should've taken it.
Maybe it will be worth more later. Maybe it will be worth less. Who knows? But eight years have gone by. They could've maybe taken over Yahoo in that time. Or maybe started a new business that would be worth billions. Nobody knows.
But the founders would've been worth tens of millions each. Instead of fighting it out each day to still prove Foursquare is relevant.
MySpace sold for $500mm in the mid-00s. If they had waited another year maybe they would've been worth....zero. In fact, a few years later, a friend of mine did buy the site for almost zero.
Everything has it's time. Every idea is good....until it isn't.
Be flexible. Be ready to change. Take the cash. Continue to build. Taking cash is not the same as "cashing out". But make money and protect your life and family rather than being beholden to one singular vision or dream ("I MUST make a billion!")
Dreams die out in a generation. Nobody remembers anything two generations later. Relevance is a myth. But having a life filled with well-being is not a myth.
Well-being is not about building a business or having one great ideas.
It's about freedom to do the things you love (which might be your business and might include other things). It's about your relationships (which shouldn't be dependent on your business or how much money is in the bank) and it's about improving competence in the things you love, which will change on a regular basis.
Avoiding this assumption will save your life, your bank account, and make the entrepreneur more likely to end up happy as well as rich."
Crazy funny follow up story to that. James emailed me this last week then over the weekend we had a small dinner party. One of the guests was a retired entrepreneur. When I asked him about his entrepreneurial story he told me how he built a firm and worked in the natural gas industry. He mentioned his big failures (and I happen to know they had lost EVERYTHING), then noted he was a part of the team to develop that company into nearly $500 million in sales. AND - per our earlier conversation on TIMING - he noted that he sold his business 30 days before ENRON happened.
We both choked and laughed knowing that had that sale happened after ENRON his sale could not have gone through at all!! So James was right - don't forget to go for the money!! Now I wonder if Snap wished they had taken Facebook's offer.
* Programming note: We are trying out a new layout for the emails to make it crystal clear and easy for you to gather the information you are in need of. Tell us what you think!
--> Facebook continues it's major overhaul. First, they make a change to be a "community organizer." Then groups - community groups - become more advanced. Then they are specifically removing negativity and are deleting masses of posts or hints of negativity. BUT... they are still a business and Facebook ads changed the world. Next up Facebook Messenger will have ads too. It's time to get your bots up and running too!
--> #Likeaboss. Want to build an empire? Engage women. Best part of the interview: Based on your success can you share what other entrepreneurs can do to engage their audience in a meaningful way? It’s like Gary Vaynerchuk says, "You have got to catch their attention." He is absolutely right in that regard but a large part of this is also about just listening. It is important to ask consumers questions because at the end of the day you are serving them. You are trying to make something that they need and want to use on a regular basis.
--> Luxury car offer more models and less buyers. Hmm... again and again... luxury is on its way OUT. Meaningful, custom and innovative is IN.
--> Every part of your business matters. Take it step by step. McD's is thoughtfully boring their drunk customers and shooing them lovingly out the door!!
--> Manage your future mamas! Stay current and grow! Cliff Notes Version: Mobile, Video, Virtual Reality, Micro-learning, Social, eLearning Discipline, AI, Gamification & Interaction!! (Hello!) Thanks for the share Awesome Ambassador Erin Kelly!
--> Millennials give businesses Customer Scores. Cliff Notes: At the top of the list is: Uber, Facebook, Google and Amazon. Followed up by Walmart. Think that's because they are in every college town around?
--> Coding without screens for little kiddos. Super great idea!
--> 50% of us are burned out. Thought this a really important read on self-care. Lack of Connection is what burns us out. Stop over thinking and over working. Take time to connect. #yourewelcome