Basic Tenets of Starting and Running a Business

I wanted to have a little fun with this idea, as you can see. The above graphic is my (crude) drawing summing up how I've always conducted myself in the serious things of life... school, corporate world, and now entrepreneurship. People have called me worse things than anal retentive. And one of the worst combinations of characteristics anyone could have is the ability to assess things logically and mathematically while also being inclined to humor and a lack of verbal restraint. (This was passed down to me from my mother's side and is typical of Hungarians.)

Anyway, after leaving Corporate America a while back, I studied the life stories of individuals in various industries: Henry Ford, George Eastman, Andrew Carnegie and a few others. They were the doers. I had read all the sayers before that. Emmet Fox, Florence Scovel-Shinn, Norman Vincent Peale, etc. I prefer getting things from the horse's mouth. You know what they say: "If you can't do, teach."

What's interesting about the doers above is that they started out small-time and persevered through horrible economic climates. The sayers usually rise to stardom around the same time... just when everyone needs "advice." Well, I've got no glittery advice here - only tactless reality. But the funny thing is that way back as a teenager, I thought people should hold my hand through life... especially family. Right?

WRONG! My Mom did me the biggest favor one day when I was eighteen and stranded in Manhattan after my car got towed. I phoned her job in NJ to ask for the money ($100) to have my car released from impound. She said, "You got yourself into it, now you get yourself out of it." Then she hung up the line.

This was not mean. (Oh, yeah. I was crushed - and stranded.) I learned a whole lot about responsibility that day. I also learned that you shouldn't court luck because it assumes the same level as water. Risk is one thing. Luck happens when you show up and can't be beaten away by anything. In other words, there's no such thing as "luck."

So now, without further adieu, here's my essential list to starting and running a business. No soft, flowery words. Please leave those to your sales and marketing department. Just develop a thick skin so it doesn't wear out before you make it. (I should add that to the list...)


Basic Tenets of Starting and Running a Business

• The world does not owe you anything
• There are no guarantees of success
• The worst that can happen is that you will learn valuable lessons (provided you pay attention)
• You must be passionate about what you do; Only time will tell
• You cannot forecast the perfect moment
• Money isn’t everything (if you do not care for indoor plumbing)
• If you fancy the Good Old Boys’ Club is holding you back
o Start your own
o Move
o Quit

• Live frugally and expense the crap out of everything
• There is at least one huge non-profit or huge corporation competing with you, no matter how unique your idea is (so get used to it)
• Avoid cashless partners
• Ask mystics and sorcerers to give you an advance first
• Adopt a pet; They are good listeners
• Study your industry, integrate ideas, experiment, invent – don’t just copy
• If it feels like work, you’re in the wrong business
• Indiscriminate guilt and humility are useless in most professions (ie: There’s no crying in baseball)
• Lots of people like what you do when it’s free. Gently remind them the store made you pay for your business gear.
• If you fear going broke, get a normal job
• No one has all the answers; Be prepared to find out yourself or you will resent your advisers