So, I don't mean to come off like a pompous ass. I'm also keen to learn from the people who don't have as much experience, but do have a different perspective....
I don't think it should be too difficult, all that's necessary is to make arguments over the differences, or ask questions... rather than try and beat people over the head with politics.
Anyway, as for your guinea pig offer, lets see if I can sum up the things I've had to learn the hard way in a very succinct manner, that isn't also highly repetitive of common advice--
- always have something original to sell
- investing is made extra easy when your competition thinks they can't win (e.g.: if they think the market is efficient they won't look for opportunities.)
- you can earn %25 a year with only 5 hours a year of time invested.
- If you're buying any long term investment, know what your return will be with calculable accuracy before you buy. (Timothy Vick's books on investing like Buffett are good here.)
- Everyone in the world think their country is special and unique.
- Get outside of the USA to see how different the world is from how it is portrayed within the USA
- Internationalize your products. It isn't that expensive and you'll get most of your sales abroad
- Read "Economics in One Lesson". Economics is really key. Understanding it will give you amazing powers of prediction.
- People are the same everywhere, but also different. Every new culture you live in, levels you up. You'll be surprised at what you learn. And going and living somewhere for 2 months is much better than the tourist thing. You can get work done while you do it too.
- Never be involved in a franchise unless you're the one selling franchises.
- "The Millionaire Fastlane" is a hokey books, and written for seemingly the lowest common denominator, but it contains great wisdom.
- Atlas Shrugged is the most important book I've ever read.
- All capitalism works by enriching the lives of your customers. The path to wealth is seemingly "altruistic" because it comes form improving other's lives. They're inextricably intertwined.
- If 4 out of 5 businesses fail, start 6 businesses.
- 1 out of 5 businesses fail in my experience, 2-3 break even, and 1 does rather well.
- This one from fight club: "Hitting bottom isn't a weekend retreat. It's not a goddamn seminar. Stop trying to control everything and just let go! LET GO!"
- And again: "Only after disaster can we be resurrected."
- The above two are very taoist / buddhist concepts. You have to let go of you and see what the market says. "hitting bottom" is getting to the point where you take in the response of the market to your product or your idea as the ultimate reality.... you have to let go of your idea that you have a clue what the market really wants. Only after a product launch disaster can you be resurrected as an entrepreneur. Or at least, it was something like that for me. Stop trying to control everything, because doing so keeps you from hearing what the market is telling you.
- Always be Closing. Ok, too many movie quotes, but they resonate with me.
- Always have a marketing strategy. Have at least an idea of something that customers will stop and take notice of. Something outrageous could be good- the Virgin method of promotion might work for you. But you gotta be able to wake people up with just a handful of words that immediately resonate with them and make them go "damn, I've been having that problem! Sign me up!"
- If you value the education you receive from failure, you can't lose in business. That said, might as well go into it whole hog. When you can't lose, it is impressive how much fear you can eliminate.
- Never start a business that costs more than $4,000 to get going (for the essence of the business. ) Never put in real money... it should either make money on its own right away, or if it requires some investment in technology, it shouldn't require any real capital. People are great at shopping and it is easy to rationalize a lot of spending... don't.
- Options, if properly used, greatly reduce investment risk, while also boosting returns. Stock options (calls and puts) are the least understood investment vehicle among the mainstream.
- I never spent money on a book, including a $90 "Due Diligence" book that I barely ever read, that didn't pay for itself many times over, on topics such as investing, business and marketing. Even the bad ones were worth many times the cover price.
I'm sure a lot of that is obvious... maybe I'd be better talking about specific topics or sharing specific experiences.
