Learning from others’ mistakes is must do for humans as this life time is small for committing every mistake by own. Leverage others’ hard earned experience and commit to never repeating them. Here, I am writing review on the Book How they Blew it which is full of stories of billionaires who ended up in jail / committed suicide / declared themselves bankrupt. Following are my learning from this amazing book:-
- Don’t Diverse your portfolio / expand & scale your business too much, too soon. Give it time to bloom
- Absolutely stick to your strengths – Keep on doing what’s working for you
- Never lose sanity while investing in Stock Market – never Short Sell
- You are defeat-able. That’s the trait of humans. Accept it !
- Never lose sight from your goal / business specially during the time of crisis
- Never indulge yourself in passions which can exploit / spoil you.
- Never evade taxes, ever
- Either do politics or do politics, but never do both, never. When the political landscape will change, things stringed with politics will fall swiftly
- Trust yourself, your instincts but take advises when required
- Success from one business cannot be replicated to other business in different industry in which you don’t have any expertise
- Attention to detail is critical, Appreciate ‘miracle of the mundane’ – focus on minutiae of business model relentlessly
- Trust but watch whom you trust
- Never upset your customers
- Journalists will be there singing praises of up and coming entrepreneurs and same journalist will be there on the way down criticizing.
- Never over debt yourself or your business. Things ( and You ! ) can fall like Bridge of Cards
- Your Business’ money is not “yours” but Business’ stockholder’s. Don’t play with it
- Don’t ever let your employees commit activities which would get money but is considered as criminal offense. Fire them right away !
- Don’t let your childhood Dream destroy you, your business and mental activity. Think affordability, profitability and RISKS before investing
- Widely acclaimed track record of success leads to illusion of being always right, becoming impregnable. Beware
- Don’t be an overmighty CEO, a top lieutenant eager to please and hungry for risk. Things will surely fall that way.
- Indulge yourself in healthy debate with your staff when in doubt. You hired them, you trust them. Put your trust in action.
- Have agreements, contracts in written, always
- Stay abreast with the economy and industry’s trends. Failing in which you will fail to predict the future trends and the debt will start becoming pain in yours life.
- Banker sees numbers. They are there for business. When things will go down, even they will turn their backs. Maintain liquidity
- There is a fine line between legitimate entrepreneurs and those who are knowingly committing crimes.
- Don’t be like Goldberg – a plainly different CEO: a serial entrepreneur who doesn’t learn from his mistakes.
- Don’t be too eager to do the deal. Take time, breathe. Don’t want it too badly.
- Don’t pass the control to people who complements you. Things will fall when either of you is gone.
- Branding helps in diversification. Build one. Branson did.
- Know your origins, from where you came. Don’t betray your roots. Running away from them will lead to delusion
- Your wealth, bank account and assets aren’t directly proportional to your smartness
- Tame your own advice but do not believe your own hype
- Some element of luck is there in your success, accept it
- Enjoy your success. Don’t yearn from bigger yacht or fancier house. Don’t get lost in chase, accept things you have, enjoy them
- Understand your business better than others. Others may / will mislead you.
- Have solid business model. One more deal will not salvage a broken one
- Don’t be desperate to leave legacy, to be remembered when you are gone. Philanthropists are remembered, be one
More to come, soon. To buy the book, click on the below image: Year of Reading: 2018Gaurang’s Review/ Recommendation:
Absolutely fantastic book. I loved reading it.
What’s amazing about the book is that all of the people covered started rich but ending up either broke or dead. Indeed one must learn from other’s mistake and this book is sharing some of the learnings from the great disasters.
Learn more about the book at HTTP://FKRT.IT/M!DQT2NNNN