Book Quote of the Week – 050

Peter Diamandis

Peter has a set of rules that guide his life. His 28 Peter’s Laws have been collected over decades. Here are some favorites:

Law 2: When given a choice…take both.

Law 3: Multiple projects lead to multiple successes.

Law 6: When forced to compromise, ask for more.

Law 7: If you can’t win, change the rules.

Law 8: If you can’t change the rules, then ignore them.

Law 11: “No” simply means begin again at one level higher.

Law 13: When in doubt: THINK

Law 16: The faster you move, the slower time passes, the longer you live.

Law 17: The best way to predict the future is to create it yourself. (Adopted from Alan Kay)

Law 19: You get what you incentivize.

Law 22: The day before something is a breakthrough, it’s a crazy idea.

Law 26: If you can’t measure it, you can’t improve it.

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Success Quote of the Week 044

“Important people have the ability to turn off their phones because the world can wait for them.” — Jason Calacanis

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Book Quote of the Week 036

Quote

Whatever your brand stands for, you have to deliver on the promise.  Don’t promise what you can’t deliver, and deliver everything you promise.  That’s the only way you’ll ever control your brand.  And beware: brands always mean something.  If you don’t define what the brand means, a competitor will.

Richard Branson

 

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Richard Branson: Business Stripped Bare Notes & Quotes

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Notes/Quotes:
Richard Branson is someone who has always fascinated me. I love his story. I love what he’s done, how he’s done it and how he continues to do it. Following are some of the notes I took while reading one of his books, Business Stripped Bare: Adventures of a Global Entrepreneur.
There’s a lot of great stuff in this book. Highly recommend reading it and then reading it again. Make your own notes and occasionally refer back to them or come back here and read these notes again. There are a number of great things that you’ll be reminded of and will help spark new ideas to grow yourself and your business.
People
  • Avoid taking on someone else’s legacy
  • If you are in the mood to buy a new business – wait.  It can take a long time to change a business culture.  Are you sure you wouldn’t be better off starting one from scratch?
  • In business, someone who can stay cool and calm under pressure is an asset.
  • There’s no rule book.  the past is the past.  We can’t preserve it
  • small, compact companies are, generally better run
  • Put people together in a way that will have them bouncing ideas off each other, befriending each other, and taking care of each other, and suddenly they are coming to you, not with gripes and problems, but with solutions and great ideas.
  • Given the right conditions, exceptional people will reveal themselves
  • There’s another thing about teams: they don’t last forever
  • When the business lets you, shake things up a little
  • The best manager is someone who cares about people and who is genuinely interested and wants to bring out the best in them
  • A manager should basically be a considerate person who is as interested in the switchboard operator and the person who cleans the lavatories as he or she is in the fellow managers
  • A self-disciplined employee will have the patience to conduct routine business routinely, the talent to respond exceptionally to exceptional circumstances, and the wisdom to know the difference between the two
  • you can’t dictate attitudes from on high.  All you can do is hire the right people and empower them to sort things out as they happen.
  • If someone has paid you for something, and it goes wrong, being cagey or defensive will kill you stone dead
  • If someone has a lousy experience at your hands, they will warn people
  • If you are able to sort out your customers’ problems better than they expected, then they will be your loyal friend for life
Brand
  • Befriending one’s enemy is a good rule for business – and life
  • A brand always means something, and ultimately you can control the meaning of your brand only through what you deliver to customers
  • Turnover can be huge, but it is the profit margin that matters
  • I learned another key fact about running a business: try to have a plan B
  • Publicity is absolutely critical.  You have to get your brand out and about
  • A good PR story is infinitely more effective than a full-page ad, and a damn sight cheaper
  • it is sometimes better to follow a pioneer than be a pioneer
  • Maintaining a consistent tone in the face of rapid growth was a key requirement
  • You can’t restructure culture.  If you’ve burnt people, if you’ve killed their enthusiasm or commitment, then changing office space or putting a few more dollars in their pocket will not unduly affect the culture that exists
  • Whatever your brand stands for, you have to deliver on the promise.  Don’t promise what you can’t deliver, and deliver everything you promise.  That’s the only way you’ll ever control your brand.  And beware: brands always mean something.  If you don’t define what the brand means, a competitor will.
Delivery
  • Don’t waste your precious time.  Phone calls and emails can eat your day.  Don’t let them.  No one will think less of you for getting to the point.
  • I advise every owner of a company to keep a notebook and jot down the things that need doing
  • You must never forget that every change ushers in unforeseen consequences
  • Success one day does not give you a free lunch every day thereafter
  • We’ve started, so we’ll finish
  • Never imagine that you are immune from big events.  Make your small decisions in the light of the bigger picture, and you are at least pointing your craft in the right direction to ride out any storm
  • One business mantra remains embedded in my brain – protect the downside
  • Remember to communicate, and pay attention to detail
  • Don’t be afraid of changing your bank if they are unreasonable.  Banks are not for life.  But don’t put it off till the last minute
  • Out of recession, new ideas and new business often grow
  • If you are a late entrant to the market, you need to be radically different to win over customers.
  • If you rip off the customer, then you will destroy the integrity of the brand
  • When you’re first thinking through an idea, it’s important not to get bogged down in complexity
  • You can never go too far wrong by thinking like a customer who’s new to the business
  • It’s easy – too easy, in fact – to relinquish your responsibility for your idea to experts.  This is almost always a mistake, because experts are only experts in their field.  They’re not experts in your idea.  At this stage, the only person qualified to assess your idea is you
  • You need to flesh out your own ideas.  You need to do your own research.  You need to take responsibility for how you plan to turn an idea into action
  • Keep a cool head.  You’re in business to deliver change, and if you succeed, the chances that  no one will get hurt are virtually zero.  This is the rough and tumble of business.  Be sportsmanlike, play to win, and stay friends with people wherever possible.  If you do fall out with someone, ring them a year later and take them out to dinner. Befriend your enemies.
  • Being a well funded company puts you at a tremendous advantage
 
Learning from Mistakes and Setbacks
  • Never do anything that means you can’t sleep at night
  • You can’t protect yourself against the unexpected, so you need to keep your house in as good an order as you can.  If disaster strikes, you don’t want to find yourself doing twelve things at once and misprioritising them in public.  It’s vital, therefore, that you take control of your internal business risks – the ones you can influence.
  • I think it is counterproductive to be ruthless.  You’ve got to treat people as you would yourself, or better
  • You definitely should get the best people around you when confronted with a serious problem.  Don’t try to deal with it all by yourself.  Don’t be afraid to seek help and advice.
  • If you drive down the retail price fast enough when you are the dominant player, you never allow anyone else to catch up because they can’t make enough money.  It requires the dominant player to be brave, because it can mean cannibalizing your existing sales by dropping the retail price.  (i.e. Apple and the iPod)
  • Protect your reputation.  Don’t be afraid of making mistakes
  • If you’re hurt, lick your wounds and get up again.  If you’ve given it your absolute best, it’s time to move forward.
Innovation
  • The best, most solid way out of a crisis in a changing market is through experiment and adaption.
  • Innovation is what you get wen you capitalize on luck, when you get up from behind your desk and go and see where ideas and people lead you.
Entrepreneurs and Leadership
  • True leadership must include the ability to distinguish between real and apparent danger.
  • You need to understand the challenges to your enterprise and face up to them.  Equally, you have to resist the temptation to overreact at the first sign of trouble.
  • Every business plan should include: “This company will have lots and lots of parties and social get-togethers.”
  • The creator’s job is to find someone with expertise who understands the vision and is prepared to follow the path.
  • If you can keep the business relatively small, people will know each other within the organisation and feel like part of the team.
  • Decent leadership is about explaining clearly and unemotionally why a decision has been taken.
  • Failure is not giving things a go in the first place.
  • Only a fool never changes his mind.
  • DON’T BRING ME YOUR PROBLEMS – BRING ME THE SOLUTIONS
Social Responsibility
  • It is possible to turn a profit while making the world a better place.
  • What can you do to make a difference?
  • One ought never to turn one’s back on a threatened danger and try to run away from it.  If you do that, you will double the danger.  But if you meet it promptly and without flinching, you will reduce the danger by half.  Never run away from anything.  Never! – Sir Winston Churchill
  • Don’t forget to listen
Epilogue
  • It is important to look for one’s strengths – to try to excel at what you’re good at.
  • What you’re bad at actually doesn’t interest people, and it certainly shouldn’t interest you.
  • So don’t let your limits knock your self-confidence
  • Success for me is whether you have created something that you can be really proud of.

Get this book and others from Richard Branson HERE, or Try Audible and Get Two Free Audiobooks and listen to his first two books for free!

The Most Gifted and Recommended Books from Tools of Titans by Tim Ferris

This list is at the end of a previous post, Review Notes from Tools of Titans by Tim Ferriss, but I wanted to add it here to keep it separate for reference.

Many of these top 17 books are some that I have already read. But for those that I have not, they are next on my list. If you’re interested in any of them click on their title or join Audible and listen to them. Try Audible and Get Two Free Audiobooks

In addition to this list, there are a number of other great books listed in Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers by Tim Ferriss. Check it out, it’s a great book.

The Most-Gifted And Recommended Books of All Guests
  1. Tao Te Ching by Lao Tzu
  2. Atlas Shrugged by Ayn Rand
  3. Sapiens: A Brief History of Humankind by Yuval Noah Harai
  4. Siddhartha by Hermann Hesse
  5. The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss
  6. The Checklist Manifesto: How to Get Things Right by Atul Gawande
  7. Dune by Frank Herbert
  8. Influence: The Psychology of Persuasion, Revised Edition by Robert Cialdini
  9. Stumbling on Happiness by Daniel Gilbert
  10. Superintelligence: Paths, Dangers, Strategies by Nick Bostrom
  11. Surely You’re Joking, Mr. Feynman! (Adventures of a Curious Character) by Richard P Feynman
  12. The 4 Hour Body: An Uncommon Guide to Rapid Fat Loss, Incredible Sex and Becoming Superhuman by Tim Ferriss
  13. The Bible
  14. The Hard Things About Hard Things by Ben Horowitz
  15. The War of Art: Break Through the Blocks and Win Your Inner Creative Battles by Steven Pressfield
  16. Watchmen by Alan Moore
  17. Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel with Black Masters.

Create Your Own Path

A few days ago we were recording and Entrepreneur Next Door podcast with Steve Christensen from Novo Watch. I had asked him a question about his entrepreneurial journey and he made the comment that from a young age he wanted to create his own path.
novo-watch
Whether you are an entrepreneur or are working for someone else, I think that this is something great that everyone should aspire for. Use your skills and talents to create the path that you want to take. Life is way too short to be doing things that you don’t want to be doing. Figure out what it is that you want and create the path to get there.
As an employer, I know that these are the types of employees that I would like to have working with me. Those that know what they want and are working to make it happen. If that means for them to get to where they want to end up my company is only a stepping stone and they will eventually have to move on, I will fully support that. Of course I would never want to lose a great employee. But I’d rather have someone that is great and ends up moving on because of their personal goals and aspirations that did great things with us while we were together than have a life-long employee without any drive that is just showing up each day to punch the clock and get through the day.
What path are you on? Comment below.
Good luck!
Watch for this and other great podcast at www.enextdoor.co