Wednesday, April 6, 2011

April 6, 2011 - Rules of Business


No. 1 - Never lose money, Rule No. 2 - never forget rule No. 1.

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#2 Never be afraid to ask for too much when selling or offer too little when buying. *** Note Chapter 10 on pricing strategies

#3. You can't make a good deal with a bad person.

#4. It is impossible to unsign a contract, so do all your thinking before you sign. Better yet, never sign anything in business.

#5. It is easier to stay out of trouble than it is to get out trouble.

#6. You should invest like a Catholic marries - for life.

#7. Happiness does not buy you money.

#8. Wall street is the only place where people ride to work in Rolls-Royce to get advice from those who take the subway.

#9. It takes twenty years to build a reputation and five minutes to lose it.

#10. The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.

#11. Don't try and step over 7 foot bars - look around for one foot bars to step over.

#12. Marrying for money is probably a bad idea under any circumstances, but it is absolutely nuts if you are already rich.

#13. It is not necessary to do extraordinary things to get extraordinary results.

#14. My idea of a group decision is to look in the mirror

#15. If we can make money in a $5 trillion U.S. market, it may be a little bit of wishful thinking to think we should get a few thousand miles offshore to start showing our stuff.

#16. Invest in a business that even a fool can run, because someday a fool will.

#17. Anything that can't go on forever will end

#18. Turnarounds seldom turn (see our chapter on buying a business)

#19. Managing your career is like investing -- the degree of difficulty does not count - so you can save yourself money and pain by getting on the right train.

#20. In a tough business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen.


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