Thursday, February 24

Understanding people

Kofi Annan wrote: "We may have different religions, different languages, different colored skin, but we all belong to one human race."

Tom Peters: "The magic formula that successful businesses have discovered is to treat customers like guests and employees like people."

Robert Schuller: "As we grow as unique persons, we learn to respect the uniqueness of others."

Great people understand that life is a series of dealings with others. People I consider great, treat each new person like the most important person they've ever met...

Junto 2005

I was down in Provo, visiting BYU with Greg Warnock tonight. He was speaking on entrepreneurship and talked about Junto. He will accept applications through Thursday 2-24-05 for the next couple groups.

As one of the original Junto members, I have to re-emphasize how great an opportunity this is for young entrepreneurs... I would do it all over again, even without pay or equity.

If you think you have what it takes check out the article in Connect Magazine titled The Ride of Your Life.

For more details on the program go to juntopartners.com.

Good luck!

Wednesday, February 23

Slow start?

I like to feel that starting my first 'real' company at age 24 is pretty aggressive... In comparison to Warren Buffet, I may be a decade behind pace:

His first investment was in real estate. At the age of 14, with savings from his two paper routes, he spent $1200 on 40 acres of Nebraska farmland, which he leased to a tenant farmer.

That experience in 1944 was a great head-start to set the stage for his last 61 years of investing genius...

Tuesday, February 22

Invest in Yourself

The Greeks highly valued a principle called arete--the pursuit of excellence in all aspects of life and in all disciplines. Arete is the art of self-improvement.

Jim Rohn says, "Work harder on yourself than you do in your job." He also says, "Formal education will make you a living; self-education will make you a fortune."

By dedicating yourself to lifelong learning, there's no limit to how much better you can make yourself. In doing so, you increase the value you bring to the marketplace. As Buckminster Fuller said, "You can't learn less."

Tony Robbins: "If we habitually focus on how to improve things that are already great, can you see how this spirit can transform ourselves, our organizations, families and communities?"

Jack Welch: "I was afraid of the internet because I couldn't type."

Stephen King: "If you don't have the time to read, you don't have the time or the tools to write."

One book that my partner, Will Allred, gave me spoke about the importance of reading. Check out "Love is the Killer App"...it's a good read.

Monday, February 21

Miracle at Philadelphia (excerpt)

Old Dr. Franklin, sitting with the famous double spectacles low on his nose, now broke silence; he had said little these past days. Addressing himself to Washington in the chair--"The small progress we have made," Franklin said, "after four or five weeks close attendance and continual reasonings with each other--our different sentiments on almost every question...producing almost as many noes and ayes, as methinks a melancholy proof of the imperfection of the human understanding. We indeed seem to feel our own want of political wisdom, since we have been running about in search of it. We have gone back to ancient history for models of government, and examined the different forms of those republics which, having been formed with the seeds of their own dissolution, now no longer exist. And we have viewed modern states all round Europe, but find none of their constitutions suitable to our circumstances.

"In this situation of this Assembly, groping as it were in the dark to find political truth, and scarce able to distinguish it when presented to us, how has it happened, Sir, that we have not hitherto once thought of humbly applying to the Father of lights to illuminate our understandings?" Franklin here reminded the convention how at the beginning of the war with England, the Continental Congress had had prayers for divine protection--and in this very room. "Our prayers, Sir, were heard," said Franklin, "and they were graciously answered. All of us who were engaged in the struggle must have observed frequent instances of a Superintending providence in our favor. To that kind providence we owe this happy opportunity of consulting in peace on the means of establishing our future national felicity. And have we now forgotten that powerful friend?...I have lived, Sir, a long time, and the longer I live, the more convincing proofs I see of this truth--that God governs in the affairs of men.

The Great Debate (pg 125)

Wednesday, February 16

Detest mediocrity

"Far better it is to dare mighty things, to win glorious triumphs, even though checkered with failure, than to take rank with those poor spirits who neither enjoy much or suffer much, because they live in the grey twilight that knows no victory nor defeat."--Theodore Roosevelt

Larry's Advice

When at BYU, I took a class in entrepreneurship from Utah Jazz Owner and respected businessman, Larry H. Miller. This is a list he gave me of advice and favorite sayings:

Larry's Advice:
1. The only stupid question is an unasked question
2. Even more important than the will to win is the will to prepare to win.
3. You don't have to blow out the other person's candle to let your own shine.
4. Don't make a bad deal just to make a deal.
5. Keep money in perspective.
6. Be patient.
7. Life is a journey, not a destination.
8. Play to your own strengths.
9. Trust your instincts. You have within you abilities to deal with everything you will need to.
10. Manage business at the level of business you're actually doing, not the level you wish you were doing.
11. Learn not to confuse the elements of motion and progress. Progress always requires motion, but motion isn't always progress.

Some Favorite Sayings:
A. Are we mortal beings having a spiritual experience, or are we spiritual beings having a mortal experience?
B. When the student is prepared, the teacher will appear.
C. Children are the messengers we send to a time we'll never see.
D. When obedience ceases to be an irritant and becomes our quest, in that moment God will endow us with power.
E. If we were charged with being followers of Jesus Christ, would there be enough evidence to convict us?

Thursday, February 10

Team Building 101

As a young entrepreneur, I've had to learn a little about team-building. This skill is necessary to recruit highly skilled and experienced individuals whom you can't necessarily afford to pay a lofty salary.

The first step is to recognize what skills you're missing. This can take form of an introspective SWAT analysis. For me, unfortunately, I may have many more W's than I often lead myself to believe.

The next step is to place a value on those missing skills/qualities--based on their relative impact on the growth and value of the company.

Once you have placed a value on those factors, it's time to go shopping...

You can find quality people all around, though some skills may be harder to come by. It's important to realize that the rarer those skills are, the more valuable they are to you... don't be stingy in rewarding people for their significant contributions.

You may not be able to recruit the level of experience you are looking for, so here is a list of universal attributes I seek in hiring people who can step up and fill those roles:

1) Brilliance (SAT of 1200 or better)
2) Compulsiveness (passionate and able to hyper-focus on a single objective)
3) Interesting (someone who adds diversity, creativity, and makes you like to be around them)

This brings us to the last step--incentivizing those individuals to adopt your vision. It's a question of motivating forces. You are not limited to dangling carrots in front of their eyes.

Here are some things that might motivate your target partners:

1. Freedom from a cubicle based job in corporate slavery
2. The potential to build something great
3. Have fun working with great people
4. Altruism--the belief that their skills and talents will make a difference in the world
5. Learn a new side of business through experience in a startup
6. You...if they like you enough, they will want you to succeed
7. The potential for a valuable equity position later on
8. Pride...give them a reason to prove their abilities
9. Spite...your company is a way for them to fight a market competitor they may not like
10. Optimism...instill a vision so strong that they are not concerned about what is in it for them

As you start to build your team today, remember that each venture is just a stepping stone to the next bigger and better deal. Get the people around you sold on your vision for the long-run and keep them on board by rewarding them for their loyalty.