Good to Great

The best source I found to transform from good to great is the book “Good to Great” by Jim Collins. Great companies have all shown the following traits:

  • Level 5 Leadership (the most important)
  • First Who Then What
  • Confront the brutal facts
  • HEDGEHOG CONCEPT (my favorite)
  • Culture of Discipline
  • Technology Accelerators
 

Ultimate Fund Raiser

What I like about pan handlers is their persistance to raise a dollar from every passerby! No mattering if it is raining, if you are running or if you look terribly sick, you are no exception to the pan handler!

 

Ultimate Decision Making Tool

From Get Smarter by Seymour Schulich:

Making a decision is usually boils down to picking between two options; sell or keep, invest or save fund, go for the next degree or get a job, and many more examples. So, you have to answer a YES or NO.

Make two columns; in one column list all the goods and in the other list all the bads about your decision. Depending on your priorities give a weight from 0-10 to each of the listings, 0 for least important and 10 for most important. If the goods outweigh the bads at least twice as much, pick YES, or if the bads outweigh twice as much, pick NO. If it is too close to make a call, don’t make that decision now.

Example:

Do I continue with my PhD or not

Goods

Have the option to become a professor later on:5

Gives more credibility as a new graduate out of university: 5

Gain a good reference from the university: 4

Can join R & D departments: 2

Add another degree to my resume: 6

Start higher in the company hierarchy:5

Learn about RFIDs + Crypt Algorithms: 3

Goods Total: 30

Bads

My last 2 years would be wasted if drop out: 4

Postpone going for MBA degree: 6

Have less time for my startups for another 2 years: 5

Limit areas of business:3

Stay poor for another 2 years: 5

Bads Total: 23

Conclusion: I cannot make up my mind right now and need to take some time!

 

Why CEOs Fail

Derailers for leaders (Why CEO’s Fail by Doltich and Cairo)

  1. Arrogance
  2. Melodrama
  3. Volatility
  4. Excessive Caution
  5. Habitual Distrust
  6. Aloofness
  7. Mischievousness
  8. Eccentricity
  9. Passive Resistance
  10. Perfectionism
  11. Eagerness to Please
 

Get Smarter

From Get Smarter by Seymour Schulich, strongly recommended are:

  • Read books at least half an hour every day
  • Study financial history
  • Never give options for free
  • If you want to learn a second language, learn Mandarin!
  • Money’s value falls 90 percent every 30 years

This is a very good, fast read, and I will publish more lessons from this valuable book.

 

Recite this

It’s easy enough to be cheerful when life flows

along like a song

but the person who is worthwhile is the person

with a smile

when everything goes dead wrong. ” –Ella Wheeler Wilcox

 

Make Stars, Don’t Hire Them

  • Hire people who want to become a star and are looking desperately for an opportunity to shine.
  • Challenge them and put them into a test employment.
  • Look into universities and new graduates.
  • Manchester United recruits the talents and turns them into stars; then sells them off to other teams at a very high price. Hiring talents actually generates a profit!!!
 

Execution Is Key

It’s always been a challenge to innovative and to create something that nobody has thought of before. Compare online networking/dating sites, aesthetic and beauty products, VOIP companies or virtually anything else; there is always a competition with similar ideas at the core, but different execution in practice.

  • Perfect EXECUTION is the distinguishing factor in success!
  • The best product is not necessarily the most popular, e.g. Apply iPod.
  • They say a great start is half of the success, yet a great finish is all the success.