I teach Masters of Business Administration. Here is everything you need to know…
- Revenues minus Costs> equals Profit.
- If an initiative does not affect revenues or costs then it is not a business initiative.
- If costs remain higher than revenues for an extended period, you have what is known as a charity.
- If you don’t understand somebody it is probably because they don’t understand it either. Do not be fooled by big titles or expensive suits.
…and on being an entrepreneur:
- Read about lean startup. Do it backwards. Find customer first, build big gizmo only when a paying customer says they want it. Remain humble. Be scared when you think you “know” something.
- Do what you feel is right rather than what you feel “they” say you “should” do.
- Get mentors. Listen. Ask far more questions than ever before.
- Do it because of the day to day of the adventure. If you get rich, that is a bonus – but you will spend most of your life in the journey.
…and on life:
- Start now.