Tag: How to get rich

Hiring

Hiring? Make notes. Speak little.

Chris Labs

Your notes need not refer in any way to what the potential employee or supplier is saying. It can be gibberish. Or it can, more usefully, be your impressions of the person and their responses. Have a series of questions handy to shoot out when they grind to a halt. Then focus like mad on what your instinct and your intuition is telling you. As to speaking little yourself, remember you are being interviewed, too. It is impossible for the other side to tell that you are not as clever as they are if you keep your mouth shut. -How … Continue reading Hiring? Make notes. Speak little.

Learnings

What is it you are attempting to achieve here? You are trying to become rich.

Chris Labs

This must be the main focus of your business life. Becoming rich. Not becoming one of the world’s most famous athletes, or taking on Rupert Murdoch in the newspaper publishing and television business. You want to get rich rich. And you want to do it legally and as quickly as you can. “And so I became a magazine publisher. That was OK, but I forgot to keep my eye on the ball. The ball was to get rich. Instead, I decided to become one of the world’s best magazine publishers. Not smart. Why wasn’t it smart? It took me way … Continue reading What is it you are attempting to achieve here? You are trying to become rich.

Learnings

Sell early

Chris Labs

Real money rarely comes from horsing around running an asset-laden business if you are an entrepreneur. You are not a manager, remember? You are trying to get rich. Whenever the chance comes to sell an asset at the top of its value, do so. Things do not keep increasing in value for ever. Get out while the going is good and move on to the next venture. More money is usually lost holding to an asset than is made waiting for the zenith of its value. I should know – it’s my own biggest defect. -How to get rich, p.214 Continue reading Sell early

Being CEO

Offer legal perks that you have paid for yourself to employees.

Chris Labs

This sounds crazy, but it works. I allow my employees, for example, the use of my Rolls-Royces or Bentleys for their weddings. I permit them to stay at my homes around the world if they have performed well. Such perks are legal because I paid for them myself from after-tax dollars or pounds. -How to get rich, p.212 Continue reading Offer legal perks that you have paid for yourself to employees.

Learnings

How to think of an hostile acquisition

Chris Labs

Back in the days, Felix Dennis was offered to sell his business to Ziff Publishing and to, together conquer, the European Market. Felix declined the offer, teamed up with VNU to fight Ziff back, it took them everything, 2 years of profit were burned in making sure Ziff’s venture was a failure. Ziff finally gave up after losing millions of dollars. Looking back, does Felix thinks it was worth it? No. Absolutely not. It was stupid. Glorious, but stupid. I would have listened more closely to Phil and Bill. I would have negotiated my balss off. I would have become … Continue reading How to think of an hostile acquisition

Being CEO

Don’t offer shares in the business to employees.

Chris Labs

Ownership isn’t important, it’s the ONLY thing. Risk equals reward. “An honest day’s work for an honest day’s pay” is not risk-taking. If you work in my business, I’ll pay you fairly, try to make it a great place to work in, incentivize you if it makes sense for the company to do so, contribute to your pension, perhaps contribute to your health care and the health care of your family, teach you to grow your skills and thereby improve your personal net worth, ensure you have paidvacations, ensure you are not bullied or in any way discriminated against, and … Continue reading Don’t offer shares in the business to employees.