My father is not a businessman. In fact, quite far from it. He loved making the deal more than making money. That being said, it is never the money that provides joy or happiness. Much has been learned from watching and listening to him over the years. Here are some of the key takeaways from not just my father, but other older family members and friends that run a common theme:
1) Talk to everyone – good social skills facilitates everything
For my father it could have been someone in a line in a grocery store, the next table at a restaurant, the gas pump attendant, whoever. This could be best applied by introducing yourself as much as possible at a social gathering, a conference, for example. It provides the basis for creating opportunities. A simple hello to a stranger opens a door of endless possibilities. Open as many doors as you can and you will have infinite possibilities to choose between.
2) Put away 15% of every dollar made – rainy days do come
Just take that amount and throw it in a savings account. Have a paycheck? Best to deduct it at the source so you never even know that money exists. A small pot of money in times of need goes a long way! For a business, a small fund can be a lifesaver during a swing in the wrong direction and can smooth out the lull without having to sacrifice or modify much.
3) Pay lots of taxes – this means you are making a lot of money
Thanks for this one uncle Frank! I always hated the idea of someone (the government) taking my money. But wait, I am the government!?!?! Also, if I am paying more taxes, proportionally I am making more money…hmmmm. The energy that you spend to try to delay or pay less taxes, etc, is energy that you are not spending on growing your company or project. I am not saying throw out the tax code, but let your accountant worry about stuff like that, following all the rules of course. I have realized that my uncle is right. Now I am delighted to pay my taxes and help out our society. Growing a company and providing jobs and great products and services should be the goal.
4) Never talk poorly about anyone – it will come to bite you in the ass
Eventually all news reaches the unintended ears. Be aware. Do not talk down about anyone in general as it serves little to no purpose. Concentrate on yourself, you will be much better served!
5) Just do it, why not? – life is too short so at least try stuff out
You learn from doing, and making mistakes along the way. So you lose some money or time, no biggie. You probably had fun, and learned something new and useful along the way to be applied somewhere down the line. These experiences should be viewed as “investments”.
Passing it along
Being a father of a daughter I share this knowledge and explain other concepts such as compound interest, investing & mutual funds, setting up a business, marketing concepts (branding, advertising), etc. I am not always sure if she is taking it all in? She is only 12, meaning friends and music seem to be the majority of her interests at this time. However, the ones mentioned above are constant themes I go over with her to be sure she has a solid starting foundation.
