Here’s a quote for Warren Buffett - who has been consistently among the few richest people in the world for the past 20 years or so.
“To invest successfully over a lifetime does not require a stratospheric IQ, unusual insights, or inside information. What’s needed is sound intellectual framework for making decisions and to keep emotions from eroding that framework.”
Firstly let’s define investing as something which we we see as worth putting a consistent effort into to achieve a long term result.
So it is fair to say we invest in many things such as family, health, finances and business ideas. The key interpretation from the above quote is that it’s not about being an intellectual guru, rather our success will be a function of having a robust framework to work towards. That this information is available to everyone, and if we have to the discipline to stick to it our investments will yield results far beyond our expectation.
I’ll be doing another Startup Blog Live session at 8pm this Thursday night. It will be via http://www.twitcam.com under my twitter sign up which is http://www.twitter.com/sammartino or @sammartino for current members.
Thursday 13th August at 8pm – Live.
The topics of discussion will be Tactics vs Strategy – which was the topic of a blog post below and a very important issue for startups and entrepreneurs. If you can make it – ask a question in teh comments and I’ll answer it live for everyones benefit. Last time we had over 70 people tune in. So join us.
I am on Twitter – Click here to chat with me
Here’s some simple advice when seeking investors for your startup.
Never use the words ‘The Next’…
Regardless of the uber successful business which follows these two words it just isn’t going to happen. For two reasons. The first is our probability of being this successful is almost non existent. Secondly if we are this successful, we wont be the next, but something new.
The main point is when people use the words the next, they lose credibility. And when someone says it to me regarding their new business venture, I find it hard to believe anything they say after that.
While we are bootstrapping our startups, it’s worth bootstrapping our lives simultaneously. We should be building projects with overlaps, to the extent that we end up living in a ‘World of Venn’. For the ‘un-nerds’ who can’t quite remember the Venn diagram, here’s a simple explanation:
n. A diagram using circles to represent sets, with the position and overlap of the circles indicating the relationships between the sets.
[After John Venn (1834-1923), British logician.]
The reason for doing this is simple. By living in a ‘World of Venn’, we are building intellectual assets which have synergy. Assets which are connected metaphysically. Constructs with similar ideals which can be shared, borrowed or stolen. The people in these worlds often overlap too. They’re often interested in learning about and helping in other areas of our Venn worlds. And importantly when one set dies or withers, it has an overlapping intersection on which we can refocus our efforts without having to start from the beginning.
Here’s a sample of parts of my world and the Venn relationships.
As you can see my worlds overlap and all build revenue streams.
– Ideas and experiences from rentoid.com, give me great writing fodder and intellectual stimulation for this blog you are reading right now.
– Startup blog has lead to more professional business writing I do for magazines and journals
– My academic career at Melbourne University has lead to more Business writing and an upcoming book on marketing & investing.
The point is – they all feed each other, build on one another and leverage my personal areas of expertise.
Each success in one section adds credibility and strength to an overlapping area. The more overlaps we have, the larger our sweet spot becomes. When we have a great number of overlaps, life gets sweeter and the rewards are greater. This is why ‘work life balance’ is simply a hoax. Work is a large part of our life and should be joyous. To try and find time for things outside of work we actually ‘enjoy’, means we’ve got our life wrong. Once we live in a world of Venn our personal and financial growth is inevitable.
Venn is Zen. How Venn is your life?
We need to make our sentences as short as possible when trying to engage anyone that matters in a business. Investors, customers, retailers.
So our short sentences should appear in our pitch, our copy writing and our video communication
So how could I possibly make this sentence any shorter than it is?
How could I make this sentence any shorter?
Could I make this sentence shorter?
Could I make this shorter?
This is shorter still.
People are very time poor, or maybe just a little impatient. Regardless of which it is we have to be able to tell our story quickly.
Vanguard Investments do it in 2 seconds. Click here to see how they do it. (Watch the animation)
Even this chart below tells the story on long term ‘index’ investing. Of which Vanguard are the founding forefathers.
The recent downturn is a best a ‘blip’.
How long does your startup story take to tell? Here’s a tip – we’ve got a few seconds at most.