Thursday, February 20, 2003

A few thoughts on Armed Liberal's post, and his question asking – “what you see as your safety.”

One reason his potential partner has more capital might be that he manages financial risks better than most, perhaps including A.L. I know a decent number of people who have been successful financially, and I wouldn’t consider any of them gamblers. Although our culture has an image of entrepreneurs as aggressive risk takers, the ones I know are not. Although many, if not most of them, are willing to put capital and their reputation on the line, they only do so when the odds are stacked heavily in their favor.

The Millionaire Mind (and to a lesser extent The Millionaire Next Door) explore some of the above issues thoroughly and are certainly worth reading. Rather than being get rich quick guides, these books study the habits of people with money and how they got it. In a sense, they are get rich slow guides

Also, a few of my safeties:

A prudent, supportive, but questioning wife (and family)

Arai helmet, Aerostitch jacket w/ armor, boots, gloves etc.

SIPDE Scan, Identify, Predict, Decide and Execute

Outstanding business partners (who hire the best employees we can find)

A willingness to walk away from potentially lucrative business when it just doesn’t smell right

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