How to estimate your chances at running a successful enterprise
The is a rule of thumb I always use when starting a new project. Take the amount of money you think you’re going to make and cut it in half. Then take the amount you think you’re going to need to spend and double it. After you do this you should have a pretty good estimate.
Collaborate on a budget
On of the great things about the internet is it’s ability to allow you to collaborate with others to get a job done. One of the cooler tools I’ve discovered is a website called oovoo.com . This site lets you video conference with up to six people. Everyone has to have a microphone and webcam, and that’s it. All you need is a free download to start talking to folks over the web. I’ve tried it a few times and it worked great for me.
Leadership is not control
Don’t create rules to outline decisions.
Instead, create incentives to guide decisions.
Incentives align priorities. Rules do not create loyalty or empower employees. Instead of telling people what to do, outline goals and let them lead you to the destination. If you work with people smarter than you (and you probably do), then it’s important to listen and learn from them.
Give up control; you never really had it anyway.
Motivation 101
I have to admit that I’m not much of a swimming fan. I see why people like it, but it’s just not my cup of tea.
However one of the sports stars was profiled on 60 minutes Sunday night and it has provided a new source of inspiration for me. One thing that stood out about the interview for me was the amount of work this youg kid puts in. His coach reported that for the last 5 years, Micheal trained every day. that’s over 1,700 days without a day off. Whether you agree with that level of intensity or not, you can’t argue with the results. It really drove home to me the benefits of hard work. Sometimes we see the overnight successes and wonder how come we haven’t had such “good fortune”, this interview reminded me of why true success (and the enjoyment thereof) is directly proportionate to the amount of hard work that goes into it.
- Michael Phelps wins in Beijing
