Twenty years ago a business mentor I looked up to asked me one powerful question and then made one of the truest statements I have ever heard, while I was discussing a cash crunch in my very first business. The first thing he asked me was "Are you bragging or complaining?"
That completely made me pause and reframe my thinking about the way I was oriented to the present struggle I was facing. Then he made the following statement. "Chris, we are all broke at different levels."
Think about both of those statements for a few seconds and let's talk about why "broke" can be a positive asset to you and your business, not just a negative temporary reality.
If you are struggling to see the genius in these two statements a mentor of mine shared in 2000, then you should read Daymond John's book (of Shark Tank and Fubu fame) "Power of Broke" or watch the interview with him below.
One of our many awesome Startup Drugz' community member companies (Singular Sound) has found a scientific way to make your entrepreneurial brain sharper while you have fun in your precious little downtime.
Their hot gadget puts 300 of the worlds best drummers at your service to help increase your gray matter, creativity, and overall brain performance.
Does your startup's growth rate relate to your team's courage? The short answer is yes....
Time. Cannot. Be. Managed. And. Work. Life. Balance. Is. Unattainable.
Every entrepreneur out there knows that time is money. Time is the most valuable commodity in the world because it cannot be managed, maintained, regained, or stopped.
It is the only commodity you and everyone around you has in equal amounts each day. It is the only asset or raw material that can never be recouped once it is spent. As the famous Metallica lyric goes "For whom the bell tolls...Time marches on."
Kevin O'Leary is the famous "Mr. Wonderful" persona on ABC's hit show shark tank which no doubt most of our Startup Drugz community has watched religiously in the last several years. He is outspoken about the value of intuition and pattern recognition in this domain that only comes with time in the game. In his earlier years, he rebuked a mentor/advisor who told him that experience had a value that most young founders like him could not understand and that only failure would teach him. Decades later in this clip below from Behind the Brand, he recounts how spot on that advice was and how he makes investment decisions in entrepreneurs today.
You should definitely subscribe to Bryan Elliott's channel "Behind the Brand" for more full-length interviews of this caliber, but here is a clip on today's lesson.
As entrepreneurs, our greatest strengths often equal are greatest vulnerabilities. After 19 years and countless business started, invested in, a few exits and 3 painful failures, I have learned two very important facts.
1) I (like many of you) am a RAIN-MAKER (I bring the dollars and growth into our ventures as my superpower)
2) Rainmaker types should NEVER be in charge of managing or rationing the company's reservoir! (cash management/operating accounts)
Are you Crazy Rich on Paper, but cash poor?