7 rules to guide you

[Mojo]

I just ran across this article and to make things a bit shorter I am removing the commentary and just posting the 7 rules mentioned by Blackstone's Steven Schwarzman. Over the years I have applied many of these to my business ventures and they truly do work.

Mojo

1) The best executives are made, not born.
They absorb information, study their own experiences, learn from their mistakes, and evolve. The process of launching your business is a continual, never-ending learning experience.

2) It's as easy to do something big as it is to do something small, so reach for dreams worthy of your pursuit, with rewards commensurate to your effort.
Every person and organization has limited time - choose where you commit your attention and resources wisely and be ambitious.

3) Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them.
Gather the right people and resources; then commit and don't look back. If you're not prepared to apply that kind of unrelenting effort, either the opportunity isn't as compelling as you think or you are not the right person to pursue it.

4) When evaluating your potential business idea make sure it passes these three tests:
• Is your idea big enough to justify devoting your life to it? Make sure it has the potential to be huge.

• Is your idea unique? When people see what you are offering, they should say to themselves, "My gosh, I need this. I've been waiting for this. This really appeals to me." Without that "aha!" you are wasting your time.

• Is your timing right? The world actually doesn't like pioneers, so if you are too early, your risk of failure is high. The market you are targeting should be lifting off with enough momentum to help make you successful.

5) No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
To that extent, hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.

6) Make decisions when you are ready, not under pressure.
Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, "I need a little more time to think about this. I'll get back to you." This tactic is very effective at defusing even the most difficult and uncomfortable situations.

7) Never deviate from your sense of right and wrong.
Your integrity must be unquestionable. Always do what you say you will, and never mislead anyone for your own advantage.

[SteveA]

Nice article - thanks for posting here -
Can I add the 8th rule -

(8) If you are fortunate enough to do a job you love to do it facilitates good results. 

[kodydog]

All good points, thanks Mojo.

[gene]

I will add two of my rules that I try to follow.

1. How can you afford to do it right the second time if you cannot afford to do it right the first time?

2. "Effective" is when you do the steps necessary to get the job done. "Efficient" is when you ONLY do those steps necessary to get the job done.