Yesterday was a very interesting day for Custom Choice Cereal. I had the great opportunity to return to UNC – always a pleasure but especially after Harrison Barnes announced his return to the Tar Heels for another year – to listen to and learn from two student teams who analyzed Custom Choice Cereal over the past months.
The previous sentence already included an important piece of valuable information – listen & learn. Quite honestly, there is rarely a day that passes without finding out something that I didn’t know before. I truly believe that this is one of the great benefits of being an entrepreneur. However, it also requires you to be open-minded and receptive to what others have to say – and yes, that isn’t always easy and can even be uncomfortable if they are not saying what you want to hear but what you need to hear.
What really prompted me to share a few of my entrepreneurial “lessons learned” are two things though. First, I am quite honestly a little fed up with people who over-promise and under-deliver. It should be the other way around, folks! At the very least in the long term it will definitely come around and bite you in the rear end because you will develop a reputation for this kind of behavior. It is perfectly acceptable to say “No” before you bite off more than you can chew!
Borrowing from American History X, I’d like to end this blog entry like every good paper with a quote because “someone else has already said it best. So if you can’t top it, steal from them and go out strong.” I picked a quote from John Ruskin that a very successful local entrepreneur keeps in his email footer and that has impressed me quite a bit. I believe is key for any entrepreneurial activity because it puts the correlation between risk and return in a startup context:
“It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much, you lose a little money … that is all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot. It can’t be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that … you will have enough to pay for something better.”
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