10 Insights on How NOT to Run a Business — MJ Gottlieb
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Transcript of 10 Insights on How NOT to Run a Business — MJ Gottlieb
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This presentation consists of highlights from the interview with Moe Abdou,
founder & host of 33voices®.
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MJ GOTTLIEB is a lifelong entrepreneur, having owned and operated five businesses and one not-for profit foundation over the last 21 years. He
specializes in providing comprehensive strategic solutions in various as-pects of business. His expertise focuses on five principal areas: start-up development, corporate strategy, brand management/licensing, concep-tualization and implementation of product launches, and helping start-ups
to create strategic alliances to help fund their growth.
MJ GOTLIEBB@mjgottlieb
Co-Founder Hustle Branding
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Be serious and strategic in how you approach money. Remember to:
Insight #1
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Be serious and strategic in how you approach money. Remember to:
Never spend what you don’t have
Insight #1
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Be serious and strategic in how you approach money. Remember to:
Never sign personal guarantees
Insight #1
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Be serious and strategic in how you approach money. Remember to:
Never use your own money
Insight #1
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Be serious and strategic in how you approach money. Remember to:
Never write a check to cash
Insight #1
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Insight #2
Make self-awareness & managing your emotions an ongoing initiative. Never:
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Insight #2
Make self-awareness & managing your emotions an ongoing initiative. Never:
Make a decision when in a negative emotional state
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Insight #2
Make self-awareness & managing your emotions an ongoing initiative. Never:
Make a decision when in a positive state
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Insight #2
Make self-awareness & managing your emotions an ongoing initiative. Never:
Make a decision when your ego is involved
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Insight #3
Be clear that your shot at success starts with a great team. When hiring people:
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Insight #3
Be clear that your shot at success starts with a great team. When hiring people:
Never hire anyone to work for free, unless it’s an intern for school credit
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Insight #3
Be clear that your shot at success starts with a great team. When hiring people:
Don’t get overly friendly with your employees
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Insight #3
Be clear that your shot at success starts with a great team. When hiring people:
Never start your business without a secretary
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Insight #3
Be clear that your shot at success starts with a great team. When hiring people:
Never hire a friend as your attorney
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Insight #4
Your product and service is always a work in progress, still, be cautious not to:
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Insight #4
Your product and service is always a work in progress, still, be cautious not to:
Over-promise and under deliver
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Insight #4
Your product and service is always a work in progress, still, be cautious not to:
Teach the market at your own expense
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Insight #4
Your product and service is always a work in progress, still, be cautious not to:
Don’t be second out of the bag
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Insight #4
Your product and service is always a work in progress, still, be cautious not to:
Don’t be a jack of all trades
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Insight #5
Geoffrey James on 4 sentences that can ruin your company:
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Insight #5
Geoffrey James on 4 sentences that can ruin your company:
“If you don’t come in on Saturday, don’t bother coming in on Sunday.”
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Insight #5
Geoffrey James on 4 sentences that can ruin your company:
“Our salespeople are being paid too much.”
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Insight #5
Geoffrey James on 4 sentences that can ruin your company:
“Always Be Closing”
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Insight #5
Geoffrey James on 4 sentences that can ruin your company:
“We need to hire more MBA’s”
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Insight #5
Geoffrey James on 4 sentences that can ruin your company:
http://www.inc.com/geoffrey-james/7-sentences-that-ruin-companies.html
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Insight #6
When creating strategic partnerships, be smart:
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Insight #6
When creating strategic partnerships, be smart:
Never underestimate the importance of due diligence
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Insight #6
When creating strategic partnerships, be smart:
Don’t write your own contracts
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Insight #6
When creating strategic partnerships, be smart:
Don’t sign contracts with a foreign corporation unless you’ll live there
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Insight #6
When creating strategic partnerships, be smart:
There’s no such thing as a verbal agreement
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Insight #7
If you’re going to raise capital, work with pros:
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Insight #7
If you’re going to raise capital, work with pros:
Don’t waste time talking with the wrong people
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Insight #7
If you’re going to raise capital, work with pros:
Don’t spend time talking to ghosts
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Insight #7
If you’re going to raise capital, work with pros:
Make your pitch to the decision maker, not their designated hitter
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Insight #7
If you’re going to raise capital, work with pros:
Know when a door is not a door
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Insight #8
“A good rule of thumb is that the new product must be at least 10 times better
than the old way of doing the same thing.”
- Ben Horowitz on products worth investing in
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Insight #9
No matter what product or service you deliver, the idea of delighting and surprising your
customers is your brand’s biggest opportunity.
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Insight #10
Above all, be yourself — for if you’re living without a guiding purpose, you’re fooling
yourself and everyone around you.
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Presentation created by Chase Jennings
Insights by Moe Abdou