Is there such a thing? Yes, it is a person that is not getting paid but still keeps busy trying to make a pig fly.
Yesterday, I had the pleasure to see Michael-Lee Chin speak to a small group of us. Although this was the second time I heard him speak, it was a good refresher to hear this very accomplished “self-made” man’s story.
He spoke of 3 tenants: reputation, differentiation and focusing on customer needs. These are definitely tenants that resonated with me as satisfying your customer because of your differentiators will directly affect your reputation.
He went on to speak of wealth creation and how successful individuals invest and become wealthy. These are simply: understand and own a few businesses, understand those businesses, keep them for the long run, use other people’s money and ensure there is an enhanced rate of return. Well, I know one business very well, and the fashion industry somewhat well – maybe I should invest in Loblaws?
Other things of note that stuck with me were defining personal principals that you would die for of how you would run your business. This is an interesting excercise. As I think about what principals that I live by, I think about fierce independence, irrational creativity, longstanding traditions, education, and changing personal preceptions.
What principals do you live by?