1. Shut the fuck up when you're in the room with someone who's been doing it longer and more successfully than you. You yapping in this situation is just noise. It's amazing how much you can learn if you just watch and listen to people who're more successful than you.
2. Do not go out of your way to be an asshole to someone no matter how much that person is an asshole to you. You many need that person for something later. Do not burn bridges.
3. 50% of the employees do 90% of the work. Do not nickel and dime the good 50% and do not hesitate to cull the bad 50%.
4. If you get big enough, your chinese suppliers will try to screw you. It's not a question of if they will, just a matter of why and how.
5. Do not trust anyone who's not been in business at the same location with the same name for at least 2 years.
6. Keep your tax situation under control. Remember, IRS can seize your stuff without having to prove anything. Straighten out any tax problems as soon as it arises. Even if there's a problem and you don't ever hear about it for a year or two, they'll eventually come after your. They're slow, but they'll get what they want in the end.
7. You have to keep better records than the other guy, because you're going to lose most disputes if the other guy has better records than you.
8. If it involves a lot of money, don't worry about spending $300 to get a lawyer to go over the contract and explain it to you.
9. Three most beautiful words in English language are "CASH UP FRONT". It's better to be paid up front with 20% margin than to be paid in three months in 30% margin.
10. Never believe anything someone says just because who they are. Check for yourself.
2. Do not go out of your way to be an asshole to someone no matter how much that person is an asshole to you. You many need that person for something later. Do not burn bridges.
3. 50% of the employees do 90% of the work. Do not nickel and dime the good 50% and do not hesitate to cull the bad 50%.
4. If you get big enough, your chinese suppliers will try to screw you. It's not a question of if they will, just a matter of why and how.
5. Do not trust anyone who's not been in business at the same location with the same name for at least 2 years.
6. Keep your tax situation under control. Remember, IRS can seize your stuff without having to prove anything. Straighten out any tax problems as soon as it arises. Even if there's a problem and you don't ever hear about it for a year or two, they'll eventually come after your. They're slow, but they'll get what they want in the end.
7. You have to keep better records than the other guy, because you're going to lose most disputes if the other guy has better records than you.
8. If it involves a lot of money, don't worry about spending $300 to get a lawyer to go over the contract and explain it to you.
9. Three most beautiful words in English language are "CASH UP FRONT". It's better to be paid up front with 20% margin than to be paid in three months in 30% margin.
10. Never believe anything someone says just because who they are. Check for yourself.
