Successful Entrepreneurs Offer Life Lessons
Barry Ritholtz started his “On Investing” column in last Sunday’s Washington Post with a quote from the late columnist and author Bill Vaughan: “Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem.” The quote established a tone for the column to “approach the subject of money a little more philosophically. There are surprising insights to be gleaned from the experiences of the very wealthy…” Ritholtz writes.
As chief executive of FusionIQ, a quantitative research firm, Ritholtz comes into contact with many entrepreneurs, and over the years, has been fortunate to engage them in conversation. Here’s what he has gleaned:
1. Having money is better than not having money. (He starts slowly.) It buys you freedom.
2. Don’t become cash rich and time poor. “Work is the process of exchanging your time for money,” he writes. “Remember: What you do with your time is far more meaningful than the goods you accumulate with your money. If you are working so much to become rich but you ignore your spouse and miss seeing your kids grow up, you are actually poorer than you realize.”
3. Memories are better than material objects. The wealthy treasure their memories and accomplishments, Ritholtz says, much more than their possessions. “When discussing the benefits of wealth, I have heard again and again about amazing experiences, family get-togethers, vacations, shows, sporting events, weddings and other events as these people’s most important life experiences.” He writes that we all can enjoy these things and he’s right.
4. Watch your “lifestyle average,” especially early in your career. He cautions about getting tied up early with big mortgages or expensive cars so that you become reliant on your partnership-track job. “…overleveraged employees do not leave to work at a new start-up or a smaller, more family-friendly competitor.”
5. Having goals is incredibly important. Ritholtz writes about a friend who is a “serial entrepreneur” and keeps building companies, the last one to the tune of $1 billion—thanks to a clear, long-term goal and the ability to follow through. “He once said something that has stayed with me: ‘I am always surprised at how many people have no goals. They simply let life’s river flow them downstream.” Ritholtz then quotes a Latin phrase: “‘Victory loves careful preparation.’ You would be amazed at what you can accomplish with planning.”
6. You must live in the here and now. (We now call it the “real-time.”) Enjoy – and make the most of – today. I have a friend who got so excited when talking about how well off he would be in his old age. It seemed strange. Ritholtz quotes John Lennon who sang: “Life is what happens to you while you’re busy making other plans.”
7. It helps to be incredibly lucky. Many rich people, especially tech entrepreneurs, are grateful for their good fortune,” Ritholtz writes. But he is quick to remind us of this famous quote: “Luck is where preparation meets opportunity.”
****************************************************
Number 8 on Ritholtz’s list might have been:
“Pay attention to those who are successful.”
You have a chance to do just that by purchasing any or all
of the sessions from the recent SIPA 2011 Conference.
Go to SIPAcademy and check the sessions you want –
from Editorial Strategies to Propel your Events to
Mobile and Tablets for Publishers – Ready or Not, Here They Come.
or buy the whole package!
This is a great value! Take a look now.
[text_ad]
