48 smart things Sam Walton wrote in his autobiography:
1. It never occurred to me that I might lose. It was almost as if I had a right to win. Thinking like that often seems to turn into a self-fulfilling prophecy.
2. We just got after it and *stayed* after... See more
I was at Amzn early '00s when we lost 95% of our market cap. Later at FB I negotiated a down-round in '09, and then in '12 our stock dropped 50% post-IPO. I was on the board of a public company that went bankrupt (Borders) and a start-up that went under (Hello). Some lessons:
I just talked to a founder whose startup is growing "only" 25% a year and thus felt he needed to get bought. I explained that if he did, he'd need to find somewhere to invest the proceeds, and he'd be unlikely to find any investments that grew at 25% a year.
In business, maximization is often the minimization of joy.
I can’t imagine anything less interesting in business than maximizing shareholder value or trying to eek a few more bucks out of something or someone.
To take it further, maximization as a concept just isn’t interesting to me. I... See more
Founders are taught to possess enough faith to will whatever they’re working on into existence but are rarely reminded to worship anything but themself. This creates a pressure cooker of responsibility that distorts reality to the point that they often find it hard not to confuse themselves for God — and we all know how that ends.