1) Friars Law- Be able to answer “What do you make or do,” “Who is your target market,” and “How are your reaching them” – in a “telegram” or an “elevator speech.”
2) The Brains paradox– You are the Leader/visionary, the Manager, and the Technician. They have competing goals and values. How will you resolve that?
a) Time Management corollary– most businesses spend all their time putting out fires (being the manager) and
meeting deadlines, and spend no time planning (being the leader). Then they are surprised when things fall
apart. And they will, so plan how you will handle it and what your backup plan is.
3) Dirty Harry- “A Man’s got to know his limitations.” What are yours? Figure it out, and find advisors or employees to fill those gaps.
a) The Hearing Corollary– Hiring advisors or good employees is pointless if you don’t listen closely to their advice.
4) Cash is King- Spend less than you think you need to, wherever you can. Don’t be
cheap on the important stuff, instead don’t spend money on things you can do without.
5) Emperors Law- “The Emperor has no clothes!” Its nice to be King, but that
doesn’t mean you are always right. In fact, if you cannot list 5 mistakes you have made off the top of your head,
your aren’t paying attention.
6) Two ears, one mouth- You need to learn to (not just listen, but to…) HEAR what people are saying to you. The words your clients, friends, advisors,
prospects and employees use are very insightful, if you will just put your clothes back on, get down from your horse and admit you don’t know everything.
7) The “Human Bite Law” Not all business is good business.
You cannot be all things to all people. There are literally thousands of businesses that have taken on too much and failed.
8) The Law of the Dinosaur- Your environment is changing as we speak. If you do not change with it, you will become extinct.
Think Bennigans, Borders, Waterford, Circuit City. Think records, 8-tracks, cassettes, CD’s, carburators.
Your brilliant idea, by the time it is implemented and running, is already outdated, so what’s next?
9) The Salesmans Law- Your salesman will say yes to absolutely anything the client asks for, and then dump it on operations,
marketing and logistics and somehow expect it happen. Before you promise something, make sure you
can deliver! “Under-promise and over-deliver.”