KISS = Keep It Simple Stupid
This is one of the all time important rules that most entrepreneurs manage to do the opposite of and end up clusterfucking their venture with.
Keep things simple and easy from a mangagement standpoint, a logistics standpoint, a product or service standpoint, etc. Make everything you do and offer easy for your customers to understand how it will benefit them and easy to conclude a transaction with.
OPM = Other People's Money
The sooner you start to implement this rule into everything you do the less money you'll lose as you build more businesses.
9 out of 10 business deals never go the way they are planned and end up being losers. In today's fast paced world its next to impossible to know what your market will be like from the time you come up with a new idea to the time you actually get it off the ground. Things change so quickly even with a solid idea, the marketplace can change on you and suddenly it won't work. You might need more capital than planned. Just always expect things can and will go wrong.
The way you offset this is having capital partners fund deals along with you. You want to always have your own money in the deal of course also, but as much as you can bring in partner capital to share the risk. This technique also facilitates your ability to get in a lot more deals and build a lot more new businesses as you grow your empire.
It is much better to own 50% interests in 10 businesses than owning a 100% in just a couple.
This lets you maximize the potential for returns on your invested money and minimalizes your potential for huge losses. Its easier to digest a loss here and a loss there. But when you use all your own money inevitably you'll get a deal idea you think is a winner, pump a ton more of your money into it than you should (because entrepreneurs tend to think everything they do will turn to gold once they get a few hits) and boingo there goes all the profits from your last big hit.
So share your new biz ideas with likeminded business friends you can trust and get along with. Build things together. Its also great having more than one mind coming up with all the ideas and having other minds to bounce those ideas off of before implementing them.
With capital partners you can do things in a much larger way as well. Say you have $1 Million of investment capital. Using OPM you get 4 of your other successful buddies together and now you have $5 Million of capital to build with.
Repeat this process over and over and before you know it you'll have ownership interests in so many more deals than you could have done on your own you won't be able to count the money fast enough.
Also the OPM technique gives you incredible returns from the networking component. Your capital partners will have their own networks and their partners will have networks, etc. So you begin to build an every enlarging circle of powerful contacts that will come in handy as you grow.
KISS & OPM. Two of the most important things to use in everything you do.
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