Friday, October 23, 2015

Advice for the entreprenuer from Mr. Amarillo Slim

While reading the obituary of Mr. Amarillo Slim in The Economist here, the following paragraph on how to play poker from Mr. Slim seems like good advice for an entrepreneur as well:

"... Play the players, not the cards, he would say. Watch them from the minute you sit down. Play fast in a slow game, slow in a fast one. Never get out when you're winning. Look for the sucker and, if you can't see one, get up and leave, because the sucker is you."

And the translation is:

  • Beat the competition not the market.
  • Attack the competition from day one.
  • When generating revenue, keep generating revenue (you won't be able to time the market anyways).
  • When everyone is evaluating, go on the offensive (grab the customers, talent, funding, new pricing of goods, etc.), and when everyone attacks, step back (go in after the malay, remember supply and demand?).
  • If everyone in your area of business seems to be doing great, much better than you (in generating revenue), there is a problem with your company (you should be the one with the most revenue generation).
My question is: Is being an entrepreneur like playing poker?!

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