Give me a turbulent world as opposed to a quiet world and I’ll take the turbulent one.
Bad companies are destroyed by crisis, Good companies survive them, Great companies are improved by them.
I think it is very important for you to do two things: act on your temporary conviction as if it was a real conviction; and when you realize that you are wrong, correct course very quickly.
Every great entrepreneur from Steve Jobs to Mark Zuckerberg went through The Struggle and struggle they did, so you are not alone. But that does not mean that you will make it. You may not make it. That is why it is The Struggle.
Focus on the road – When they teach you how to drive a racecar, they tell you to focus on the road when you go around a turn. They tell you that because if you focus on the wall, then you will drive straight into the wall. If you focus on how you might fail, then you will fail. Even if you only have one bullet left in the gun and you have to hit the target, focus on the target. You might not hit it, but you definitely won’t hit if you focus on other things.
“To succeed in business, you have to have a genuine, honest-to-goodness interest in proﬁtability. And most people don’t.””
“So this is the goal: To make money by increasing net profit, while simultaneously increasing return on investment, and simultaneously increasing cash flow.”
““Throughput,” he says, “is the rate at which the system generates money through sales.””
““Inventory is all the money that the system has invested in purchasing things which it intends to sell.””
““Operational expense is all the money the system spends in order to turn inventory into throughput.””