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Getting cash in the door is extremely important, and anything that delays cash flow will slow down your forward progress. The broader lesson here is to place a strong focus on cash revenue generation while your business is working toward sustained profitability. “Number six: that credit… forget it”īiggie is warning about the risks of issuing credit to customers before you have enough scale to hedge the associated default risk. Granting such requests can hurt your bottom line, but denying them can strain your personal relationships. Also, if you have a desirable product they may feel a sense of entitlement to a discount or freebies. They will provide an unrealistic sales experience and their feedback will often be skewed by the preexisting relationship. “Number five: never sell no crack where you rest at”īiggie is right: your family members are not real customers, and serving them can often do more harm than good.
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Sunk costs are sunk, and strategic decisions should be made as such. If you’re too wrapped up or emotionally invested in any aspect of your business, it won’t be easy to modify that idea when it leads you to a better opportunity or strategy. If you make suboptimal business decisions for the sake of bettering your personal life, your company will be less likely to succeed.Īnother interpretation of this rule is to resist developing a strong emotional commitment to your own ideas. “Number four: never get high on your own supply”Įven if you are the only shareholder in your business, you should separate what’s best for you personally from what’s best for your company. Businesses should take steps to protect their intellectual property, including protection through patents or well-protected trade secrets. “Number three: never trust nobody”Ī healthy sense of paranoia is a valuable asset for business operators. It may be tempting to post your 12-month plan on the company blog, but beware the strategic edge it provides to your competitors once it’s out there. If your company prematurely discloses its strategic plans, it gives your competitors a head-start on emulating or surpassing your innovative strides. Innovation drives long-term business value. “Number two: never let ‘em know your next move” As Biggie says, broadcasting your financial performance can “breed jealousy,” increasing operational risks and arming your competitors with a more informed sense of your company’s weaknesses. As such, few privately held companies choose to do so. “Rule nombre uno: never let no one know how much dough you hold”įor most companies, there isn’t a tremendous amount of upside to disclosing financials. I list each of the Ten Crack Commandments below, along with its underlying message for modern business operators. Yesterday, my iTunes shuffled its way to “ The Ten Crack Commandments,” a classic and often-referenced track from The Notorious BIG’s 1997 double-album ”Life After Death.” The track is meant to be a crash-course for would-be crack dealers, but Biggie’s ten commandments actually add up to some pretty sound business advice for any industry. It’s not a coincidence that many rap stars are also successful entrepreneurs, and lyrics about business and entrepreneurial ambition are rampant in the genre. As you may have noticed from our video anthem Business Intelligence, we enjoy our fair share of rap music here at RJMetrics.