About: Learning Entrepreneurship

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Words of wisdom from your Uncle Ralph

And other Rules of Life & Business

If you’ve been following me at LearningEntrepreneurship.com, you’ve probably already seen my frequently repeated slogans:  

  • Don’t do it the hard way.
  • Have a purpose. Have a plan.
  • Be better. Do better.
  • “A wise man learns from the mistakes of others. Only a fool insists on making his own.”
  • Avoid the mistakes.

Well, I have a few more to share with you that I rely on personally:

  • Don’t waste time.
  • Character matters.
  • You’re not better than anybody else, and nobody is better than you. Treat everyone the same way.
  • Don’t look for who to blame; look for what to fix.
  • Face the facts, don’t fight the facts.
  • Make work fun.
  • Make a difference in somebody’s life every day. Start with a smile and a kind word.

And more words of wisdom worth considering:

“Do what you love, love what you do and deliver more than you promise.” Harvey Mackay

“Good enough never is. Good is the enemy of great.” Jim Collins

"A well-handled problem usually breeds more loyalty than you had before.” Tom Peters

“Build a business to make meaning (the money will follow).” Guy Kawasaki

“Begin with the end in mind.” “Seek first to understand, then to be understood." Stephen Covey

“It is the small decisions you and I make every day that create our destinies.” Anthony Robbins

Do you have your own guiding slogans? Or better ideas? Your comments and suggestions are always appreciated.

Thank you for your interest in my articles and commentary.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs. 

 

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Words of wisdom from Charlie Munger

Gone but not forgotten   

“If I can be optimistic when I’m nearly dead, surely the rest of you can handle a little inflation.”

Charlie Munger’s many incisive one-liners are being shared on news coverage and media feeds worldwide for us all to remember the wise words of the legendary investor, vice-chairman and business partner of Warren Buffet at Berkshire Hathaway, who died on Tuesday, November 28th.

I credit my own awareness of Charlie Munger’s words of wisdom to David Senra’s post on Linkedin with his comprehensive notes from Poor Charlie’s Almanac. (See Below)

Another example: Market Watch article by Nicole Lyn Pesce – 9 of Charlie Munger’s best investing lessons and words of wisdom:

  1. “Lifelong learning is paramount to long-term success.
  2. Every time you hear EBITDA, just substitute it with bulls—.
  3. If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre results you’re going to get.
  4. Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.’” 
  5. The best thing a human being can do is to help another human being know more.
  6. The world is not driven by greed. It’s driven by envy.
  7. The best armor of old age is a well spent life preceding it.”

Do you have your own favourites? Or contradictory advice?

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Note: David Senra’s post on Linkedin with his comprehensive notes from Poor Charlie’s Almanac: The Wit and Wisdom of Charlie Munger turned into maxims:

1. Find a simple idea and take it seriously.

2. Good ideas are rare. When you find one bet heavily.

3. Humans have been writing down their best ideas for 5,000 years. Read them.

4. Avoiding stupid mistakes is more important than being smart.

5. Don’t work with anyone you don’t admire.

6. Don’t sell anything you wouldn’t buy.

7. Avoiding a bad habit is easier than breaking a bad habit.

8. Work on your best idea. Don't diversify

9. Incentives rule everything around you. Look for them.

10. Great businesses are built by going ridiculously far in maximizing or minimizing one or a few things. Think Costco.

11. Learning is changing behavior.

12. Do the unpleasant tasks first.

13. Charlie has read hundreds of biographies. Do the same.

14. Stop multitasking. Concentrate.

15. Many hard problems are solved best when approached backwards.

16. Think of ideas as tools. When a better tool comes along use it.

17. Clip your business and personal expenses. Small leaks sink big ships.

18. Make friends with smart dead people. Adam Smith, Darwin, Cicero, Ben Franklin —whoever interests you. Read their writing. Steal their ideas. They don’t need them anymore.

19. Don't confuse intelligence with invincibility.

20. Bad things will happen to you. It’s inevitable. When they do get up and keep going and remember the next maxim.

21. Self pity has no utility.

22. Find out what you are best at. Then pound away at it. Forever.

23. Only plays games where you have an edge.

24. Avoid mob rule. Avoid demagogues. Avoid dogma. Avoid bureaucracy.

25. Optimize for independence.

25. Use money to buy freedom.

26. Develop durability.

27. What do you have an *intense* interest in? Do that for money.

28. Self improvement has no end.

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DON’T DO IT THE HARD WAY

Food for thought   

With more than thirty years of experience as an entrepreneur, management consultant, and advisor to entrepreneurs I’ve made a lot of mistakes, learned important lessons, and had some good fortune and big successes. It occurred to me that I should share those experiences and write a book on the theme that “A wise man learns from the mistakes of others, only a fool insists on making his own.”

That book became DON’T DO IT THE HARD WAY, first published in 2014, with a revised, expanded, and updated second edition published in 2020.

DON’T DO IT THE HARD WAY - 2020 Edition includes:

  • Discussions in the e2eForum of entrepreneurs meeting with Uncle Ralph and sharing stories to learn from each other.
  • Real Life Stories of successes and failures and the lessons learned.
  • The Seven Biggest Mistakes that Entrepreneurs Make and How to Avoid them.
  • How to start a business, build a business, and exit a business.
  • Uncle Ralph’s Random Ramblings on a wide variety of subjects in strategic management, marketing, customer service, leadership, enlightened entrepreneurship, and commentary on current business issues.

The book is an easy read with practical advise and creative ideas for ambitious entrepreneurs to be better and do better. Food for thought, for renewed inspiration and motivation.

DON’T DO IT THE HARD WAY is available everywhere online or from your local bookstore in print or eBook formats. Visit LearningEntrepreneurship.com for more information and quick links to Buy Now!

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs. 

 

 

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Enlightened Entrepreneurship, entrepreneurship
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Sympathy for the Boss?

Somebody has to do it   

Management is not getting easier. Although managers do not get much sympathy, they are increasingly overloaded, stressed, burnt-out, harassed by demanding employees and distracted by the constant buffeting of rapid changes in economic conditions and the technologies that they depend on to get their jobs done. It’s a lot to manage. A lot of variables that are largely outside their control.

And they have bosses too, who are usually more demanding and less sympathetic than their employees. And the bosses’ bosses also have to satisfy the ever-increasing demands and expectations of customers and shareholders.

Why would anybody want the job of Boss? Psychic income? High levels of satisfaction when the challenges are met and the promised results are delivered? Higher prestige, better pay and perks, a bigger office and car? Friends and family are impressed?

Yes, probably some or all of the above. High achievers don’t know when to quit. Or even when to back off and settle for less than the next level. The Peter Principle still applies – managers pushing onward and upward through the hierarchy until they reach the level beyond their competence and they cannot meet the performance requirements. Then the downward slide begins, or early exit.

Good management is valued in every organization. And good managers would appreciate a little more sympathy and understanding. You’ll agree if you are one, and you’ve probably noticed that you’re not getting much.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs. 

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Enlightened Entrepreneurship, management
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Hermit consumers

We may never meet   

It seems our customers and clients have learned to avoid personal contact in the real world. Trained to work, play, and shop in isolation using online services hunched over our computers during the deadly Covid pandemic, we’ve discovered we never really need to meet in the real world.

The Economist (October 28th, 2023) has called this phase the era of the hermit consumer. Around the world, people are shopping from home and enjoying virtual experiences and online services without any personal one-on-one contact. Since 2020 spending on personal services has declined for everything from health care, financial planning and luxury travel to haircuts. Purchases for goods to be used at home have increased – for computers, electronics, furniture, clothes, food and wine.

But is it a good thing? Self isolation may keep us safe from viruses and other socially contagious curses like hate crimes and gun violence, but is it good for us? Online exchanges and virtual meetings cannot fully replace personal social contact and the value of meeting face-to-face to share knowledge, experiences and emotions to work, play or do business together. The more complex or emotionally charged the exchange, the more likely we are to resolve our differences in person than in brief bursts of communication online. Patience and empathy become more important to effective communication than an efficient high-speed exchange of information.

Those are good skills to develop and solid reasons to get way from our keyboards, smartphones, and social media to meet people in the real world. It’s a better way to get the right information, to learn, to understand, and to be understood.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson, your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs. 

 

 

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Enlightened Entrepreneurship
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Looking back

Or looking forward?

As we approach the end of another year in the post-pandemic era its timely to reflect on the past year and start looking forward and planning ahead. In looking back, I re-read my article in the 2020 Edition of DONT DO IT THE HARD WAY, and discovered nothing has changed.

The consensus seems to be that last year was bad everywhere, and next year will be worse: more terrorist attacks and political stupidity, extreme weather and natural disasters, wildly fluctuating market values on all our investments and challenging economic conditions in every industry.

Its all still true! And if we cannot control the world of disaster and disgusting behaviour around us, and we cannot hide from the consequences, what can we do?

Without being selfish and irresponsible and while continuing to speak up against evil and support those who are working to make the world a better place, we need to keep it simple and focus on the things closer to home that we can control. Richard Branson was quoted in the article as suggesting we work on our To-Be list instead of our To-Do list. Focus on just two significant accomplishments one personal, one professional.

Be an Enlightened Entrepreneur.

Lets continue taking care of family and friends, employees, customers, clients and business associates, our community, social justice, and the environment, while trying to do better at accomplishing our personal, professional and business goals.

Be better. Do Better.

Del Chatterson,your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs.

 

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management
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To tip or not to tip?

Its a good question

You know the difference between a Canadian and a canoe, eh? A canoe tips.

I enjoy destroying that myth.

Sharing the wealth and adding a generous tip is a pleasure for me and may improve the day for somebody else. It feels like a gesture of solidarity and support for other hard-working people trying to get the job done. Its not meant as a reward for exceptional service to be held back if the service is unfriendly or inefficient. There may be a reason theyre not having a good day. You can make it better.

You might argue that management should pay them more so you dont have to. Paying the minimum wage does seem to add insult to injury. Wed like to pay you less but we cant.

And it is annoying when the payment terminal suggests 18%, 20% or 25% on counter service for a five-dollar coffee from an automated coffee-maker and a stale seven-dollar breakfast sandwich wrapped in plastic. That spoils the pleasure for both of us.

Do you want your own employees working for tips? Probably not. But they should be trained to deliver friendly efficient service as if they are. The whole company benefits when customer service staff create loyal satisfied customers who are happy to pay more for the pleasure of doing business with you. And that allows you to share the wealth by paying them better than the competition and attracting and retaining talented and motivated employees.

Keep on tipping generously.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson,your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs.

 

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Lying is not Marketing

Is misleading OK?

Lying and misinformation are such prominent tactics in self-promotion, advertising, politics, and social media that its becoming increasingly difficult to know who to trust and what to believe. We are all becoming more skeptical and more selective of who and what we listen to. Checking the facts on every claim is not easy and too time consuming with the incoming onslaught of persuasive messages.

For the marketer also it is getting more difficult to be heard and to win the attention and support of a loyal audience. Careful attention to the truth is absolutely necessary. Lying and misinformation can end the conversation quickly and lose the audience or kill the relationship permanently.

I must confess that in my own marketing adventures I have sometimes pushed the envelope of truth-in-advertising into the shadows with claims that were true but knowingly misleading. Never lying, but less than the whole truth to lead the listener to the desired conclusion. In todays marketing and communications climate there is no room for such nuance. Scrupulously accurate is the only way to communicate to leave no doubt of your trustworthiness. The whole truth and nothing but the truth.

Its a tough audience out there. Theyve decided to trust nobody. And no second chances if you make the mistake of losing the trust youve earned.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson,your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs.

 

 

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In defense of Capitalism

If its Enlightened Entrepreneurship

You never win playing by the rules.

Give em what they want.

Those were the slogans of organized crime some of the most successful capitalists in the world if you judge success by whos making the most money. Turning to crime and breaking all the rules was a lesson learned by the Mob during Prohibition in the 1920s. Now crooked capitalists are exploiting the demand for illegal drugs and the fortunes to be made in cryptocurrency exchanges, hacking, ransomware, and stock market scams. Buyer beware is still the best defense, since regulators and law enforcement cant keep up with the creative and technology-savvy criminals.

But it can be hard to resist the money to be made by ignoring the rules and our social responsibilities. Lying, cheating and stealing seem to work for some people and they get away with it for too long.

So lets remind ourselves that being a responsible, ethical, enlightened entrepreneur, who does not ruthlessly exploit people and the planet, is still a better way to become rich and famous. Or at least make a good living, stay out of jail, and have our families proud of how we got there.

Even without the rich and famous part well be happy to leave our valuable contributions and fond memories behind at the end.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson,your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs.

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Celebrity CEOs

Versus competent management?

You know who Im talking about, so Im not going to mention their names. They already get too much attention. Ego driven, self-obsessed, supremely confident, exceptionally ambitious, and particularly adept at keeping their names in the news and in front of us through every media channel available.

They may even be the visionary leader, strategic genius, and marketing magician that they claim to be, but they are not often also competent at the essential management skills required to deliver the performance that investors, customers, and employees expect. Even more problematic is the celebrity CEO who becomes a distraction or even an obstacle to corporate performance.

Results are ultimately dependent on the ability of the CEO to recruit, retain and motivate a management team that is competent and creative enough to deliver results that meet expectations. Competent CEOs know when to delegate and get out of the way, not letting their ego and public persona become a distraction or an obstacle to achieving goals and delivering results for the organisation.

Be better. Do Better. Be an Enlightened Entrepreneur.

Del Chatterson,your Uncle Ralph

Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com

Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.

Read more Blog posts at: LearningEntrepreneurship Blogs.

 

 

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