Business Adventures

Key takeaways:

This has long been a favorite. It was one of the first books I read on the subject of business, and for that reason it will always have a special place. I have re-read it several times and will likely continue that tradition.

- The Fluctuation: Panic is rarely worth the hype. “What will the market do?” “It will fluctuate.”
- The Edsel: Own your mistakes. You can rebound.
- Federal Income Tax: It is impossible to make a fair tax law that will please everyone. The same thing is true of every government initiative. Accept that, and while that should never stop you from pushing for a better solution, someone who only ever complains isn't likely to bring about a solution to the problem.
- A Reasonable Amount of Time: Don't play in the grey area. Just because no one has gotten into trouble in the past, doesn't mean that will always be true.
- Xerox: Stick to your principals, even when they are unpopular.
- Communication: Be explicit. Don't leave room for misunderstandings. Say what you mean, and have a culture where you mean what you say.
- Last Great Corner: Don't be arrogant, and don't play games you don't understand. While the exchange clearly treated Saunders unfairly, he was hardly likeable.
- David E. Lilienthal: Keep a journal. I was encouraged, Lilienthal didn't begin his career in the private sector until later in life. Even if the first part of your life is ‘typical', it is never too late to choose a new path, and changing late doesn't mean you won't be successful.
- Stockholders and Annual Meetings: Have a good relationship with your stockholders (or other interested parties) and don't take yourself too seriously. Mr. McCormack of Comsat seemed to genuinely enjoy the rowdy atmosphere.
- One Free Bite: How do you as a business or employee want to be perceived? Could not the majority of this mess have been resolved with clear communication and genuine respect?