Advice from Mark Cuban, entrepreneur and owner of the Dallas Mavericks,
“The beauty of success, whether it’s finding the girl of your dreams, the right job or financial success, is that it doesn’t matter how many times you have failed, you only have to be right once.”
From an article by Belle Beth Cooper in Fast Company titled 8 SUBCONSCIOUS MISTAKES OUR BRAINS MAKE EVERY DAY–AND HOW TO AVOID THEM …
“The term sunk cost refers to any cost (not just monetary, but also time and effort) that has been paid already and cannot be recovered. So it’s a payment of time or money that’s gone forever, basically.”
“The reason we can’t ignore the cost, even though it’s already been paid, is that we are wired to feel loss far more strongly than gain.”
For instance, if you buy a movie ticket only to realize the movie is terrible, you could either:
A) stay and watch the movie, to “get your money’s worth” since you’ve already paid for the ticket (sunk-cost fallacy)
B) leave the cinema and use that time to do something you’ll actually enjoy.
The thing to remember is this: You can’t get that investment back. It’s gone. Don’t let it cloud your judgment in whatever decision you’re making in this moment–let it remain in the past.
Career advice from Steve Levitt co-author of Freakonomics …
“Make sure that whatever you love doing is something other people don’t love to do. The worst thing in the world is to find some kind of job that everybody wants to do – like being a rock star.”
“You have to find something that is idiosyncratically something you love but everyone else despises. So if your dream is to be a garbage man, for instance, you’re guaranteed to have success in life.”
From a CNNMoney feature titled The smartest advice I ever got by Chris Larsen Founder, E-Loan.com and Prosper.com …
“Cut the lifeboats.” I heard this from Jim Collins, who wrote “Built to Last” and was the best M.B.A. professor I had at Stanford. He pleaded with the class, saying, “You’re young. You can fail two or three times, even lose all your money two or three times, and you’ll be just fine. Taking that risk puts you in the path of wealth.”
If he hadn’t said that, I probably would have taken a job, like a typical M.B.A., instead of founding a company. Starting my own business seemed so risky, but maxing out credit cards or even going bankrupt isn’t so risky if you do it at a young age. You’ll never regret taking those risks, but you might regret it if you don’t.
Simple and concise advice from Rebecca …
“Which is to say, nearly every task seems more difficult in anticipation than execution. Discipline is easy once you have momentum. Going to the gym is hard when you have to plan on going to the gym, and easy when it is simply what you always do on Tuesdays and Fridays.
Make a habit of doing rather than not doing.”
See the ten things that keep us from getting started at a post titled Whats Stopping you from Getting Started by Dustin Wax.
From a post title Everything is a Negotiation …
“In fact, it is more accurate to say that everything is a potential negotiation. Yet, in many situations, the effort to negotiate is not made. Fear, ignorance or complacency seem to be the usual suspects as to why we would not seek advantage.”
The post describes two techniques that are easy to master are the “flinch” and “nibbling.” …
- “The flinch, which is one of my all time favorites, requires only that you respond to the offer, whether it be the price of a car, the insurance company’s settlement offer or the plaintiff’s demand, with a look of incredulity, then slowly repeat the offer as a question with a tone of utter disbelief. “$50,000?” Then, say nothing and wait for the other side to start making compromising gestures.
- Nibbling is where the buyer asks for ostensibly small benefits after the price has been struck such as free delivery, no sales tax etc. The individual concessions are small but when added up can be substantial.”
Advice from Consumers Reports …
- Be prepared to walk – The most persuasive weapon you have in your haggling arsenal is your ability to walk away and spend your money someplace else.
- Offer to pay cash – Merchants don’t like to pay transaction fees to a credit-card company. Such fees are about 2 percent for large retailers and as much as 8 percent for small ones.
My personal favorites …
- are there any discounts or promotion you can apply to this purchase?
- is this the best you can do? OR is there something we can do about the price?
- is there a loyal customer discount”