Preparation and Overpreparation

There is nothing like a defining moment to snap you out of life, or consume you.

It could be an exam that you waited for 4 years, 5, 10, 20 years, to take – the bar exam, accountancy, architecture, nursing, engineering, med, teacher’s licensure exam… It could be a job interview to where you want to work for a hundred years… It could be the olympics or a boxing bout or a title that you want to take away from someone, like maybe a beauty contest, or a book that you have always wanted to write… It could be a recital or a marriage proposal…

The single defining moment of your life.

You could be mediocre. You could be winner.

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Increasing Your Financial Intelligence Series: Rules of Warren Buffett

But some important lessons were learned. One, do not go into business that you do not understand (selling). Two, do not leave the selling to other people and think you can just sit there, oceans away, and make lots and lots of money. Sometimes it works, most of the time it does not. Three, do your due diligence. Find out about the business, does it sell, can you get the goods for less (I did not really haggle that time), how long before you make the first installment, can you get a discount for bulk, are there existing flyers to help you promote the business, how many months before you get the ROI (return on investment), what is the possibility that it would fail and is it surmountable. Four, have a marketing plan – launch, joining trade fairs, email marketing, providing incentives or discounts, testimonials, product review – that would span months, or years.

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