Ben Hogan’s Five Lessons and Other Recommended Reading

People, especially students, often ask me for recommendations of great books to read. A few days ago, the Washington Business Journal, asked me for a list of 5 books.  Here’s the LINK to the Article.

Following is the full text of the piece with my comments in bold italic.

Digital Producer-Washington Business Journal

Tien Wong, chairman and CEO of Opus8 Inc., talks the best business book he ever read and which book can help you win a major.

1. “Topgrading,” Bradford Smart

“The best business book I have ever read.”  Why?  Because you can’t build a great team without a methodical recruiting, measurement and retention process. When we had 2300 employees at CyberRep, we found this book and it became our “Bible” for managing human capital.  I liked it so much, I have bought over 300 copies of the book to give to colleagues, partners and clients.  Awesome book.

2. “Five Lessons: The 5 Fundamentals of Golf,” Ben Hogan

“Every business leader should work on his or her golf game. Master this book and you can win a major. Just ask Larry Nelson. “There’s no disputing that a ton of business still gets done on the golf course.  I was a tennis player growing up, and kind of looked down on golf as not being a “real sport.”  What I totally missed as a kid is that learning to play at a young age is invaluable for business.  Why?  Because many, if not most, business people love golf.  And while it’s not a requirement to carry a single-digit index, it’s important to be able to play decently and not embarrass yourself when a boss or client invites you out for a golf outing, or vice versa. Having not played until my early 20s, I found myself playing “catch up” and having to learn the game through a lot of practice, lessons, and reading books.  Ben Hogan’s book is concise and simple.  It teaches the basics, the fundamentals, which can not only help anyone become a decent player relatively quickly, but create a Master’s champion like Larry Nelson.

3. Anything by F. Scott Fitzgerald

“Because nobody could put together a sentence like him. His writing is pure beauty.” Anyone who’s read Fitzgerald knows what I am talking about.  I was lucky to have studied him in college and found myself reading his books twice, once for the story and once to appreciate the way he constructed his sentences.  The upside is that my writing improved…a lot.

4. “Think and Grow Rich,” Napoleon Hill

“It’s not just about making money. It’s a classic ‘how to’ guide for achieving your goals.” Countless business leaders give credit to this Napoleon Hill’s classic as a big reason for their success.  The book lays out a blueprint for achieving your goals, and I like to read it and review its words of wisdom every few months.

5. “The Innovator’s Dilemma,” Clay Christensen

“This book proves why companies who don’t innovate become extinct.”  Christensen is a Harvard Business School professor and I recommend not only this book, but the many YouTube videos of his talks.  His work is excellent and provides a lot of truth for all kinds of companies, but especially tech companies. 

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Congress Badly Needs a Shot of Churchill

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I am so sick of it.  Every businessperson I know is sick of it.  Every taxpayer I know is sick of it.  “It” is the political gridlock, posturing, cowardice, and selfishness which Congress has been exhibiting in supposedly trying to find a solution to the impending Fiscal Cliff.

This collective failure to find a compromise is costing the Country billions of dollars.  Do they not realize this?  Businesses will not hire or make investments in a climate of uncertainty.  Government agencies and their contractors cannot plan for the future not knowing whether their programs will be funded.  Investors will sit on the sidelines until they can quantify what their tax rates are.  The economic recovery is stymied because overall confidence diminishes when things are uncertain.

Our elected representatives are certainly not looking out for Main Street, or Wall Street, or small business.  What Congress needs is a shot of Winston Churchill.

Yesterday, I received an awesome greeting card from Philip Niedermair featuring 5 of his favorite quotes from The British Bulldog, as Philip writes, “so that you may arm yourself for the coming year and be best positioned to succeed in the market place of ideas and opportunities!”

1.  Courage:  “Courage is the first of human qualities because it is the quality that guarantees all the others.”

2.  Listening:  “Courage is what it takes to stand up and speak.  Courage is also what it takes to sit down and listen.”

3.  Commitment:  “Continuous effort – not strength or intelligence – is the key to unlocking our potential.” 

4. Loyalty:  “You have enemies? Good. That means you’ve stood up for something, sometime in your life.”

 5.  Simplicity:  “All great things are simple, and many can be expressed in single words: freedom, justice, honor, duty, mercy, hope.” 

These inspirational quotes caused me to wonder why so FEW of this generation’s politicians exhibit the courage and moral imperative to do the Right Thing.

For the sake of the Country and the economy, I hope they step up and get a deal in place so we can all move forward and get off to a good start in the New Year.

Featured image courtesy of johnnycon7, licensed via Creative Commons.

Persistence and Commitment at HONEST TEA, a guest post by Marissa Levin

Guest Blog Post from Marissa Levin, CEO of Information Experts and Founder of Successful Culture, a new business dedicated to helping entrepreneurs and business leaders build successful cultures within their organizations.

Marissa was a guest at Lore Systems’ Big Idea CONNECTpreneur Spring Forum on March 7, 2012 and Seth Goldman, Co-Founder and TeaEO of Honest Tea, was one of our featured speakers on the “Entrepreneurship with a Higher Purpose” panel.

This post was written on March 13, 2012 and can be found on Marissa’s awesome new Blog, Successful Culture.

Honest Tea CEO Seth Goldman Takes Persistence & A Commitment to Mission to New Heights

Imagine pitching your idea to 1,000 investors. Over and over and over again. A little insane, right? Not if you’re Seth Goldman, TeaEO of Honest Tea. When we think of Honest Tea, we think of a delicious beverage, and a wildly successful business.

Dig a little deeper into the roots of Honest Tea, and you’ll discover an entrepreneur who is forever committed to the mission of “changing the way people eat, drink, think and live.”

Seth shared the struggles of his early days with 300 business leaders at the sold-out ConnectPreneur Event in the DC region, architected by global serial entrepreneur and angel investor Tien Wong, CEO of Lore Systems (www.lore.net).

Building an Empire One Brick at a Time

As a bootstrapped entrepreneur who has never sought outside funding, I was amazed at Seth’s relentless quest for angel investments when he launched Honest Tea. “I did over 1,000 pitches and landed 120 angel investors. I took $25,000 at a time,” Goldman said. “There were plenty of times when I was financially out of business. But you need just enough fumes to keep things going.”

The question on everyone’s mind – which was asked – was, “How did you keep going?” All entrepreneurs seek the answer to this question from others that travel the path of business ownership. What is the magic bullet -the secret sauce – that gives us the strength to keep pushing when we are seemingly out of options?

Always Return to the Mission

“What kept me going is I always believed and still believe in my mission. I believe we have to change the way we eat, drink, think, and live. Quitting was never an option.”

In addition to the initial 1,000+ calls, Goldman had to ruthlessly follow up with potential investors. Follow-up apparently is just as important as the initial contact.

“You need to be ruthless with your follow-up. You can’t ever quit. Your follow-up is a good indication of your commitment to what you are trying to build, and to your work ethic. Some we talked to for years before they came on,” he said.

Seth’s tenacity is an inspiration to anyone trying to make their entrepreneurial mark. Equally inspiring is his commitment to his core values, and his refusal to relinquish what matters most to him – providing healthy products that consumers feel good about drinking.

Coca-Cola now owns 40% of Honest Tea. The mammoth company’s management is like a bull in a china shop. This, however, doesn’t sway Goldman from his values. “Coca-Cola wanted me to remove “No High Fructose Corn Syrup!” from our labels. I asked if this was a legal or regulatory requirement, and it wasn’t,” he explained.

Goldman continued, “Because their products contain this ingredient, our label wasn’t a positive reflection of their brand. I refused to remove it it. The discussion made its way to the very top of the executive ladder, and I refused.”

Finally, Coca-Cola relented, and conceded that as a minority owner, they couldn’t force Honest Tea to remove the labeling.

All Natural Ingredients for Successful Entrepreneurship

Goldman boiled successful entrepreneurship down to the two basic tenets that we all inherently know: 1: A steadfast, laser-focused, driven commitment to what we are building, in which we will do whatever we need to succeed, and 2: A passionate belief in the change we are trying to make.

Thanks to Tien Wong (follow him on Twitter: @tienwong, and subscribe to his blog – Winning Ideas at (https://tienwong.wordpress.com/) for helping to quench the entrepreneurial thirst for learning with a great event!

And thanks to Seth Goldman (@HonestTea) for showing us what happens when you never ever ever ever ever give up.

Patience, persistence and perspiration make an unbeatable combination for success.” ~Napoleon Hill

Big Idea CONNECTpreneur Spring Forum, March 7, Tysons Corner, VA

LORE SYSTEMS is pleased to host one of the most exciting angel and entrepreneurship networking forums in the DC Region on March 7, 2011 at the Tower Club in Tysons Corner, VA.

Please come out!  Here’s the Eventbrite link:  http://connectpreneur1.eventbrite.com

The Big Idea CONNECTpreneur Spring Forum is a 1/2 day “NETWORKING MASHUP” of the DC Region’s TOP Entrepreneurs, Business Leaders, CXOs, Angels, and VCs.

Come see what happens when you put a group of “A List” business leaders and entrepreneurs in one room for a few hours!

This UNIQUE EVENT is like NONE OTHER in our region, due to the high quality of our attendees and participants, as well as our programming and unprecedented networking.

The Big Idea CONNECTpreneur Forum is an exclusive “mashup” of 170+ of the DC Region’s top entrepreneurs, business leaders, CXOs, angels and VCs.
Most of the attendees are “INVITATION ONLY,” and we are limiting service provider participation in order to maximize the experience for our Attendees and Sponsors.
Program Highlights:
  • “Hypergrowth – Zero to $500 million in 8 years” discussion
  • “Entrepreneurs with a Higher Purpose” panel
  • 8 Emerging companies seeking funding will briefly tell their stories
  • “Disruption, Disintermediation, and Destruction” luncheon discussion
  • Networking sessions before, during, and after the event
The venue is the Tower Club in Tyson’s Corner, Northern Virginia’s premier private business club.  A plated brealkfast and plated lunch are included.
AGENDA7:00–8:00 am – ARRIVAL / BREAKFAST / NETWORKING

8:00 – 8:05 am – WELCOME

8:05 – 8:45 am –  “HYPERGROWTH – ZERO TO $500 MILLION IN 8 YEARS!” – a conversation with Tony Jimenez, Founder and CEO of MicroTech
8:45 – 9:30 am  –  “ENTREPRENEURSHIP WITH A HIGHER PURPOSE”
Jim Cheng, Secretary of Commerce, Commonwealth of VA; Founder and CEO, Computer Hi-Tech Mgt, “Entrepreneur Turned Public Servant”
Dr. John Holaday, CEO, QRx Pharma, an ex-Army officer, Professor, and serial entrepreneur who has founded and taken 3 companies public, “Entrepreneur Seeking a Cure for Cancer”
Seth Goldman, Founder and TeaEO, Honest Tea, beverage industry innovator, “Entrepreneur  leading the Green Movement”
9:30 – 9:45 am – NETWORKING BREAK
9:45 – 11:30 am – COMPANY PRESENTATIONS
Fresh Tax
Pixspan
11:30 – 11:45 am – NETWORKING BREAK
11:45 – 1:15 pm – LUNCHEON DISCUSSION – “DISRUPTION, DISINTERMEDIATION, AND DESTRUCTION”
Duke Chung, Founder of Parature, CRM industry pioneer
Mark Walsh, Founder and CEO, GeniusRocket;  Chairman, DIngman Center for Entrepreneurship;  Chairman of the Board of Trustees, Union College;  Founder and CEO, VerticalNet
John Backus, Managing Partner of New Atlantic Ventures, Founder of Draper Atlantic Venture Fund, former CEO, InteliData
1:15 pm – MORE NETWORKING AND DEALMAKING
CONFIRMED PARTICIPANTS (partial list):
Over 110 Entrepreneurs and CXOs, plus another 40+ angels and VCs including Core Capital, Novak Biddle, New Atlantic Ventures, CIT, Capital Source, NEA, Maryland Venture Fund, MAVA, MTECH Ventures, Maryland DBED, Ruxton Ventures, Opus8, VentureCross Partners, McLean Capital, National Capital, Starise Ventures, Dingman Center Angels, Blu Venture Partners, Blue Heron, Washingon DC Archangels, Fortify.vc, Endeavor DC, Private Capital Network, APPTEL, Stanford Venture Advisors, MD Center for Entrepreneurship, SunWalker Group, Skada Capital, Keiretsu Forum, CADRE.
EVENT SPONSORS:  


If You Could Give Your Kids ONLY 3 Pieces of Advice…


IF YOU COULD GIVE YOUR KIDS ONLY 3 PIECES OF ADVICE, WHAT WOULD THEY BE?

This question was posed as an “Icebreaker” to our Forum meeting a few weeks ago.

Think about it.  Of all the DOZENS of great ideas you’d like to give your children, what would be the TOP THREE?

Here are mine:

1.  THINK for yourself – To live a fulfilling life, you have to think independently.  This is how you can create a world of limitless possibility.  Question everything!  It’s OK to listen to “conventional wisdom” and advice that people give you, but YOU have to ultimately form your own opinions.  This is what the best LEADERS do, whether they are leading a company, a family, or their own lives.

2.  Always maintain your INTEGRITY – In the end, you have only 2 things:  your memories and your name.  And your name and reputation live on.  By keeping your promises and doing the RIGHT THING, you will sleep soundly at night and have peace of mind.

3.  Find your PASSION and give 100% – Life is very short.  You don’t have much time, so make the most of it by doing what you LOVE and giving your ALL.  It’s not easy to find your passion. Maybe the search will be painful and long, but you will find it at some point.  And the feeling of satisfaction knowing you have given 100% brings tremendous contentment.

My Forum Brothers all had awesome Advice as well:

Find Yourself.  Be True to Yourself.

GIve and Get Love.

Be Present – Take in the Moment.

Work Hard

Enjoy Life

Be Respectful

Listen Carefully to Advice Along the Way

Modulate Your Emotional Highs and Lows

Embrace Difficulties and Hardship – They are a Catalyst for Growth

Love Your God and Love Your Neighbor as Yourself

Find a Life Partner Who Shares Your Values and Life Experience

In Your Profession: Be Good at It, Enjoy It, and Make Sure It Pays Well

What Top 3 pieces of advice would YOU give to YOUR kids?

Thanks for reading, and please subscribe!

Featured image courtesy of aldrin_muya licensed via creative commons.

You Don’t Know What You Don’t Know

“You don’t know what you don’t know.”  That’s one of my favorite sayings, and a true maxim in life and in business.  Having a “know it all” mentality can lead to disastrous decision making.  I’ve learned this the hard way, and if I had a dime for every time I have said “you don’t know what you don’t know” to one of my teammates or colleagues, I’d be very rich!

The beautiful hand painted wooden Russian Nesting Dolls from the city of Penza (above and below) illustrate this point very well.  The dolls descend in size and fit inside one another.  You open the largest one and keep going until you finally come to the impossibly tiny little doll at the end.

Ever had a problem you think you solved until another related issue popped up? Something completely unexpected.  Then you thought you solved it again but then another surprise came up?  And so on and so on until you finally got the correct answer?  Finding the right solution is just like opening up a set of these nesting dolls one by one.

Problems can be solved faster by knowing the simple fact that “you don’t know what you don’t know.”  So here are some simple ideas to keep in mind.

1.  Don’t Assume Anything – You’ve heard bosses and mentors say, “If you A-S-S-U-M-E, you make an A-S-S out of U and ME,” right?  I have to agree that, while extremely difficult NOT to do, assuming things can be very costly, especially when communicating with others.  Of course, you have to assume or guess at some things, but try and get as many facts, background info, etc. ahead of time.

2.  Be Prepared – For anything.  Expect surprises, and just take the issue as it comes and think things through carefully.

3.  Have a “Beginner’s Mind,” or “Shosin” as the Zen Buddhists like to call it.  By being open and devoid of preconceptions, you bring a level of humility and desire for learning to the challenge at hand.

4.  Get Help – Ask experts or experienced people and advisers who can help you.  And do your homework independently, as well.

5.  Test and Iterate – If you have the luxury of time, take baby steps and test your ideas. Whether it’s a new product or a new target audience, or whatever, put it out there on a test basis first, then evaluate feedback and results….and then adjust accordingly.

We at Lore Systems have put in place these practices and have benefitted immeasurably in making better decisions in everything we do.

Good luck, and thank you very much for reading.  Please feel free to comment and sign up for my Blog!

Yanik Silver’s 34 WINNING Rules for Maverick Entrepreneurs

My friend Yanik Silver is a successful, young, internet marketing expert.  A self-made millionaire by the age of 30, Yanik exudes creativity, energy, and passion.  He’s a veritable idea factory, and I am impressed by his knowledge and wisdom at such a relatively young age.  His Twitter handle is @yaniksilver and his main Blog site is InternetLifestyle.com.

Yanik has, through reflection and analysis of his business experience and interactions with dozens of the world’s top entrepreneurs and business leaders, developed what he calls his “34 Rules “  They can also be found on one of his Blogs:  maverickbusinessinsider.com.

So here are YANIK SILVER’S 34 RULES FOR MAVERICK ENTREPRENEURS  (I added some commentary of my own in BOLD text below.)

  1. It’s got to be a BIG idea that you, your team and your customers can “get” in seconds.  Agree 100% that THINKING BIG is one of the most important things you can do in business.  See my Blog Post on “5 KEY LEARNINGS.”
  2. Strive to create 10x — 100x in value for any price you charge. Your rewards are always proportionate to the value you provide.
  3. You must charge a premium price so you have a large margin to provide an extraordinary value & experience.  This is right out of the Steve Jobs Playbook!
  4. Provide a ‘Reason Why’ customers should do business with you and pay you a premium.
  5. Get paid before you deliver your product or service. And when possible figure out how to create recurring revenue from transactions.  Collecting cash early allows you to finance your business, and ecurring revenue creates maximum shareholder value.
  6. You get to make the rules for your business. Don’t let industry norms dictate how you’ll work or who you’ll work with.  Another Steve Jobsism.
  7. Create your business around your life instead of settling for your life around your business.
  8. Consistently and constantly force yourself to focus on the ‘critically few’ proactive activities that produce exponential results. Don’t get caught up in minutia & bullshit.  Focus!
  9. Seek to minimize start-up risk but have maximum upside potential.
  10. Get your idea out there as fast as possible even if it’s not quite ready by setting must-hit deadlines. Let the market tell you if you have a winner or not. If not — move on and fail forward fast! If it’s got potential — then you can make it better.  The one great characteristic of internet-based businesses is that the feedback loop is shortened and rapid iteration can be done to perfect the model.
  11. Find partners and team members who are strong where you are weak and appreciate being paid on results.
  12. Your reputation always counts. Honor your obligations and agreements.  There’s nothing more important than INTEGRITY.
  13. Never, ever get paid based on hours worked.
  14. Leverage your marketing activities exponentially by using direct response methods and testing.
  15. Measure and track your marketing so you know what’s working and what’s not.
  16. Bootstrap. Having too much capital leads to incredible waste and doing things using conventional means.  I love this concept.  Bootstrapping builds a culture of resourceful and a “lean and mean” operating philosophy.
  17. Your partners and employees actions are their true core — not what they tell you.
  18. Keep asking the right questions to come up with innovative solutions. “How?”, “What?”, “Where?”, “Who Else?” & “Why?” open up possibilities.
  19. You’ll never have a perfect business and you’ll never be totally “done”. Deal with it.  Warren Buffett has said that it’s not necessary to do extraordinary things to get extraordinary results.  See my related Blog Post on Buffett.
  20. Focus most of your time on your core strengths and less time working in areas you suck at.
  21. Make it easier for customers to buy by taking away the risk of the transaction by guaranteeing what you do in a meaningful way.  If you are supremely confident in your product or service, you should have no problem guaranteeing it, and every customer loves a guarantee.
  22. Always have something else to sell (via upsell, cross-sell, follow-up offer, etc) whenever a transaction takes place. The hottest buyer in the world is one who just gave you money.
  23. Always go back to your existing customers with exceptional offers and reasons they should give you more money. It’s 5x less expensive to sell to happy customers than go find new ones.
  24. However the flip side is – fire your most annoying customers. They’ll be replaced with the right ones.  I have done this and it has worked miracles in getting my Team focused on the higher-value customers.  Figure out how to “score” or rank your customers and rationalize the lowest value ones.  You can then apply the scoring system to new business opportunities you evaluate, so that you accept the customers you want.
  25. The marketplace and competitors are always trying to beat you down to a commodity. Don’t let that happen.  I agree that getting into a commodity position is a losing proposition because someone will ALWAYS be lower in price.
  26. Develop and build your business’s personality that stands out. People want to buy from people.
  27. Create your own category so you can be first in the consumer’s mind.
  28. Go the opposite direction competitors are headed — you’ll stand out.  It’s amazing how so many of successful business leaders and investors are CONTRAIAN in their thinking.
  29. Mastermind and collaborate with other smart entrepreneurs if they have futures that are even bigger than their present.  You can’t win by yourself.  You need peers, advisors, mentors, and others who can help you.  Create a group, join a YPO or EO Forum, or a Vistage Group.  I am in a YPO Forum and the learnings and experience have been priceless.
  30. Celebrate your victories. It’s too easy to simply move on to your next goal without acknowledging and appreciating the ‘win’.  This is a good one.  Oftentimes, you see Founders relentlessly clamoring for “more, more, more!” without stopping to celebrate success.  This is super important for morale.
  31. Make your business AND doing business with you FUN!
  32. Do the unexpected before and after anything goes wrong so customers are compelled to ‘share your story’.
  33. Get a life! Business and making money are important but your life is the sum total of your experiences. Go out and create experiences & adventures so you can come back renewed and inspired for your next big thing.  Life is very short, so enjoy your moments at every opportunity.
  34. Give back! Commit to taking a % of your company’s sales and make a difference. If this becomes a habit like brushing your teeth pretty soon the big checks with lots of zeros won’t be scary to write. If you think you can’t donate a percentage of your sales simply raise your price.  The more you give, the more things come back to you. Giving is great for the community, for your company, and your teammates.  
This is a big list and, for me, I like #1, #6, and #8.  I believe in “Thinking Big.”  You’re going to be thinking anyway, so why not Think Big?  As for #6,  your business will definitely differentiate better if you follow your voice and make your own rules, as opposed to following someone else.  The great companies create their own products and solutions.  They set the trends.  Finally, I can’t say enough about FOCUS (#8), because that’s one of the TOP 5 necessities for success.  I blogged about this in my very first Blog Post, SUCCESS FORMULA.
Which one of these 34 RULES do you like best or find most relevant to your business?  
Please Comment below and Subscribe to my Blog.  Thanks!       
Featured image courtesy of Ralph Zuranski, licensed via creative commons.