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Entrepreneurship: A Tough, Worthwhile Journey

Posted on May 20, 2010 by Jim Randel

Lately, I have been doing a lot of public speaking – on topics of entrepreneurism for the most part.

I went to law school thinking I would join a big firm or the government, but shortly after graduation I realized I really wanted to be an entrepreneur. To start and own my own businesses.

Why?

Perhaps, because my father spent his entire business life working for General Motors. Although he never spoke about it, I could see the pressures on him working for a humongous – and impersonal – organization.

Throughout my childhood, we moved from Connecticut to Ohio to New Jersey and back to Ohio as GM figured out where my dad could best serve the organization. Needless to say, it was a bit stressful for my dad and our family.

The experience must have imprinted in my mind that I did not want to be beholden to a faceless organization. If I would be beholden to anyone, it was only going to be to the face starting back at me in the mirror.

A petrified face at times, yes, but at least someone I could relate to.

And so I became an entrepreneur – starting a law firm, a real estate brokerage and investment company, a cosmetics company, a shoe company, a clothing company and a publishing company. Although there were times of outright terror and absolute confusion, I would not trade the experience for the world.

The highs and lows of entrepreneuring are well worth the journey.

Definitely Worth A Look

Posted on May 18, 2010 by Jim Randel

If you need a daily pick-me-up, drink coffee.

If you need a daily kick in the pants, visit DailyWorth.

Committed to helping women improve their net worth and self worth, this blog doesn’t pull any punches.

They do a fantastic job covering an array of topics such as smart shopping techniques and retirement savings plans. They even explain capital gains tax and dare to call it sexy.

We’re extremely grateful that Amanda and her team featured our book “The Skinny On Success” recently. We strive to light a fire within everyone who reads our books.

Glad we passed the experts’ test.

The Loneliness Of A Start-Up Entrepreneur

Posted on May 16, 2010 by Jim Randel

Creation is lonely.

I have made my living creating and starting businesses. For some period of time in the early stages of any business or idea, it’s just you and your thoughts. You have a vision, something you feel passionate about, and you throw yourself into it.

And then you wait.

You wait for others to notice what you’re doing. To acknowledge that what you’re doing makes sense. To actually buy what you’re selling.

In 2008, I started a publishing company. My goal was to produce content – books and e-books – that would give people good advice in a quick and entertaining read. After 30 years of reading nonfiction, I was convinced the message of almost every book could be distilled into far less pages.

So, I created The Skinny On book series. To give readers an understanding of particular subjects in a non-intimidating, visually engaging and hopefully humorous format.

And then I waited.

Eight months after publishing my first book, The Skinny on The Housing Crisis, it won an award. That was a great day.

Ten months after publishing my second book, The Skinny on Willpower, the Daily News selected it as one of the nine books to read in 2009. Another great day.

One year after publishing my third book, The Skinny on Credit Cards, the New York Times Magazine picked it up: “If you’re going to get a credit card, know what you’re doing: The Skinny on Credit Cards by Jim Randel is a straight, simple, nonscary guide.”

It was another great day. Bit by bit, people are discovering my vision. Still, there have been a lot of lonely days in between the great ones.

The Ten Most Powerful Financial Truths in The Universe

Posted on May 11, 2010 by Jim Randel

Rich Seattle via Flickr

Here are the most powerful financial principles in the universe:

Compound Interest – Identified by Einstein as “the most powerful force in the universe.” More so than nuclear fission, I guess. Understanding how compounding works is critical to both wealth generation, and avoiding debt.
The Difference Between Pre and Post-Tax Income – It is very hard to accumulate wealth by focusing on only pre-tax income.
Never Invest Unless You Understand How it Works – Perhaps hindsight is 20-20 but no clear-headed analysis would ever had led to an investment with Bernie Madoff.
62.8% of Financial Products Are Designed for the Seller, not the Buyer – Of course, the number is made up, but too many financial products are designed by marketers. I submit as evidence the creative mortgage products that caused so much heartache in the last few years.
Always Add Value to YOU, INC. – There are no safe jobs anymore. Do everything you can do make yourself as valuable as possible. Remember, diversification is for old people.
It’s 10 Times Easier to Spend Than Save, 20 Times Easier to Spend Than Earn – We are deluged with thousands of financial inducements every day – 99% of which are pushing purchases. It’s no coincidence that credits cards are so small and thin – easy to whip out of your wallet. (Read: 15 Most Important Lessons For Avoiding Credit Card Debt.)
What Goes Up Will Go Down – I submit the housing crisis into evidence.
Passive Income Is Freedom – The goal is to produce investments and assets that make you money when you are sleeping.
Entrepreneurism Is All-Powerful – Spend some percentage of your time and capital seeking life-changing returns. Risk has a tendency to bring focus. Even if entrepreneurship is hard, it’s also rewarding.
Passion is Paramount – No one ever got wealthy spending their days watching the clock. Know how to identify your passion, and then do it with all your might. The wealth will follow.

Blog Talk Radio Interview: The Skinny On “The Skinny On”

Posted on May 7, 2010 by Jim Randel

Cyrus Webb over at Blog Talk Radio had me on his show a couple weeks back. We discussed my past as a real estate investor and entrepreneur and, of course, The Skinny On.

Cyrus and I had an excellent conversation. Here are some highlights:

“Early in 2009, I wrote a book called ‘The Skinny On (The Housing Crisis)‘. The idiom meaning the bottom line. None of the frills, none of the silliness.”

“No one has ever picked up one of our books and said, ‘Jeez, now I’m confused.’ Instead, it’s like a light bulb went off: ‘I finally get this.’”

“Our attitude is we don’t want to give the reader one additional word he or she doesn’t need in order to understand. It’s not just concise…. Everything we add has to add to the value of the book.”

Listen to the whole, 22-minute interview below. Thanks again, Cyrus.

ConversationsLiveInterview

Preferred Stock vs Common Stock – What You Need To Know

Posted on May 6, 2010 by Jim Randel

I’m back with another video edition of The Skinny On. In this episode, I discuss the difference between common stocks and preferred stocks, and which one is right for you.

Entrepreneurism Is Supposed To Be Hard

Posted on May 4, 2010 by Jim Randel

Last week, I gave a speech entitled “The Life and Times of an Entrepreneur.” In preparing for it, I reviewed all of my prior readings and writings on the subject. I wanted to give the audience my conclusions (30 years as an entrepreneur) in a clear and simplified presentation.

Here are my top three conclusions:

Everyone should devote some portion of their life to entrepreneurism – a calculated, roll-up-your sleeves effort that risks time, energy and/or capital in an effort to make a quantum leap forward. This effort does not have to be full-time. Part-time is fine – writing a book, designing jewelry or clothing, starting an online business. Just something that could be life-changing.
The single most important reason people fall short of their potential is a disconnect between passion and profession. No matter how hard one tries, there can be no great success when a gap exists between a true, heartfelt passion, and a business week filled with something else. Make sure you know how to identify your passion.
The second most important reason people underperform is they underestimate how hard it is to succeed. People start off on an idea, a venture or a dream with all good intentions. But when they hit roadblock after roadblock, they falter – not understanding that struggle is part of the journey. This is why I talk so much about the difficulties of being an entrepreneur. My goal was to give budding entrepreneurs an accurate road map so that they would be well prepared for the journey – and, less likely to fall off the path.

I am the father of four young adults. When they were children, my wife and I struggled with how to prepare them for a challenging world. (Read: What To Tell Your Kids.)

She felt it was important to give them lots of encouragement – build their self-esteem.

I felt it was important to mix in a lot of “it’s hard out there” content – preparing them for the difficulties ahead.

I found myself applying this same approach to the prospective entrepreneurs. It is what I believe. It is what I have seen work.

I hope that I was not too heavy handed.

Networking 101: Make a Good Impression

Posted on April 30, 2010 by Jim Randel

Certainly the precepts of good networking include reaching out to people, introducing yourself, getting names and numbers, following up where appropriate, and making connections.

But I want to add one component to good networking that some people miss: how to make a good impression.

Effective networking is not really a numbers game. It is an impressions game.

Continue reading →

Goldman Sacks??

Posted on April 28, 2010 by Jim Randel

Of course, the big news of late is the SEC’s civil fraud suit against Goldman Sachs.

The suit rests on the question of Goldman’s legal obligation to a buyer of securities it issued. The facts do not appear to be in dispute. Goldman, working with hedge funder John Paulson, put together a mortgage security comprised of Paulson’s handpicked mortgages, which he believed were highly likely to fail.

Goldman then sold the bonds to experienced bond manager ACA and a German bank.

The question is what obligation Goldman had to inform the buyer as to how the mortgages in the security were selected and by whom.

By the way, if you want to read a book which will greatly improve your understanding of mortgage securities and shorting the housing market (meaning, betting it would fail), don’t miss Michael Lewis’ The Big Short (Norton, 2010).

I, and most lawyers I’ve spoken with, feel that when two parties of equal sophistication with equal access to the components of the security (the mortgages) and sufficient time to do their due diligence, the issuer of the security (Goldman) has no further obligation. In other words, no legal liability.

The larger question – which impacts all of us – is how traders like Goldman can create systemic risks to our financial system. Whereas Goldman may have no legal liability, it does have a moral liability to the system it benefits so greatly from. Although Goldman will most probably avoid legal liability, it still has a lot of taxpayers to answer to for fostering and promoting conduct that cost us all so dearly.

Skinny Links: Check out these for more on the Goldman Sachs case.

• Naked Capitalism has thorough and extensive notes from the Senate hearings

• The Baseline Scenario suggests how Goldman might regain favor with the public, provided of course that they care.

• Michael Lewis praises recent Harvard grad A.K. Barnett-Hart’s senior thesis as the most interesting piece of Wall Street research out there. Period.

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