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DAVID'S SAYINGS

• Opportunities are everywhere. You simply have to train the mind and remind yourself to always look for them.
• Confidence is the number one thing entrepreneurs need in abundance.
• Pessimists make good partners. They provide a reality check.
• Saying "Yes" is the secret ingredient in business. You can always figure out how to do something or hire someone who can.
• If you're the smartest person in your team, you are in trouble.
• Smart people hire smarter people.
• The greatest hazard in life is to risk nothing. The person who risks nothing, does nothing, has nothing and becomes nothing.
• The better your expertise, the lower the risk.
• Speak to people, partners, customers and users, about your ideas and information will flow. You will also hear the feedback and reality check you need.
• Success is about making sure you fix your failures.
• Learn from your mistakes. Mistakes accelerate learning.
• Egos can get in the way of logical thought and create jealousy. Leaving ego at the door is one of the most important ingredients of a successful partnership - in work and marriage.
• You do have to get the right people into the right roles. Empower others rather than control them.
• Know that deep down we always have the right answer but it is normally external issues like ego that take us down the wrong path.
• Get a mainstream business that preferably can produce cash flow.
• Once you hang the shingle up on your door you have a start and you can move from there. It's not where you start; it's the finish line that will tell you if you have won the race.
• Believe in what you are doing. When you believe in what you are doing you can be passionate about it. When you are passionate you will be happy and your happiness will bring you success.
• Turnover in a business is valuable but nobody wants profitless turnover. I always say if you have turnover you can make money, all you have to be is smart and efficient.
• You can always get money for a good idea. I have never had a problem either borrowing or raising money for a good business idea or property. Never let capital be a constraining issue when looking at a deal.
• Thinking big is the best strategy. But starting small and being nimble is also a great advantage because established competition is normally fat, comfortable and set in their ways.
• When looking to start or buy a business make sure it is scalable.Business is about being able to replicate a successful formula over and over.
• Focus on the big picture: if you focus on cents you will have cents. If you focus on dollars you will have dollars. Making or growing a big business is all about how you think.
• To succeed in business, have a vision of where you want to be. Then strategise.
• Do a business plan: a Vision and Objectives statement which is your road-map then implement and measure everything you do.
• Remember the KISS principle: keep things short and simple.
• Activity without results is a waste of time.
• Take calculated risks not chances; do your research well to minimise risk
• If you make no mistakes you are not taking risks.
• You do not make many mistakes when you are informed. Due diligence is what you do before you buy. Make sure you get what you are paying for.
• Always consider the downside.
• Success in business comes from fixing the problem but more important is to put a system in place that will ensure that the problem will never happen again.
• Easy money is the hardest money to make. Never be fooled by easy money. The fools that participate always get caught. I have never seen a successful way to make easy money. The easier it looks the more careful you need to be.
• Always look for how you will exit the deal.
• Always look to get control. You always get a better price when you have control.
• Nobody ever advertises a bargain.
• It's vital to find a husband or wife or partner who can appreciate, help and support your search for success and fulfilment.
• Always back good people not just good ideas.
• Commitment is what is needed in business, relationships and partnership.
• A set of accounts must be prepared monthly for all parties to see.
• Everything must be divided equally or in proportion to your shareholding. Partners generally fight over the small things and it's the small things that can destroy relationships. Once the shareholdings have been set never come back and negotiate.
• With enough trust there is no need for a formal partnership contract. You can never have a written agreement that covers all the things that could go wrong.
• You make money from the customer not your partner.
• Communicate with your partner and employees. It prevents politics and conflict and creates trust. Structures rely on trust and respect.
• Panic in advance so you can plan.
• Business is like playing a game of chess. Try and see round the corner as to what you think may be happening.
• Make the future urgent. Never wait until it is too late. This principle also applies to all things in life, not only business. We all saw what happened in Europe leading up to and during the Second World War. Sometimes markets are so obvious, we see what is happening and our gut tells us the negative result, but we wait.
• Profit is made in the buying. Buy well and you will sell well. Savings are made from the discount.
• Being frugal is a good way of withstanding shifts in the market.
• Before you buy a business learn how to measure it. Once you know what to do you de-risk the decision and you do not over-pay.
• Very often fashion, technology, or markets change. If you are not constantly looking and bringing your company up to date you will not survive.
• Remember dead trees do not grow. To keep trees alive they need water and fertiliser. Do not let the trees die. Feed your business with new ideas, invest in research and development, market research, IT updates and keep abreast of trends. When growth stops it is a warning sign.
• When you have a problem, carve up the issues and deal with them one at a time.
• Use check lists to ensure people follow a format, recipe or a process.
• Especially when things go wrong put a check list in place to make sure the problem never happens again.
• You buy from people not companies. Develop that personal relationship.
• Be organised, punctual, look the part, and don't appear too eager to clinch the sale.
• Never try and sell too many concepts at the same time. Buyers get confused. Small, easy decisions are simpler to make.
• The best sales person always puts himself into the buyer's position and asks the question: "What does the buyer need?"
• The shy girl gets nothing. You don't ask you will never get. Don't be shy to ask the question. Listen to the answers and then you sell what the customer wants.
• Always assume that you may be competing with someone who may do it better. If your competition is improving and you are not you will have a problem.
• Sell your unique features; play to your strengths not your competitor's strengths
• When deliberating an issue. Ask yourself the question. What difference will it make in five years?
• People love to work in an environment with good leadership. Give people direction and they are happy.
• Make sure the team believes that what they are doing will result in success. Smart leadership will always make sure that the whole team buys into the leader's vision.
• Never, never give up if you think you are right. It's what makes a good leader. You need to always have the courage of your conviction and stand up for what you believe in.
• Never underestimate how much hard work and discipline is needed for success.
• Leadership is about getting the whole team moving in one direction with everybody believing they are all on a path to making a business a success.
• Good leadership does not tell people what to do; it asks questions and leads people to find the correct answer themselves. Poor leadership never asks questions due to being scared of the answers. Learn to listen.
• Pursue quality in all your dealings. When buying property remember the person you will be selling to also wants quality and they will be prepared to pay for it. The best deals I have done in property are when I have bought the best property at the best price.
• Very few businesses today can succeed without a focus on quality.As our society's become more sophisticated we become more demanding. Quality is just a management issue.
• Treat family members as owners and they will think like owners; treat them like employees and they will think that way.
• Train children in the family business to become good owners not just good managers.
• A family business can be an education for the children; it teaches them how to be entrepreneurial.
• Never be afraid to talk to the rich and famous, politicians or the managing director of a business. Always go to the top.
• Always communicate important messages in person if possible.
• Take options, they are great. All it means is that it's the highest price you will ever pay.
• Set a stop-loss policy on shares or you can lose the lot. For example, set a stop-loss price at 15 or 20 percent under what you paid. Whether you are winning or losing, sell half if you are unsure.
• Never fall in love with your investments; there is always a right time to sell. The economy will always go up and down in cycles. Smart money takes advantage of those cycles.
• Beware of the developer's curse where early success perhaps at the start of a boom on the back of small developments leads to taking on bigger and bigger projects as confidence grows. Don't be seduced. Stay consistent and conservative. Buy in the bad times and sell in the good times.
• Everything in business or investing is all about entry or purchase price. That's where profits come from.
• Make sure you have a roof over your head that you can call your own. Then protect it.
• My glass is half-full not half-empty; attitude is everything. Optimism is a gift
• Never sulk, never hold grudges, don't ever not greet or speak to somebody. Just move on in your own direction.
• Quality time with your children is the best gift you can give them. We can all offer that gift by simply eating together every night.
• Nurture people. When in a staff interview always ask what the person does in his free time. It is important to see if they have a community involvement. Also ask what they are exceptional at.
• Never take an obligation on that you cannot deliver.
• You only have one reputation. Protect it all costs; if you lose your integrity, no amount of success will be meaningful.
• It's not about how much money you bring home. It's all about the pride, honour and respect you come home with that makes you happy. Any job can be fulfilling but this comes more from how you treat and are treated by others.
• Find balance with work, family and yourself. They are all important but most important is to find the right balance of time.
• Don't sweat the small stuff. Pay attention to the big stuff and delegate the mundane.
• You always have time for what you want to do. You are in charge of your time and you can always allocate as much as you want. It's just a case of how highly you rank the priority as to how much time you will apply.
• Set yourself goals for every day and every month and plan out the year.
• Busy people must always find the time to do some community or charity work. It's good for the soul and you will always get something out of it yourself, simply because you are engaging with like-minded people who become part of your network.
• Ensure you are happy with the deal, job, friendships and your partners. If you are not happy move on quickly. There are always more happy opportunities. Unhappy ones will drain you of more than you have to lose.
• If you lose your health, nothing else matters, regardless of your success. Make a discipline of doing exercise every day.
• Respect is what you earn, trust is what you get, and love is what you give. None of these can be bought.
• When you die the only thing you take with you is your legacy.The material things are left behind. So during your lifetime make sure the legacy you leave behind is worth remembering.
• There are three things you get for free: air, a mother and a father. You need to respect all three because without them there is no life.
• When you respect your parents the reward is that your children will respect you.
• When you help people less fortunate than yourself you truly learn how good you've got it.
• People need three things in life for maximum happiness:
  * Love from others
  * Love of others.
  * The ability to make a living where they feel respected and wanted, and can offer this gift in return.

CONTACT

David Schwartz

David@primewest.biz

Tel +61 8 9321 7133