Coco Chanel was able to launch her business by partnering with financier Pierre Wertheimer. She ended up with 10% and creative control, her friend, Théophile Bader, owned 20%, and Wertheimer owned 70%. She came to resent the arrangement.
Voltaire led a life that is extraordinarily useful for those who want an example of how to contribute to the improvement of civilization, live extremely well, and follow your passion.
Did the Founders Intend for There To Be a Separation of Church and State in the United States? A friend from college and I have been discussing whether the separation of church and state is what the founders intended and whether it is a good or bad thing for society. After a few years of studying…
As you can probably tell from my recent posts, I’ve been working my way through a compendium of Chinese proverbs. This type of reading has always been among my favorite – to take an observation and think about it for days, weeks, sometimes even longer, extracting every lesson I can from it. Here are some of my favorites.
There is a traditional Chinese proverb that goes something along the lines of, “Do not take the seeds and throw away the melon”. Though there are many ways you can approach this, and multiple lessons that can be extracted from reflecting on it, it can be particularly sage when it comes to running a business and allocating the cash flow from that business. One of my favorite examples comes from The Coca-Cola Company.
When you are managing your business, your life, or money, the true test of your ability and talent will come during the bad times. Have you managed your liquidity well enough so that even the worst depression won’t wipe you out? Have you conducted yourself with restraint so you don’t find yourself buried under interest expense on credit cards and store accounts?
Here are some quotes I’ve come across the past few days online and elsewhere. What do you all think? … I’m not entirely decided on all of them … “Being rich is being able to buy whatever you really want, whenever you really want it.” – Robert Reich “There are two ways to be rich:…
Mental Models: Hobson’s Choice, Morton’s Fork, and Burdian’s Ass Hobson’s Choice: A free choice in which only one option is offered; i.e., “take it or leave it”. Morton’s Fork: Is a choice between two equally unpleasant alternatives (in other words, a dilemma) or two lines of reasoning that lead to the same unpleasant conclusion. It…
Along with learning the piano works of French composer Erik Satie, Aaron’s latest project has been learning the art of gardening gladiolus and other flowers. I was indifferent to the plan in the beginning, but after seeing the fruits of his passion, I wholeheartedly support this.
Right now, we are watching a South Korean series that translates as “The First Shop of Coffee Prince”. My favorite reason for this show is the grandma, the founder of the original empire, the CEO of the family foods business, and the one with the money. I swear, this woman answers almost exactly as I would in a lot of situations.