Stumble It!
May 27 2008
Sound Advice from an Old Friend
In these tough economic, political, and four dollar and rising gas price inducing times, I leave you with the words of my former Media Economics professor James Smith. He has since retired, but his words ring ever truer with each passing day of my life. Enjoy, and of course… keep those minds waxing poetically!
SMITH’S 26 RULES OF MEDIA, MONEY, AND LIFE
PEOPLE
1. Networking is the single most important skill you’ll ever develop.
2. Dump your “loser” friends they are a waste of time and energy. You will be known, whether you like it or not, by the company you keep.
3. Treat everybody the way you want to be treated.
4. Don’t ignore the “little people.” Often the vice president’s secretary knows
more than the vice president.
5. Hire people smarter than you are. Its more important to be successful than
to be right or in control.
6. Keep your mouth shut. You learn more by listening and it is not always
necessary for people to know what you are thinking.
7. Don’t be afraid to sell! Selling is building personal relationships…solving somebody’s problems or meeting their needs.
PERSONAL VALUES
8. Stay focused. Be passionate. Work hard and provide value. Don’t waste time.
9. Integrity. Don’t cheat anybody. Be honest.
10. Be flexible, adapt. Darwin was right.
11. Resist the urge to enhance your personal life until you have started to achieve
your professional goals.
12. Max-Min. In all endeavors, maximize the upside potential and minimize the downside risk.
13. Relationships, life, and business are cyclical. Learn to recognize the cycles and how to deal with them.
MONEY
14. Buy low, sell high, and know when to leave the table.
15. Use OPM (other people’s money) but retain ownership. But, borrow when interest rates are low, pay back when they are high.
16. Ask for more than you need but don’t be ridiculous. When you get the money, follow the budget and keep some in reserve.
17. Think “investment” not “spending” when handling money. A corollary;
If you out-think them, you don’t have to out-spend them.
18. Work for yourself, always own a business, even when you work in a corporate environment. It also makes good tax sense.
19. Divorce and business have much in common. Be sure to leave relationships
with more than you brought to them. And you will be leaving!
MEDIA RULES Mike’s note: Apply these to your own person. Think of your personality as your selling point!
20. Think software, not hardware. Content is king. Don’t focus on technology or delivery systems they quickly become commodity businesses.
21. There’s always somebody with more gear or more money than you have.
22. Define and know your target audiences. They will make you money
if you let them.
23. Do your homework. Research everything, including the failures. Profit from the successes and learn from the failures of others.
24. Pay your dues. Learn the business from the ground-up. In the beginning, you’ll have to work long hours for little pay but know, in the end, it’s worth it.
25. Egos. Never lose sight of the fact that the media business is full of people with large egos. Accept it and learn to deal with them. Turn their ego into your “employee.”
26. Know the basics of contract law and accounting.
Regarding millionaires, did you know? Of those who didn’t inherit their money, less than 40% got rich by working for a corporation.
When somebody asks “What’s your sign?” Tell them © and ®.
Remember Alan Alda’s famous quote: It isn’t necessary to be rich and famous to be happy. It’s only necessary to be rich. Mike’s note: Be aware that money is a wonderful servant, but a terrible master. Your money must work for you, not you for it!
