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jerryking : personal_cost   3

Elon Musk’s Ex-Wife on What It Takes to Be a Mogul - NYTimes.com
April 27, 2015 | NYT |Andrew Ross Sorkin.

“Extreme success results from an extreme personality and comes at the cost of many other things,” Ms. Musk wrote. “Extreme success is different from what I suppose you could just consider ‘success.’ These people tend to be freaks and misfits who were forced to experience the world in an unusually challenging way,” she added, noting, “Other people consider them to be somewhat insane.”

She boiled down the one ingredient for extreme success: “Be obsessed. Be obsessed. Be obsessed.”

But Ms. Musk wasn’t being critical. “Extreme people combine brilliance and talent with an *insane* work ethic,” she wrote, “so if the work itself doesn’t drive you, you will burn out or fall by the wayside or your extreme competitors will crush you and make you cry.”
Elon_Musk  Andrew_Sorkin  moguls  entrepreneur  focus  advice  work_ethic  hard_work  personal_cost 
april 2015 by jerryking
Michael Hyatt lays out your plan for success - Western Alumni
May 6, 2014 | Alumni Gazette|by Jason Winders, MES'10.

Shut Up and Listen

No Guarantees
Just because you have a great product, doesn’t mean you are going to make any money.

Play in a Big Sandbox
Go into a big and growing market. When you go into a big and growing market, you can probably get a slice of it – even if you are incompetent. You need a big and growing market, great people and a great product – in that order. Having a great product in a small and shrinking market with OK people, you will always make no money.

Embrace Discomfort
Discomfort, pain and sacrifice actually make the entrepreneurs. Being uncomfortable, being lonely, being misunderstood, everybody looks at the great entrepreneurs and don’t realize the struggle.

Trust No One
Your friends and family, everybody, they will tell you what you have is amazing and you’re so great and, when you bring that product out next year, they are going to buy it. It’s not true. People are trained to give niceties. Go ask all your friends and family for $10,000 to invest in your start-up, then you will find out right away what their problems are.

The Hard Truth
The ride doesn’t necessarily have any good payout....You are not always going to get what you want.

Personal Plan
Live below your means, not at your means. Invest the difference to become wealthy.

Don't Ignore the Basics
(diet, sleep and exercise).
UWO  entrepreneur  alumni  rules_of_the_game  high-growth  frugality  Michael_Hyatt  large_markets  discomforts  personal_cost  personal_sacrifice  hard_truths  personal_enrichment 
may 2014 by jerryking
Newton Glassman, a private man in the stressful world of private equity - The Globe and Mail
Dec. 06 2013 | The Globe and Mail| BOYD ERMAN.

Newton Glassman has spent the past 11 years running hard to build what has become Canada’s second-largest private equity firm....Mr. Glassman’s firm, Catalyst Capital Group Inc., now runs $4-billion of assets that it mostly puts to work in messy distressed situations, trying to take control of struggling companies and turn them around....Investing in distressed debt is a gritty, confrontational business. Mr. Glassman's firm typically buys bonds issued by a troubled company, spending countless hours searching for the securities that will provide the most influence, then tries to gain control when the company is restructured. The goal is to buy in cheap, seize power if necessary, fix the business and reap the rewards. It can be a rough job, because there is rarely enough money to go around and someone usually loses out.

When he was at Cerberus, founder Steve Feinberg warned him about the personal cost of building a firm, telling him: “There is a massive difference between being one of the key players and being THE guy in charge.”

Catalyst’s charitable arm also is building a knowledge centre that will work with universities to provide investors, lawyers and judges with more education about credit markets. Mr. Glassman has harsh words for the way credit markets sometimes work in Canada, as judges have sometimes upset the traditional order of restructurings...

Mr. Glassman says that at the time, he thought Mr. Feinberg was “just yakking.” But if he knew then what he knows now about building his own firm, he says he probably would have stayed at Cerberus. “The job of being the guy is if you take your responsibilities seriously, it is all encompassing.”
private_equity  Newton_Glassman  Bay_Street  Boyd_Erman  Catalyst  personal_cost  distressed_debt  turnarounds  Cerberus  vulture_investing  restructurings 
december 2013 by jerryking

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