Bill Murray’s Pre-Nuptial Advice….”The Kindness of Strangers….What I Really Learned from Running 20 Companies….Sins of Commission(s)….. Econ Recon: ” An Economist Walks into a Bar”….Can You Take a Hike?

“It is fashionable to romanticize entrepreneurs. Business professors celebrate the geniuses who break the rules and change the world. Politicians praise them as wealth creators. Glossy magazines drool over Richard Branson’s villa on Lake Como. 

“But the reality can be as romantic as chewing glass: first-time founders have the job security of zero-hour contract workers, the money worries of chronic gamblers and the social life of hermits.”

“The Economist” 9/20/2014

Bill Murray’s Pre-Nuptial Advice

Actor Bill Murray, who found fame as a founding troupe member of “Saturday Night Live” and in movies such as “Ghost Busters” and “Groundhog Day,” was recently spotted in a Charleston, SC, restaurant by several young men who were holding a bachelor party in a downstairs dining room. They prevailed upon him to join their party; in return he offered some advice on how to be sure you’ve “found the one.” Here’s thirty seconds of unusual (what else would you expect from Bill Murray?) pre-nuptial counsel  from someone who seems to understand that whether it be marriage, friendship, hiring and other commitments, finding out how all parties will show up when the chips are down may be the most important thing to know. 

“The Kindness of Strangers”

In Tennessee Williams’ play “A Streetcar Named Desire” Vivien Leigh’s character sums up her life strategy by explaining that “I’ve always depended on the kindness of strangers.”    

That doesn’t seem to be that effective a strategy, and yet many of us can think of a chance encounter with someone that took an interest in us that led to a new job, career, spouse or destiny that we weren’t looking for or didn’t expect.

So instead of waiting on the kindness of strangers for that “big break,”why not make it happen. Check out this short article from Forbes that looks at some famous chance occurrences that created great enterprises and careers…and then suggests a few ways to make them happen instead of waiting for them…in other words “How To Meet The One Person Who Could Change Your Life”

“What I Really Learned from Running 20 Companies”

The problem with taking advice from successful people is that their experience, like everyone’s, is a sample size of one. You can’t always be sure if a particular executive was smart or lucky based on just one company, or one career. This is why James Altucher who has run 20 companies and writes for WSJ,Techcrunch, Forbes and Seeking Alpha may be worth listening to. Check out his short recap of what he did (and wishes he hadn’t done) and find out why Most Leadership Advice Is Useless. Here’s What I Really Learned in Running 20 Companies

Sins of Commission(s)

One of the hardest things for CEOs to get right is how to pay people….but most of them would agree that variable commissions are essential to properly incent sales people. An Inc Magazine article looks at incentive compensation for sales people and suggests that in companies with good cultures Sales Commissions Don’t Work (in the Long Run) .   Would this work in your company? 

Econ Recon:

“An Economist Walks into a Bar”: It’s remarkable how many C-Level people are ignorant (willfully or not) of the economy in which they operate, the economic theory that tries to explain it…. and the economists who study it. But if you’ll look closely at Google,  Amazon, Priceline,  online dating and major league baseball you’ll find that each either directly owes its very existence to the work of contemporary economists or has been powerfully influenced by their work.

If you need an enlightening break today, spend 15 minutes with economist Robert Litan who explains it all for you in a humorous and insightful TED talk  “An Economist Walks into a Bar….”  and suggests that the next offer you make to customers should have some strings attached to it.

Can You Take a “Hike”?  Economist Brian Wesbury looks at the Fed and in a brief five point article concludes that rate hikes are coming, the bond market will fall but equities will not. Find out why he feels  “Rate Hikes are Approaching.”