A Quote by Sallie Krawcheck
One thing I never thought about in my big-company job? Cash flow. When your business has billions of dollars in revenue, you can make a lot of mistakes and still have a viable business. But in a startup, make a few hiring mistakes, and you can find yourself in real jeopardy fast.
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Everybody who goes through the business will make mistakes. The big question is how big will the mistakes be? How fast will they learn from the mistakes, and how quickly will they get the business in the correct direction?
If you look at it now from the Google perspective, how do you make billions of dollars? Hundreds of millions doesn't count anymore; how do you make billions? And that's the question we've been tasked. Is this a Google-scale business, or is this a nice business for a startup?
The first thing you need in order to make a business viable is to preserve a cash flow. I made sure I didn't have any financial backing or support.
When I ran a small IT services business in the 1990s, it had strong recurring revenues - yet I couldn't accurately forecast cash flow for even the next few quarters. Small changes in the customer base or losing/hiring a few key employees could create massive swings in cash flow.
Start a part-time business and make as many mistakes as you possibly can while you still have your daytime job.
Not looking for excuses is the right thing to do. I have made a lot of mistakes, and I still make mistakes, but I am not ashamed to look for the reasons behind those mistakes.
I have made some mistakes. No, a lot of mistakes. If you want to develop a new thing, a lot of mistakes will be inevitable. We should be allowed to make mistakes.
One thing is certain in business: you will make mistakes. When you are pushing the boundaries, mistakes are inevitable-how you react is important.
Never crowd youngsters about their private affairs - sex especially. When they are growing up, they are nerve ends all over, and resent (quite properly) any invasion of their privacy. Oh, sure, they'll make mistakes - but that's their business, not yours. (You made your own mistakes, did you not?)
Convince the investor that you guys are moving fast and that this isn't some long slog... you're thinking about it like a startup where you can move fast and make mistakes.
Be proud of your mistakes. Well, proud may not be exactly the right word, but respect them, treasure them, be kind to them, learn from them. And, more than that, and more important than that, make them. Make mistakes. Make great mistakes, make wonderful mistakes, make glorious mistakes. Better to make a hundred mistakes than to stare at a blank piece of paper too scared to do anything wrong.
OK, the wonderful thing about soccer is, a football is a perfectly round object, and it doesn't make mistakes. The player using it makes mistakes. And the more you use it, the less mistakes you make.
Give yourself room to make mistakes because you're human. We've got to make mistakes, and allow ourselves to make those mistakes.
You can make a lot of mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you're too inefficient.
Someone once told me not to be afraid of being afraid, because, as she said, 'Anxiety is a glimpse of your own daring.' Isn't that great? It means that part of your agitation is just excitement about what you're getting ready to accomplish. Don't sell yourself short by being so afraid of failure that you don't dare to make any mistakes. Make your mistakes and learn from them. And remember: No matter how many mistakes you make, your mother always loves you!
I don't want to give any advice to a 19-year-old, because I want a 19-year-old to make mistakes and learn from them. Make mistakes, make mistakes, make mistakes. Just make sure they're your mistakes.
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