A Quote by Alan Patricof
Your initial instincts about investments and people are usually correct. We do a lot of due diligence in this business and most of the time it comes out where we started.
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I spend a lot of my downtime studying different businesses and learning from a lot of entrepreneurs when I'm not playing football. They can help me evaluate different ventures to see if they'll work. I was aggressive with my initial investments, trying to hit a homerun each time. But now, I'm stepping back and being more patient, giving them due diligence.
I've learned about employee relations; I've learned about following your instinct. One of the biggest mistakes you can follow is not following your instincts, you know? A lot of times your instincts will tell you what to do if you have a good one. Now, if your instincts are terrible, then you ask for advice. But if you have good instincts, you definitely have to follow them, or else you regret them.
Fifteen years ago, nobody thought that content would ever work as a business. It was impossible to raise any money, initial investments were $10,000, seldom $100,000. It is only over the last two or three years that we have started to see very large amounts of capital coming into the digital industry. That has created a lot more competition.
Companies should have a due diligence process to determine the likelihood that their technologies will be used to carry out human rights abuses before doing business with a particular country or distributor.
The thing with making your art your business is: It's a business. You can't sit around waiting for the muse, especially when you run a show, and you're in production, and an outline is due, a script is due, and a reshoot is due. No. You look at the calendar, and you go, 'OK. I can write from 4 to 6.' So you write.
There are great municipal investments out there, but on a blanket basis you have to be really careful about knowing what cash flows are supporting your investments.
I believe you've got to do your due diligence.
If you aren't talking to your kids about socialism, someone else is. So use car time, dinner time, tax preparation time, and time spent together at your work or small business to teach your child about the virtues of capitalism, the system of government that has lifted more people out of poverty.
What has helped me the most to navigate the business side of the modeling world was having open conversations with colleagues. When I first started out, I asked other models about compensation and started learning more about the business and uncovering the truth. Having these open dialogues helped me understand more about the business side.
Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to have a lot of silly needs in your life - you don't need a lot of material goods.
When a movie is about to come out on its initial debut, there are a lot of people involved - the financiers, the studio and the producers and also, many times, the foreign distributors. So it is a time of tremendous pressure and uncertainty.
Against the backdrop of people who avoid work, cut corners, and do half-hearted jobs, a diligent man stands out. Practicing diligence is an excellent way to stand out for Christ at home, in the workplace, and even at church. Today, complete each one of your tasks, however big or small, with diligence.
If you are not an accredited investor, you only have one option: to buy and hold bitcoin on your own. The process of acquiring bitcoin is risky and requires a lot of due diligence to navigate the landscape properly.
Nobody in my generation ever started out in private equity. We got there by accident. There was no private equity business - actually, the word didn't even exist - when I started. I got there out of the purest of happenstance and so I think many people find what they really enjoy doing just in that way. So another piece of advice for you is: don't worry too much about what you're going to be doing when you get out of business school - life will come your way.
There's no such thing as a good time. I started an apparel-manufacturing business in the tech-boom years. I mean, come on. Get out of your garage and go take a chance and start your business.
If you want your kid in the business, ask them if that's what they want. Don't be weird about it. There's a lot of pressure out there. Your child may fail. A lot of it has to do with chance, and it may not work out the way you or your child expects. You have to understand that ahead of time.
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