The Cost Of Inexperience
I recently met with a friend who was having some business challenges. About 5 years ago, he had asked me to become an investor in his business venture. I was seriously considering it at the time but decided to pull out, not necessarily because of the concept, but because of the way he was approaching the structure of the organization. It affected our friendship for years and only recently did we connect again.
At the time, I outlined to him what I saw would happen to his venture. Then, I said:
Trust me - this thing is not worth the brain damage it will give you.
He looked at me glaringly and asked: How can you tell?
I responded: I've made my share (and more) of mistakes on business transactions and I see all of them in the way you are proceeding. I have paid the Dumb Tax on things like this - and the Dumb Tax is very expensive. I don't want to pay again and again. And you will pay it on this one. Big time.
Fast forward 5 years later and we get together for lunch. Of course I ask how his venture is doing. And, to his credit, he was very open and honest. Exactly as I said would happen, the partnerships he had are dissolving, his finances are struggling, and even more ... his personal life is in a mess. And then he says, for the last few months, I have been seeing your face in front of me and hearing your words: This isn't worth the brain damage and you will pay the Dumb Tax on this one. Big time.
As Derek Bok, the former president of Harvard University, is quoted as saying:
If you think education is expensive, try ignorance.
That is why I am a firm believer in mentorship - learning from people who have made their share of mistakes, have paid their share of the Dumb Tax, and - this is the most important part - have been able to still achieve their goals despite that.
And how do you find these mentors?
Well, the question is really two fold. What makes a great mentor? Why would they choose you?
I get approached every month by people asking me to mentor them ... and I used to do it. I rarely do it now. That's because, as the example above shows, many will continue to repeat their patterns regardless of what you tell them. And why?
Because people don't generally change unless the pain of "staying where they are" is more than "the pain involved in changing".
Let me continue this next week...
At the time, I outlined to him what I saw would happen to his venture. Then, I said:
Trust me - this thing is not worth the brain damage it will give you.
He looked at me glaringly and asked: How can you tell?
I responded: I've made my share (and more) of mistakes on business transactions and I see all of them in the way you are proceeding. I have paid the Dumb Tax on things like this - and the Dumb Tax is very expensive. I don't want to pay again and again. And you will pay it on this one. Big time.
Fast forward 5 years later and we get together for lunch. Of course I ask how his venture is doing. And, to his credit, he was very open and honest. Exactly as I said would happen, the partnerships he had are dissolving, his finances are struggling, and even more ... his personal life is in a mess. And then he says, for the last few months, I have been seeing your face in front of me and hearing your words: This isn't worth the brain damage and you will pay the Dumb Tax on this one. Big time.
As Derek Bok, the former president of Harvard University, is quoted as saying:
If you think education is expensive, try ignorance.
That is why I am a firm believer in mentorship - learning from people who have made their share of mistakes, have paid their share of the Dumb Tax, and - this is the most important part - have been able to still achieve their goals despite that.
And how do you find these mentors?
Well, the question is really two fold. What makes a great mentor? Why would they choose you?
I get approached every month by people asking me to mentor them ... and I used to do it. I rarely do it now. That's because, as the example above shows, many will continue to repeat their patterns regardless of what you tell them. And why?
Because people don't generally change unless the pain of "staying where they are" is more than "the pain involved in changing".
Let me continue this next week...
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