So Usually You Have To Have Product

When You Turn A Company Profitable You've Gone From A Company Whose Days Are Numbered To A Company Whose Days Can Be Infinite.

Boom And Bust Cycles Are Very Difficult For Businesses Because You're Hiring A Bunch Because You're Planning For The Future. And If The Future Is Going To Be Very Big, You Need To Hire People, Or Suddenly You Go To Boom To Bust, Then All Of A Sudden, You're Kind Of Battening Down The Hatches And Trying To Sail, You Know, Through The Storm, It's A Different Thing. So Part Of It Is Making Good Decisions About, Well, How Long Is A Boom Cycle Going To Be, You Know, Don't Plan On It Going Forever.

The Metaphor That I Frequently Use For Entrepreneurship Is Jumping Off A Cliff And Assembling An Airplane Plane On The Way Down.

Ironically, In A Changing World, Playing It Safe Is One Of The Riskiest Things You Can Do.

During Normal Times Or Boom Times, There Are Some Parts Of The Business That Are Going To So Well, That That Can Cover For Weakness And Other Parts Of The Business. What Happens During Recessions, Is You Have Less Windfalls Just Helping You Cover Mistakes. You Have To Be More Careful About Not Making Mistakes.