I have been really busy at home, hence it has been a long time since I start to read. It gets a little boring as you read this book. Basically, I can gather a few major points that I think is important.
1. On the Statistical odds
A substantial proportion of the population have no desire to become rich or have chosen professions that rule out that possibility. If you really want to become rich, you must have the desire and the work and dedicate yourself to become wealthy.
2. On the Tiger Chained to Your Ankle (Ambition)
You need to have ambition if you wish to amass serious wealth. Without ambition, all the tenacity in the world will avail you nothing.
3. On Frugality
The creating of a frugal company culture begins on the first day. Even if your new company breaks even or make a profit in the first year, it is likely that the profit margin will be tiny. Thus you have to generate revenues of 10X the money spent on what might have been avoided to equalize your cash position.
4. On Must-Do Deals
Never fall in love with a deal. A deal is a deal. No deal is a must-do deal.
5. On Qualified Accountants
Hire the best qualified accountant or finance director you can afford, even before you can afford them. Books and records need to be kept. Such people will fight tooth and nail to reduce costs. They will impress suppliers and banks and help extend your credit. They will become a burden and a pest to you every working day. but they will also ensure that you survive, if that is at all possible.
6. On the Paradox of Ownership
The death of a loved one is serious matter, rejections of your affection is serious matter. The making or losing of money is not a serious matter.
7. On Eternal Lieutenants
This is a blessed tribe to aspiring entrepreneurs. Such people desire job security, job satisfaction, a degree of status and sense of belonging more than they desire wealth. They are loyal to a fault, hardworking and polite. They cannot replace the need for raw talent in a company but they can ease the burden of workloads in the early days. Just never fall into the trap of promoting them beyond their competence.