While most of us might not want to start our own company (or maybe we do), we can learn a few things from those that do. Building something new, being efficient, effective, and quick are skills needed when starting a company. I’ve read a lot about how companies are built and entrepreneurs work. Lately I ran across some advice from Daniel Gross, the founder of Pioneer, a former partner at Y-Combinator (from David Perell).
Many of us are financially careful. We often are careful with how and where we spend money at home. I find lots of tech professionals frugal at work as well, often being careful with their budgets, or even with the requests they make of managers. That being said, here is a great quote:
“Overbearing frugality prevented me from spending any money, which creates inefficiencies. Spend like a king on speed, like a pauper on everything else. Faster computer? Go. Faster Internet? Go. Better sleep? Go. Expensive dinner? Stop. Expensive dinner to close a candidate? Go. If you can, use your capital to move faster. Your competitor is taking the shorter flight. Book it.”
Often I see companies get caught up spending or not spending based on some ideas that don’t have anything to do with efficiency. They don’t invest in things that improve the business, but invest in things they like, or avoid things they don’t like. I see this with choices as well, where a professional or manager may want to change a tool/platform/etc. because they like one over the other. Often without any good fundamental reason.
Spending money isn’t bad if you are investing in driving your business forward. Learn to make that distinction and don’t be afraid of making good investments. It’s fine to indulge in anything, but in moderation. That might be the key to success for many hings in life.