This line by Buffett is the kicker, “Look also for a generous soul who will put up his own money and work for peanuts.”. I recently reflected on my successes and failures. Whenever I collaborated with someone where there was shared risk and reward success went through the roof. Otherwise, it was usually failure.
Yes I can imagine the ways a partnership can go wrong when the risks/rewards aren't equally (or with a agreed-upon ratio) divided... #skininthegame
But I was actually curious about the "work for peanuts" bit when I first read it... Is he talking about when a project is bootstrapped and money is tight? 🤔
In my opinion, it is more the notion of collaboration than necessarily bootstrapping. But the kind of collaboration where both sides are working towards a mutually beneficial goal rather than one side working for a goal and the other side working for a paycheck. This type of mutually beneficial collaboration often involves working for peanuts at least initially.
I just read the letter by Franklin and it was so good. Ashamed to say I somehow seemed to have skipped over that one and its not in Ben's autobiography.
Haha yes, the wacky advice premise itself aside, it truly is brilliant. There was some explanation at the top of the page on how this wasn't published for a long time due to licentiousness, so maybe that's why the edition u read didn't have it 🤔
This line by Buffett is the kicker, “Look also for a generous soul who will put up his own money and work for peanuts.”. I recently reflected on my successes and failures. Whenever I collaborated with someone where there was shared risk and reward success went through the roof. Otherwise, it was usually failure.
Yes I can imagine the ways a partnership can go wrong when the risks/rewards aren't equally (or with a agreed-upon ratio) divided... #skininthegame
But I was actually curious about the "work for peanuts" bit when I first read it... Is he talking about when a project is bootstrapped and money is tight? 🤔
In my opinion, it is more the notion of collaboration than necessarily bootstrapping. But the kind of collaboration where both sides are working towards a mutually beneficial goal rather than one side working for a goal and the other side working for a paycheck. This type of mutually beneficial collaboration often involves working for peanuts at least initially.
Ahh that makes much more sense, thanks!
I just read the letter by Franklin and it was so good. Ashamed to say I somehow seemed to have skipped over that one and its not in Ben's autobiography.
Great edition Prince!
This also led me down a rabbit hole to check for more original sources on that Winner & Loser story :)
I found this episode on Freaknomics that discusses it, and learned that names mostly dont matter but they do sometimes.
https://freakonomics.com/podcast/how-much-does-your-name-matter-ep-122-rebroadcast/
That sounds about right - I'd wager that there's probs much more downside to a bad one, than upside for a "good" one 😄
Thank youuu 🖤
Haha yes, the wacky advice premise itself aside, it truly is brilliant. There was some explanation at the top of the page on how this wasn't published for a long time due to licentiousness, so maybe that's why the edition u read didn't have it 🤔