|A generic inspirational photo in Lieu of a pic of the Professor -- waka, waka, waka|
J.R. "Jim" Smith was my undergraduate Communications and Media professor during what I might call my Renaissance years at SUNY New Paltz. And while the now retired, and as I remember, Hawaiian-shirt-adorning prof of profs has no immediate correlation to disability, his motivational insights are that of ball-busting legend and have kept my spirits up through quite a number of adversities related to this blog. For this much I say, "Thank you, Professor Smith!"
SMITH’S 26 RULES OF MEDIA, MONEY, AND LIFE
© J. R. Smith, 2005
1. Networking is the single most important skill you’ll ever develop.
2. Dump your “loser” friends they are a waste of time and energy. You will be known, whether you like it or not, by the company you keep.
3. Treat everybody the way you want to be treated.
4. Don’t ignore the “little people.” Often the vice president’s secretary knows
more than the vice president.
5. Hire people smarter than you are. It’s more important to be successful than
to be right or in control.
6. Keep your mouth shut. You learn more by listening and it is not always
necessary for people to know what you are thinking.
7.Don’t be afraid to sell! Selling is building personal relationships…solving somebody’s problems or meeting their needs.
8. Stay focused. Be passionate. Work hard and provide value. Don’t waste time.
9.Have integrity. Don’t cheat anybody. Be honest.
10. Be flexible, adapt. Darwin was right.
11. Resist the urge to enhance your personal life until you have started to achieve
your professional goals.
12. Max-Min. In all endeavors, maximize the upside potential and minimize the downside risk.
13. Relationships, life, and business are cyclical. Learn to recognize the cycles and how to deal with them.
14. Buy low, sell high, and know when to leave the table.
15. Use OPM (other people’s money) but retain ownership. But, borrow when interest rates are low, pay back when they are high.
16. Ask for more than you need but don’t be ridiculous. When you get the money, follow the budget and keep some in reserve.
17. Think “investment” not “spending” when handling money. A corollary;
If you out-think them, you don’t have to out-spend them.
18. Work for yourself, always own a business, even when you work in a corporate environment. It also makes good tax sense.
19. Divorce and business have much in common. Be sure to leave relationships
with more than you brought to them. And you will be leaving!
20. Think software, not hardware. Content is king. Don’t focus on technology or delivery
systems they quickly become commodity businesses.
21. There’s always somebody with more gear or more money than you have.
22. Define and know your target audiences. They will make you money
if you let them.
23. Do your homework. Research everything, including the failures. Profit from the successes and learn from the failures of others.
24. Pay your dues. Learn the business from the ground-up. In the beginning, you’ll have to work long hours for little pay but know, in the end, it’s worth it.
25. Egos. Never lose sight of the fact that the media business is full of people with large egos. Accept it and learn to deal with them. Turn their ego into your “employee.”
26. Know the basics of contract law and accounting.
Regarding millionaires, did you know?
Of those who didn’t inherit their money, less than 40% got rich by working for a corporation.
When somebody asks “What’s your sign?”
**Tell them © and ®**.
Remember Alan Alda’s famous quote: It isn’t necessary to be rich and famous to be happy. It’s only necessary to be rich.
If you commit any of these missteps on a regular basis will definitely shorten your career path:
-Participate in Office Gossip
-Send a Lot of Personal E-mails
-Take Credit for Others' Work