- Build a business in an industry where you end up doing what you enjoy
- Protect the downside: Spend as much time assessing the risk as you do the opportunities; diversify, and ringfence investments, do not cross guarantee them
- Cash is king. Have 1 year operating cash buffer in the business and 2 years for personal expenses
- When you invest make sure there’s at least a 20% margin of safety
- Don’t lose control: borrowing too much risks the lenders taking control, and refinance debt 18 months ahead of maturity
- Ask for advice but trust your instinct in the final decision even if its contrary to the advice
