An interpretation. RIP Biggie Smalls.
#1. The money you hold should remain private.
Practice humility. Don’t openly flaunt your success.This could start out as envy and move into sabotage. When you win, this could be felt as others’ failure, regardless of if you’re in the same field. (re: scarcity mentality). Understand when you are in a position to not be affected by their jealousy/attacks. (Doesn’t apply if you/company is going public).
#2. Protect your strategy.
Element of surprise is your greatest advantage. You can achieve your objective this way. The longer your competition takes the faster you can achieve your objective. Lil Wayne “real G’s move in silence, like lasagna”. What/why vs how?
#3. Trust no one.
The fewer people who know something, the fewer people you have to worry about telling someone who can thwart your strategy. Pay special attention to incentives, here. “Everyone is a whore for the right price”. Protect yourself - no one should know anything about what you’re doing. Relate to rule #2.
#4. Never get high on your own supply.
Nearly impossible to be a producer and a consumer of a product. Do not become an overindulgent consumer, so it doesn’t interfere with your profits. Do not put yourself in a position where you have to chase the high or chase the dollars. Do the minimum to remain a viable choice. Focus on efforts that will generate revenue (field irrelevant). The more time you spend making, the less time you have to enjoy what you made. The more you enjoy something someone else made, the less time you have to make something for you. Delegation/perspective.
#5. Don’t mix business with pleasure.
When you leave work, leave work. When you leave home, leave home. Best for sanity and boundaries. Double if you work for yourself.
#6. Don’t do work on credit.
No loans. Being threatening (in whatever way) is not enough. There is no common sense - short term. Get payment up front. The time you invest into doing the work cannot be recovered if you don’t get paid. Others have more power here and can possibly recoup.
#7. Keep family and business separate.
Money and blood don’t mix. Many well-known, profitable businesses have ties to family. Disagreements you have in your personal life can seep into your business relationships and vice versa. This is more of a personal call, as all people are able to have great, trustful, relationships with family and these situations can be more successful than non-family ties. This is tenuous.
#8. Protect yourself from liabilities.
Just as generals don’t do the fighting…the risk is too great. In business, have insurance and operate from behind an LLC. Keep meticulous records. Do whatever you can to honor what you said you were going to do.
#9. Watch the company you keep.
Maintain your reputation. Be careful how your associations make you appear: it’s not obvious to others even if your intentions are good. Optics.important. Don’t give the wrong impression. Loose lips sink ships. This is borrowed time.
#10. Don’t take on debt you can’t handle.
Consignment. It is not for beginners - experience dictates risk. Know your customer base - ensure guaranteed buyers. Move your inventory. Creditors don’t care about excuses (debt management and supply chain).