His mentor told Bob Pittman, “You won’t get fired for making mistakes. You’d get fired for not making mistakes.”
“Mistakes are the byproducts of innovation. If you’re really going to invent something new, you’re going to make a ton of mistakes along the way.”
“Make a decision as long as you have enough information. You can never have all of the information. It’s unknowable. Speed wins. Urgency wins. I’m willing to make a decision quicker. I’m also willing to quickly admit a wrong decision.”
Follow the consumer. The consumer will always get what they want, even if illegally. The challenge is to think of a business model and build products around that desire. Observe, not research. Analyze the consumer. The magic is when you get them excited.
Ultimately, convenience wins. Brand is king, but in reality, brand is convenience. I go to a specific brand because it’s easier for me; saves me time from having to compare the entire multitude of options. People like mental shortcuts.
Start with the goal. Next, the strategies. Lastly, build a corporate culture, which perpetuates the strategies. Keep your employees focused.
In the end, do something you want to do. You’re going to spend most of your life working, so do something you like. “If you don’t know what turns you on, try a lot of things until you find what you like to do.”
No matter how you try to forecast the future, it’s unknown. So, you might as well go try it. Don’t be scared.