I don't believe it was preordained that Pegasus would be a Minimum Wage job. Without the dreadful mistakes I've made over the years, it would've turned into a real business long ago.
Some of these mistakes just had to be learned the hard way. It is an extremely lucky or smart guy who can avoid them: especially since the 'common wisdom' and economic culture seems almost designed to lead you astray.
But I got way too enamored of the bubble money. The huge infusion of money that would come along, only to simply disappear overnight. Pogs, Beanie Babies, Pokemon, Sports Cards, Comics.
I got into the habit of waiting for the Next Big Thing.
It's one of the reasons I felt compelled to talk about the housing bubble, because I understood how difficult it is to see and resist the temptation.
If I could give myself advice 24 years ago, it would be; "slow and steady wins the race." Build the business slowly, keep strengthening every year, resist the quick kill, resist over-expanding and over-investing. Live within your means.
Like I said, maybe I just had to go through that fire. I think I know what I'm doing now. I think we were able to apply those hard lessons to Linda's store and have avoided the same mistakes.
But the race isn't over yet...
Some of these mistakes just had to be learned the hard way. It is an extremely lucky or smart guy who can avoid them: especially since the 'common wisdom' and economic culture seems almost designed to lead you astray.
But I got way too enamored of the bubble money. The huge infusion of money that would come along, only to simply disappear overnight. Pogs, Beanie Babies, Pokemon, Sports Cards, Comics.
I got into the habit of waiting for the Next Big Thing.
It's one of the reasons I felt compelled to talk about the housing bubble, because I understood how difficult it is to see and resist the temptation.
If I could give myself advice 24 years ago, it would be; "slow and steady wins the race." Build the business slowly, keep strengthening every year, resist the quick kill, resist over-expanding and over-investing. Live within your means.
Like I said, maybe I just had to go through that fire. I think I know what I'm doing now. I think we were able to apply those hard lessons to Linda's store and have avoided the same mistakes.
But the race isn't over yet...