The Rules of Acquisition

Last year I wrote an article titled “The Rules of Acquisition”.. Below I have re-posted that article to refresh the memory of those who have read it, and to introduce it to those who have not because next week I will be adding additional rules.

The Rules of Acquisition

Anyone who is a Star Trek fan is probably aware that the race the Ferengi are ruled by business, they come from a world that has created an entire society completely wrapped around profit and business and to guide every Ferengi in their life-long pursuit of obtaining profit they created the “Rules of Acquisition” a book of 285 rules which cover just about every situation that you can think of.  Some examples of these rules are:

Once you have their money, you never give it back

Opportunity plus instinct equals profit

Nothing is more important than your health, except for your money

The bigger the smile, the sharper the knife

Free advice is seldom cheap

No good deed ever goes unpunished

You are probably asking yourself why I am telling you about a make believe extraterrestrial life and their make believe Rules of Acquisition.  Because I have decided that, while the Ferengi and their rules are make believe, all of us in business could use our own Rules of Acquisition; so I have decided to write my own.  Now I think 285 rules are a bit much so I will just start with a few and I may add on to them as time goes by.

So here are the first ten “Joe’s Rules of Acquisition”:

 

Rule # 1: Don’t do business with family; let your business partners be your business partners, let your brother be your brother.

Rule #2:  If you want your friends to remain your friends: Don’t hire them.

Rule #3: If you are not willing to put the time in to make your business successful than it never will be.

Rule #4: Don’t depend on others to tell you what is going on in your own company: be diligent in your personal oversight of all aspects of your business.

Rule #5: Nobody will care for your business like you will.

Rule #6: If it looks too good to be true, you can bet your ass that it is.

Rule #7: He who is foolhardy in life is foolhardy in business and should be kept at a distance.

Rule #8:  Surround yourself with people that are smarter than you.

Rule #9: Utilize those smart people to help grow your business.

Rule #10:  Don’t let Rule #9 interfere with Rule #4.

I will keep you updated as I add more rules and by all means if you have any suggestions for rules please add a comment.