Selected Quotes from Ben’s original list of Principles of Success
Control, Just do it, Small Stuff, Time, Diligence, spending $$$, Funding.
Humble Beginnings. Ben Franklin, unlike many of our founding fathers, didn’t come from an aristocratic family. In fact, his journey from teenage runaway to wealthy printer is the epitome of boot-strapping a business. According to Harvard Business Review, Franklin took a very structured approach to to success. While he was still in his early 20s and just beginning to run his own print shop, Franklin laid out principles he felt would guide him as an entrepreneur & life. The takeaway lesson of Franklin’s quotes are not that the aspiring entrepreneur should use it exactly as-is, but that he should take account of his own circumstances and attempt to write a code that applies to them.”
These principles were divided into the personal and the social. Some have aged well, others have not — so we’ve translated and updated them for the modern business world.
Quote: “Drive your business! Let not it drive thee”.
Meaning: Monitor & track what everyone is doing. Have regular meetings (as needed) to determine if you are on track. Don’t let the tyranny of the urgent, distract you from your long term goals
- Don’t just sit around thinking about what to do — actually do it.
Quote: “Resolve to perform what you ought; perform without fail what you resolve.”
Meaning: Don’t let problems grow & get worse. Take immediate action to contain & limit any further loss. Then get enough info to make a knowledge-able decision, but don’t make waste time over-investigating. Implement your decision asap.
- Sweat the small Stuff
Quote: “Little strokes fell great oaks”.
Meaning: Little issues can kill your business, if you let them persist. When they arise, resolve them immediately.
- Stop wasting Time.
Quote: “Lose no time; be always busy with something useful; eliminate all unnecessary actions.”
Meaning: Life hackers and multitaskers will win the startup war every time
Quote: “Beware of little expenses; a small leak will sink a great ship”.
Meaning: Monitor your expenses diligently, by tracking & reviewing. Eliminate or reduce any that are not contributing to your goals
- Manage your Time
Quote: “Let all your things have their places; let each part of your business have its time.”
Meaning: Your modern day business has a lot of processes. Devise a complete system to put it in order, so it runs smoothly with a minimum of intervention.
- Spend your $$$ Wisely
Quote:“Make no unnecessary expense but to do good to others and yourself.”
Meaning: Forget a fancy office. Keep it lean & mean till you can afford to splurge.
- Don’t sweat the small Stuff
Quote: “Be not disturbed at trifles, problems or at accidents – which are common or sometimes unavoidable.”
Meaning: When things go as expected or challenges pop up, don’t panic. They’re just part of life. Investigate to find the cause & take corrective action. It might be a blessing in disguise. They’re may be a valuable lesson to learn.
Quote: “The borrower is slave to the lender and the debtor to the creditor”.
Meaning: If you get funding, they will try to help you run your business to maximize their profit. This may be a short cut you don’t want to take. As a Founder, you want to succeed on your own. You’re closed to the Customer, so you should know best.
Comments: Do you know any other Quotes from Ben or one of the other Founding Fathers, that is relevant to business?
from Business Insider 04 July 16 enhanced by Peter/CXO – great Grandson [x12] of Ben Franklin