Friday, October 27, 2017

Friday Feature Book Review: Lucky or Smart? by Bo Peabody (Start Up CEO) セレンディピティ―幸運を生むタマゴ: ボーピーボディ(ITスタートアップ)

Fortunes come and go in business, it is just a fact. However, which entrepreneurs kept their money after the first IT boom? Who now in the FinTech & Social Media boom is still alive, and  doing well today? Were these first wave internet founders just lucky? or were they smart to make the money they did? Will FinTech or Social Media entrepreneurs follow the same pattern in future? This book answers this well, and goes well beyond. If you want to know what kind of personality it takes to be an Elon Musk, Jeff Bezos, Mark Zuckerberg or Bill Gates, this will make it clear.

Bo Peabody started a company in 1994 with a wonderful bunch of "odd people". This was before many had even heard of "the internet". He sold Tripod in 1998 for US$58M which later became Terra Lycos. He was not able to sell his stock lock up for 2 years, which allowed the position to increase 10 FOLD. Was he lucky or smart? Clearly both is what you learn about him, a very keen balance between the two.

This is not a book about "why I am not a genius". It is more a very well-balanced account of what parts of his decisions were smart and which were lucky. The smart part of many of Bo's decisions were about when to realize that he gets some luck, and then stays out of its way. I like reading about how lucky people can be and recognize it. I too often meet people who find themselves lucky and feel it is mainly because of their own talent. That is just not the same attitude. He does not claim to be a genius, and you never get that message in any of the chapters.

He calls himself a "B-student" as does his mother, but he has straight A insight on more than one occasion. He also makes a great distinction about how B student types are often better overall business founders, while A students make better focused managers in those businesses that are founded. This recognition is not easy to make, and proves to me how smart he really was. That is not a widely known lesson for many.

He has since gone on to start a restaurant business, a venture capital firm, and continues to invest in other start ups. He knows the bigger picture, and knows what drives the results needed in a bigger picture result. He is a lot smarter than he leads us to believe in the first chapter. The more you learn, the more you realize, that perseverance is never easy and costs a lot in time and energy. There are no short cuts, and you learn that without doubt. He even learns how to "cry" in order to deal with employee problems. 

This easy to absorb book reminds any reader today, of what has worked in the past, and may work in the future. The secrets of wealth creation are known, but not always the detailed execution of those same lessons. It is the will power needed especially after failure, or perseverance, that is core to success. Any reader will learn that he or she can be rich anywhere in today's FinTech world. 

The Top 3 Takeaways from this book that really impact any reader are:

1) This is the story of very special people in various businesses with talent that finds a way to true wealth. The pattern shows how drive and perseverance often wins the way to immense wealth, especially in tech.

2) The ability to work with "odd" co-worker friends, needs to be learned in life. Only once you start to find a balance of lifestyle and career drive, do you find out all of the new skills you need to succeed long term. 

3) This is never about somebody happy to be average or just OK. The common pattern shows that there is always a deep driver or just luck to push any rich person to a level few others ever reach.The question I still wonder is if you need to be smart in order to be in the right "lucky" place.

The author Bo Peabody knows his limits. He also knows what is needed in a variety of situations more than many get a chance to observe. If you have tried anything new and challenging, this is worth while. You will find his opinions can be re-used for restaurants or any other business as they are very deep & profitable. This book is highly recommended and very easy to read. Perfect for a few hours over a weekend or on a commute.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

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